Michael Idarola

apr vs interest rate

Understanding the Difference Between Your APR(Annual Percentage Rate) and Your Interest Rate

When you are shopping for a home loan, it is important to make sure that you end up with the best loan possible. The only way that you are going to be able to do this is if you understand all of the terms of your mortgage loan. You may encounter different interest rates along …

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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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