Negative Equity Explained

Negative Equity Explained The amount of your home that you actually own rather than the portion of the home loan still financed by a home loan is the amount of equity in your home. So the more you pay down your home loan, the more you equity will increase. However, if the value of your… Continue reading Negative Equity Explained

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Real Estate Owned Explained

Real Estate Owned Explained A residential property that a lender is now the owner of due to a foreclosure is called Real Estate Owned (or REO). If you are in the market for a new home you might see listings that are marked REO or bank-owned, which indicates that the lender has repossessed the property.… Continue reading Real Estate Owned Explained

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PMI Alternatives

Alternatives to Private Mortgage Insurance Private mortgage insurance (commonly shortened to PMI), also referred to as just “mortgage insurance”, is usually required by lenders when a borrower has a down payment that is less than 20% of the home’s purchase value. However, even if your down payment is less than 20%, there are other alternatives… Continue reading PMI Alternatives

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