How do you cancel your mortgage insurance? With a conforming loan, you may qualify to cancel your mortgage insurance. To cancel your mortgage insurance, you must have at least 20% equity in your home.

A rate lock period can vary in length; longer rate locks usually cost more.  They cost more either in the rate or in the fees or both.

Can I roll my closing costs into my VA loan when purchasing a home? If you are a veteran who is looking to purchase a home using VA benefits, the only additional cost that may be rolled into your VA loan, is a VA funding fee. Per the VA, "no other fees [...]

Can you use a VA Loan if a Prior VA Loan was Foreclosed on? Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question:  Can you use a VA Loan if a prior VA loan was foreclosed on? It [...]

What Costs are Included in my Monthly Mortgage Payment? In order to fully understand your monthly mortgage payment, you need to know what other fees may be added based on your down payment. There are four main components of your mortgage payment to consider: Principal Interest Taxes Insurance This is also known [...]

Annual Percentage Rate (APR) is also expressed as a percentage rate; however, it is a broader measure of the cost of borrowing the money. APR includes other charges and fees such as the interest rate, points, mortgage broker fees, and other charges that you pay to get the loan.