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Fresh Home Loan explains the 3 Things to Look Out for When Getting a Home Equity Line of Credit

With Mortgage Interest Rates Doubling Earlier this Year and Equity Being at an All Time High. A Home Equity Line of Credit is a Solid Choice for Homeowners. ....

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Home Equity Lines of Credit are More Popular than Ever in the San Francisco Bay Area Oakland Berkeley Alameda San Jose

As Mortgage Rates Sky Rocket, and Home Equity Remains at an All Time High, Bay Area Homeowners Seek Home Equity Lines of Credit ....

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What Is Mortgage Insurance?

KXLY
Posted:
Updated:
February 12, 2021 5:58 AM
The average down payment for first-time homebuyers was 6% in 2019, according to the National Association of Realtors. Among all homebuyers it was 12%. If you’re like the average homebuyer and plan to put down less than 20%, you should plan for an extra expense mortgage insurance.
With all of the other costs involved in buying a home, you’ll want to understand when mortgage insurance is required, how long you have to have it, and how much it will cost.
What is Mortgage Insurance?
If you can’t pay your mortgage, mortgage insurance protects your lender from financial loss. It doesn’t provide any coverage for your home; it only protects your mortgage lender. If you put less than 20% down on a home purchase, the lender considers your mortgage to have a higher risk. Therefore, mortgage insurance protects their investment if you stop making loan payments. ....

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