Mortgage What Is It

Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called "buying down the rate," which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).

The term mortgage can also refer to the loan itself. When buying a home with a mortgage, you’ll make regular monthly payments until you pay off the balance of your loan.

 · Whether it’s called “private mortgage insurance” (PMI) or just plain “mortgage insurance” (MI), mortgage insurance is an insurance policy which protects the lender in the event that you, the borrower, fail to make your mortgage payments. You pay for a policy as an inducement for the lender to offer you financing.

 · A mortgage is a loan from a bank, online lender or mortgage lender that allows you to purchase a home. The home you purchase with a mortgage loan serves as collateral for the money you borrow. Whether you’re a first-time homebuyer or you’re buying your fifth home, understanding how a mortgage works can help you better navigate the borrowing process.

A mortgage is a loan from a bank, online lender or mortgage lender that allows you to purchase a home. The home you purchase with a mortgage loan serves as collateral for the money you borrow. Whether you’re a first-time homebuyer or you’re buying your fifth home, understanding how a mortgage works can help you better navigate the borrowing.

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What is a mortgage? A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

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WASHINGTON – U.S. long-term mortgage rates rose this week after three weeks of holding steady, tipped higher by expectations.

The national average for a 30-year fixed-rate refinance saw an increase, but the average rate on a 15-year fixed held firm..

Private mortgage insurance, commonly called PMI, is an insurance policy that protects your mortgage lender from loss, should you stop making payments on your mortgage. PMI is meant to shield your lender’s investment in your home, not yours. Mortgage insurance should not be confused with homeowners insurance.