Current Indiana Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is the minimum down payment required in order to eliminate PMI?Typically, on a primary residence, the minimum that you need to put down to eliminate PMI is 20%. If you are putting less than this down, but wish to avoid PMI, we may have alternative products and pricing options.
What is title insurance?
Title insurance provides the lender and the buyer if you purchase owner’s coverage with coverage for losses resulting from specific title defects listed in the policy. In cases where land and property have changed hands over time, there is always the possibility an error has occurred. If an error has occurred, someone else may have an interest in the property, improvements may encroach on property lines or other similar problems may exist. In these scenarios, if you do not have title insurance you could lose your investment in your home. Lenders require "lenders coverage" to protect their investment and it only protects the lender. Owner’s coverage is optional and provides separate coverage for the borrower.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
