Found 2 blog entries tagged as borrowers.

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Realtor.com shares, "most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20% on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. But once you have PMI, is there any way to let it go?

For starters, let’s get one thing straight: “Mortgage insurance is neither good nor bad,” says Michael Brown, branch manager for Churchill Mortgage in Nashville, TN. “It can help people become homeowners who would not otherwise qualify because they don’t have 20% to put down. But in the long run, the removal of mortgage insurance could save home…

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Adjustable-rate mortgages are more popular this summer than they've been since right before the Great Recession.

The share of mortgage applications for ARMs rose to 12.6% in June before they dipped to 12.2% in July, according to an analysis by Seattle-based Zillow Group Inc. (Nasdaq: ZG). It's the first time since August 2007 the share of ARMs among mortgage applications has been more than 12%.

While that could trigger some alarm bells, the conditions today — including lending standards — are very different than the years leading up to the housing crash of the late 2000s, said Jeff Tucker, senior economist at Zillow.

"It's something to keep an eye on but, at the moment, it doesn’t look concerning to us," Tucker said. In the years leading up…

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