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PersonalHub

Your one-stop resource for everything related to your financial well-being. 

 

Recent Posts

Is an Adjustable-Rate Mortgage Right for You?

When it comes to purchasing a new home, the loan options can be overwhelming. You’ll hear terms like, FHA, conventional, fixed, adjustable, and many other buzzwords that may make your heads spin, but fret not! We are here to help you navigate the home buying waters. If an adjustable-rate mortgage is on your consideration list, here are a few things you need to know.

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When Can I Cancel My Mortgage Insurance if I Have an FHA Loan?

For quick reference, mortgage insurance is an insurance policy that is paid by the borrower, naming the lender as the beneficiary should you, the borrower, ever default on your home. Mortgage insurance offers a layer of protection to the lender, guaranteeing they will be paid in full in the event the borrower cannot continue to make mortgage payments, and is determined by down payment size and loan amount.

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Be Cautious of the Post-Home-Purchase Money Trap

While in the homebuying process, you may be discouraged from making significant credit-based purchases as they could affect your loan eligibility. Many people, then, wait for their home financing to be approved and to close on their house before going out and purchasing big ticket items. Even though you’re out of the underwriting microscope and free to purchase as you see fit, be careful when taking on significant purchases.

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