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What is a Mortgage Servicer?

You recently closed on your mortgage loan and have been making your payments to your lender. Then one day, you get a letter in the mail informing you that your loan has been sold and you have a new mortgage servicer taking care of your loan. What does this mean and how does it affect your mortgage? Here’s what you need to know about mortgage servicers: It is very common for your lender to sell your loan soon after originating it. Many lenders and brokers do not have enough reserves to keep mortgage loans on their books. Instead they sell them to investors or government-backed enterpri...

July 24th, 2019 | Conventional Loans, What is a Mortgage Servicer?

How Do I Get Rid of Private Mortgage Insurance?

Private mortgage insurance (PMI) is required by lenders when borrowers contribute less than 20% of the home’s value as a down payment. This insurance protects the lender, not the homebuyer. If the loan borrower defaults on the mortgage for any reason, the insurance will reimburse the lender up to 20% of the original loan amount. Homebuyers pay for the PMI premiums, either up front in a lump sum each year or built in to their monthly mortgage payment. While PMI is helpful for allowing borrowers to become homeowners without saving up a full 20%, the premiums do add up over time. The good n...

June 12th, 2019 | Conventional Loans, How Do I Get Rid of Private Mortgage Insurance?