Our team at Blink has been in the industry for decades, and we know that buying and financing a home can be tricky. There’s all kinds of varying information online, and you’re not sure what to believe or what it all means. That’s why our Blink team has started compiling some of our most Frequently Asked Questions (FAQ) to share them on the blog. If you’re the reading kind, keep reading. If you still have questions and would prefer to talk in person or via email, we are more than happy to help
Homebuying Tips
Mortgage Insurance: Insights for Brokers and Buyers
What is Private Mortgage Insurance? Private mortgage insurance (PMI) is a type of insurance that a borrower might be required to buy as a condition of a conventional mortgage loan. Most Approval Departments require PMI when a homebuyer makes a down payment of less than 20% of the home's purchase price or when you are refinancing a loan with less than 20% equity. When a borrower makes a down payment of less than 20% of the property's value, the mortgage's loan-to-value (LTV) ratio is over
Scheduled Installments: How to Configure Your Loan Payments
If You Know, You Know The Draw Process, the single most important factor associated with your real-estate investment. Your first thought is probably interest rate or maybe even lender fees, right? What about term of the loan? While these items are particularly important and can make or break a deal, they are all negotiated prior to the loan closing and the lender will not hesitate to tell you. While expecting double-digit interest rates, plus origination can seem like all that matters,
C.I.A: Credit, Income, and Assets Guidelines Simplified
As a lender, you might be wondering what basics we look for with each client who is hoping to get pre-qualified. Below is a basic version to give you an idea of what we are looking for, and a handy acronym (CIA) to help you remember it: Credit (C) – The first part are your Credit Scores, which are and always will be important for home ownership and real estate investing. Every Lender will use the Middle Score for qualifying purposes, meaning whether the loan is under your name alone or with a
Title Insurance: Your Must-Have Protection, Explained
Title insurance protects the insured from a financial loss related to the ownership of a property. There are two policies involved in a home loan closing. The first is the lender’s policy, which is required, and the second is the owner’s policy. Both are a one-time, upfront cost that will be included on the settlement statement to be collected at closing, not a monthly premium that will be added to your mortgage payment. What Is A Clear Title? When you are in the home buying
BPMI vs LPMI: Which is Better for You?
What Is The Difference Between Borrower Paid Private Mortgage Insurance (BPMI) and Lender Paid Private Mortgage Insurance (LPMI)? What is Private Mortgage Insurance? Private mortgage insurance (PMI) is a type of insurance that a borrower might be required to buy as a condition of a conventional mortgage loan. Most Approval Departments require PMI when a homebuyer makes a down payment of less than 20% of the home's purchase price or when you are refinancing a loan with less than 20%
