When people think of insurance, it’s typically as something they pay that protects their interests and assets. In the case of mortgage insurance, however, that’s not how it works. While the borrower on a mortgage pays for the insurance, it is the lender who is being protected.
For many Americans with dreams of buying a home, certain financial hurdles can make it seem impossible. For example, many cannot afford to cover high down payments or simply don’t have the credit profile that lenders are looking for in a mortgage applicant.
For young Americans looking to buy their first home, the process can be pretty daunting. Aside from the baseline financial requirements, there is a lot that goes into finding the right real estate agent, deciding what type of house and neighborhood you want, and of course, applying for a mortgage. With a mortgage specifically, the process goes hand in hand with closing on the purchase of the home, so it’s important you’re attune to every pertinent detail along the way. Moreso, there are steps to take way ahead of applying for a mortgage, to ensure you’re in the best financial position to manage every cost that comes with buying a home.
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