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How can I figure out what my MMI (mortgage insuance) will be with a reverse mortgage?
Posted 3+ months ago | 2 answers | 
1 star | Open
Related topics: home, figure, reverse, cost, insurance, homes, mortgage
Answer posted by BondStreet 3+ months ago: To figure out what your Monthly Mortgage Insurance (MMI) will be with a reverse mortgage, you can follow these steps: Understand the Basics: Know that MMI for a reverse mortgage is typically 0.5% of the outstanding mortgage balance annually, divided into monthly payments. Calculate the Initial ...
Why does my mortgage company require me to pay for my own credit check?
Posted 3+ months ago | 1 answers | 1 star | Open
Related topics: company, credit, mortgage
Answer posted by BondStreet 3+ months ago: Mortgage companies require you to pay for your own credit check during the application process for a few key reasons: Risk Assessment: The primary purpose of a credit check is to assess the risk associated with lending money to a borrower. Your credit report provides the lender with a detailed ...
Is it shady that my lender didn't mention about MIP on a FHA loan at the onset of our processing?
Posted 3+ months ago | 2 answers | | Open
Related topics: house, processing, middle, loans, mortgage
Answer posted by BondStreet 3+ months ago: Communication and Transparency: Lenders are expected to provide clear and comprehensive information about all costs associated with a loan. This includes upfront and ongoing costs like the FHA's upfront mortgage insurance premium (UFMIP) and the annual mortgage insurance premium (MIP). Failure ...
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