19 Mar 2019
By RESCO Realty

5 Key Tips To Prepare For A Quick Mortgage Approval

Real Estate, ,
Whether you're finally prepared to get into the real estate market or you want to know how you can make a deal quick, there are a few necessary documents you'll need to prove your reliability to a mortgage lender. Here are the documents you'll want to have on hand when the time comes. Previous Tax Returns In order to ensure the earnings information you've provided to the lender, you'll need to have your tax returns for the two years prior to your mortgage application. In addition, you may also be required to provide your W-2s as backup documentation. Bank Statements…
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24 Oct 2018
By RESCO Realty

You Ask, We Answer: What is Private Mortgage Insurance or ‘PMI’ and How Does It Work?

Home Mortgage Tips, ,
For many homeowners, their mortgage payment contains more than just principal and interest. A little something called PMI could be representing a significant portion of that payment, and it's important for home buyers to understand this cost. What Is PMI? PMI stands for private mortgage insurance, or sometimes just mortgage insurance. However, it isn't intended to mitigate risk for the homeowner, but rather the bank. Statistics show that when a home buyer puts less than 20% down on a home, he/she is much more likely to default. So, requiring these buyers to carry PMI helps the bank hedge their losses…
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23 May 2018
By RESCO Realty

What Is Mortgage Insurance and How Does It Benefit Me? Let’s Take a Look

Home Mortgage Tips, ,
Are you in the market for a new home? If you are considering a mortgage, you may be curious about mortgage insurance, commonly referred to as PMI or MI. Let's explore the topic of mortgage insurance, including how it works to reduce risk and how it benefits you as the mortgage borrower. Mortgage Insurance = Risk Reduction You might not know this, but the toughest part of the home buying process for many individuals and families is coming up with the required down payment. For example, if you were to buy a $200,000 home, you may want to invest $40,000…
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