Author: News Room

What Is Private Mortgage Insurance (PMI)?

irina88w/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Private mortgage insurance (PMI) is an extra fee for conventional mortgage borrowers putting down less than 20%. The amount you’ll pay for PMI depends on your loan and down payment size, whether it’s a fixed- or adjustable-rate mortgage and your credit score. The…

Trump wants to make a complicated process for millions of student-loan borrowers easier

President Donald Trump’s administration is preparing to streamline the repayment process for defaulted student-loan borrowers.The Department of Education is moving the platform for managing defaulted student loans from myeddebt.ed.gov to studentaid.gov, Federal Student Aid’s main website, a department spokesperson confirmed.An internal document reviewed by Business Insider said that the transition…

FHA Vs. Conventional Loans: What’s The Difference?

David Papazian/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways FHA loans and conventional loans are both issued by private lenders, but FHA loans are insured by the federal government, and conventional loans are not. FHA loans have lower credit hurdles. You can qualify for an FHA loan with a…

HELOC Vs. Home Equity Loan: What’s The Difference?

Key takeaways Home equity loans and HELOCs (home equity lines of credit) both allow you to borrow against your ownership stake in your home, using the property as collateral. Home equity loans’ fixed rates are a good fit for people who want payment stability and know how much they need…