5 Little Known Mortgage Facts – New Florida Mortgage

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14 Things Facts About Mortgages That Will Impress Your Friends. Over the course of my career in finance and in writing about mortgages, I’ve found that one good way to make conversation is to reveal little-known facts about mortgages to my friends and family.

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You can also eliminate monthly MIP if you gain enough equity in your home to eventually refinance into a non-FHA mortgage (ask your lender for details). The upfront MIP can be financed, paid in cash, or covered by a seller credit. It can be refunded on a prorated basis if you refinance into a new FHA loan within 36 months. 6.

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1. There are different types of second mortgages What exactly is a second mortgage? These loan products come in a couple of different forms. For instance, a revolving HELOC offers the borrower continuous access to equity as they pay off what they.

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How Many Types of Reverse Mortgages Are There? Kathleen Coxwell.. Another little-known reverse mortgage product is the HECM for Purchase reverse mortgage. It’s now available in all 50 states and falls under the reverse mortgage types that are FHA-insured.. the loan essentially rolls a.

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