Many first-time homebuyers will discover that they have to pay for something called "mortgage insurance." This adds to your monthly mortgage payment and is often an unpleasant surprise. That's ...

Federal law requires a lender to cancel private mortgage insurance (PMI) on conventional loans when a mortgage term is at its halfway point, or when the mortgage balance drops to 78 percent of the ...

Even once you’ve reached the 20% equity threshold, you may still be charged for PMI.

Let’s start off the new year with a money saving tip, especially for low-down payment, first-time owners who bought a home more than two years ago. If you bought your home using conventional financing ...

If you plan to take out a mortgage loan, one potential cost you could encounter is private mortgage insurance (PMI). PMI is a type of insurance coverage that a mortgage lender may require in order to ...

Many potential homebuyers balk at the thought of putting down 20% of a home's purchase price to secure a mortgage. The good news is that you can get a mortgage with a much smaller down payment — but ...

Learn the differences between homeowners and mortgage insurance. Find out how each one protects your investment or lender and what they mean for your mortgage.

If you got your FHA loan after the year 2000, you may be able to cancel your FHA mortgage insurance. If you got your loan before 2000, you’ll continue to pay the premiums in most cases. If your loan ...

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is ...

Mortgage insurance allows homebuyers to purchase homes with down payments of less than 20%. This credit enhancement tool involves paying an additional charge with your mortgage to protect the lender ...

Mortgage insurance premiums (MIPs) are a type of insurance paid to the Federal Housing Administration (FHA) for certain mortgage loans. If you can buy a home with a Federal Housing Administration (FHA ...