PMI (private mortgage insurance) is an annoying expense but you can ask to cancel it once you reach 80 percent loan to value on your mortgage.But is doing so worth the bother, rather than waiting for it to be canceled automatically?.
House hacking, where a house is divided into two or more residential units to generate rental income to defray the cost of a mortgage, is an increasingly popular way to make home ownership more affordable.Here are some of the things to keep in mind before trying it.
For eligible veterans and active duty servicemembers, VA loans offer no-down payment loans with mortgage rates that can be significantly lower than conventional home loans and accommodating credit standards as well.
Don't have a credit history? Believe it or not, there are loan programs out there that can allow people who've paid their bills on time but haven't established a conventional credit history to qualify for a mortgage.
Non-bank lenders have expanded to the point where they now account for half the mortgages originated in the United States, a trend that could make it easier for those with poor credit to get a home loan.
For homeowners in some states, PACE loans offer what may be a more affordable alternative to conventional energy efficiency and home improvement loans, one that can be paid through a lien on their property taxes.