What is Mortgage Insurance?
In the realm of homeownership, mortgage insurance plays a significant role in facilitating access to mortgage financing, particularly for borrowers with less than a 20% down payment. Whether you’re a first-time homebuyer or a seasoned homeowner, understanding the ins and outs of mortgage insurance is crucial. In this article, we’ll delve into the definition, different […]
Here’s how FNMA loans work
Fannie Mae, officially known as the Federal National Mortgage Association (FNMA), is a government-sponsored enterprise (GSE) established by Congress in 1938. It was created to provide stability, liquidity, and affordability to the U.S. mortgage market. Fannie Mae’s primary mission is to facilitate the flow of mortgage money by purchasing mortgages from lenders, thereby replenishing their […]
Understanding bank statements
Understanding bank statements is crucial when applying for a mortgage, as they provide insight into your financial situation and help lenders assess your ability to repay the loan. Here’s a guide to help you navigate bank statements for your mortgage application: 1. Reviewing Your Bank Statements: Start by carefully examining your bank statements for the […]