Michael Idarola

Pre-qualification-Vs.-Pre-approval-Whats-The-Difference

Pre-qualification Vs. Pre-approval: What’s The Difference?

When it comes to buying a new home, two key terms are tossed around within the aspect of mortgage approval. One of the first questions you are likely to encounter when making inquiries about homes or seeking an agent is, “Are you prequalified or have a preapproval on a home loan?” While they sound the …

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Payment Mortgage Insurance

Understanding Private Mortgage Insurance (PMI)

Private mortgage insurance (PMI) is a specific type of insurance for mortgage holders. Its purpose is protecting lenders should a borrower fail to make payments on the loan. Not to be confused with homeowner’s insurance that covers property damage and theft, private mortgage insurance gives lenders a route for compensation if borrowers bailout. Let’s explore …

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