Confused by different mortgage terms?
BREATHE easy. The help you need is right here.
Purchasing a home is a smart investment. Yet whether you are buying a home, refinancing or simply renewing, the mortgage you choose is an important decision. Working with an independent mortgage professional is the first thing you can do to ensure the process is simple, convenient, and in your best interest.
MORTGAGE INSURANCE:
If your down payment is less than 20% of the purchase price of the property, the lender is going to require mortgage insurance. The fee is calculated as a percentage of your mortgage. This is known as default insurance.
Use our Mortgage Terms Glossary to learn more about mortgages and the process you’ll go through to obtain one.
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