MHQ - Mortgage HeadQuarters

If you're currently renting and want to buy your own home, you'll need to start thinking about how you'll cover a down payment.  Saving for a down payment  to buy a house can seem overwhelming, but with a couple of savings hacks, you might be able to save enough to afford a home sooner than you expected. Here are some tips to help you start saving for a down payment as quickly as possible: 1. Reduce Your Credit Card Debt High interest rates on credit cards can seriously limit your ability to save. Pay off your high interest rate credit cards. Start with your highest interest rate card. When you've paid the entire balance, close the card, and proceed to pay off the next. At a minimum, transfer your credit card balances to the card with the lowest interest rate. 2. Auto Deposit Funds into Savings Every Paycheck Set up an automatic direct deposit into a savings account. Commit to never use these savings for any purpose other than your down payment. You might choose...

When applying for a conventional loan, borrowers will typically need to come to the table with 20 percent down. If a borrower isn't able to come up with the funds, lenders may look at the loan as a risky investment, but may still move forward, but require the borrower to take out Private Mortgage Insurance . This may seem like a great opportunity for many borrowers, but it's important to know what you're agreeing to before signing the dotted line. So, this week, MHQ Mortgage Headquarters is sharing with you information about PMI: What it is; What you need to know; Other options; and how to cancel it when you're able. What is Private Mortgage Insurance (PMI)? Private mortgage insurance (PMI) is a type of mortgage insurance that you may be required to pay if you obtain a conventional loan and pay a down payment of less than 20 percent of the home's purchase value. This insurance is required to protect the lender's interest when loaning to a borrower with ...