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Guide. Supporter. Educator. A mortgage loan originator wears many hats while finding a residential loan that will work for a borrower and steering the prospective homeowner or refinancer through the whole application process.

The person or entity is the original point of contact for borrowers. Their role is regulated to prevent the kind of mortgage fraud that occurred during the housing crisis and financial meltdown of 2008.

Here’s what you should know about what they do, how they’re regulated, and how they can help you get the right loan to the closing table.

What Is a Mortgage Loan Originator?

A mortgage loan originator (MLO) evaluates and recommends approval of residential loan applications on behalf of customers. Some work directly for a mortgage lender; others, called mortgage brokers, are MLOs who offer options from several lenders.

MLOs might be paid a salary plus commission, but commission only is far more common. They must be licensed in the states where they do business or under the umbrella of the bank, bank subsidiary, or credit union that employs them.

MLOs work to find a mortgage for each borrower’s unique situation. They must be excellent communicators since they guide people through the mortgage process.

They educate the borrower about different kinds of mortgages, the application process, and how mortgages work, and ensure legal compliance and completeness to close the loan.

Since MLOs often work on commission, it’s usually in their best interests to find a compatible loan for the borrower that will make it to the closing table. They don’t get paid if the loan falls through. To get your business, it’s also in their best interests to offer the most competitive terms possible.

What Is the Difference Between a Mortgage Loan Originator and a Mortgage Loan Officer?

The upshot: Regulators and some others refer to mortgage loan officers employed by financial institutions as “mortgage loan originators.”

A mortgage loan originator is anyone who negotiates or takes a residential mortgage application for a client with the expectation that they will be paid for their services.

What Does a Mortgage Loan Originator Do?

MLOs are responsible for taking a loan from application to closing. They may also negotiate terms of a residential mortgage on behalf of a client.

Responsibilities of a mortgage loan originator may include:

•   Processing the customer’s application

•   Explaining the different types of mortgages available to a borrower

•   Asking for documents on the applicant’s background and financial information

•   Keeping track of documents

•   Submitting documents to underwriting

•   Relaying messages from underwriting

•   Scheduling a home appraisal

•   Addressing any home appraisal issues with the client

•   Asking for more documents as closing gets nearer

•   Scheduling the close

•   Answering questions the borrower may have

•   Ensuring compliance with applicable laws

•   Developing relationships with real estate agents, builders, and individual clients

How to Become a Mortgage Loan Originator

Becoming a mortgage loan originator typically requires a bachelor’s degree and on-the-job training. Nonbank originators also need to be licensed.

Licensing

MLOs who are employed by banks, bank subsidiaries, or credit unions do not have to obtain a loan originator license. All others must be licensed in the states they do business in and register with the Nationwide Multistate Licensing System & Registry (NMLS).

General state license requirements include:

•   At least 20 hours of pre-licensing education

•   Authorization to provide a credit report and criminal record

•   General character standards and demonstrated financial responsibility

•   Passing the NMLS written test

•   Sponsorship by a company already registered with the NMLS

Licensing became required in 2008 following the housing collapse. It increases consumer protection and reduces mortgage fraud.

Average Salary

The median pay for mortgage loan officers in 2023 was $69,990 per year, according to the Bureau of Labor Statistics.

But because mortgage loan originators typically work solely on commission, earnings can vary widely based on the area, the number of closed loans, and the amount of the closed loans. The commission averages 1% of the loan amount.

Do I Need a Mortgage Loan Originator?

A mortgage loan originator is needed when you need a new mortgage. Few mortgages are assumable by a buyer, so homebuyers will most likely need a new mortgage for their purchase or refinance and will need a mortgage loan originator.

You will most likely need a new mortgage for your purchase or refinance and will need a mortgage loan originator.

How Do You Find a Good Mortgage Loan Originator?

A good mortgage loan originator may be able to secure a loan that works for your situation and aptly guide you through the process. Want to know how to find a good loan originator? Here are a few tips.

Shop Around for a Mortgage

One of your most powerful tools for finding a good mortgage loan originator is to shop around for a mortgage. Meet the people who will work with you on your mortgage and get loan estimates for the specific type of mortgage you’re looking for.

•   Ask for quotes from your bank or credit union. Your existing relationship with a bank may be valuable to them and they may offer good terms.

•   Get recommendations from family or friends. From people who have been there and done that, you may find an originator that has great rates and is incredible to work with.

•   Conduct an internet search. You’ll find plenty of mortgage loan originators listed on the internet with a bounty of reviews. Try calling a few and you may find a loan officer with competitive rates.

Compare a Direct Lender With a Mortgage Broker

When you’re looking for a good mortgage loan originator, you’ll come across two main ways to find a mortgage for your home: mortgage brokers and direct lenders.

•   Direct lenders are the providers of the mortgage. When you go to a lender and apply for a loan, you’re working directly with the lender, which makes a decision without a middleman.

•   Mortgage brokers work for borrowers to find the best loans and terms for their individual situations. They may be able to point clients to a lender they would not have known about otherwise and save them money in the process. Lender commissions to brokers may span 0.50% to 2.75% of the loan amount, but lenders typically add the costs to the borrower’s loan. It’s a good idea to check credentials with the NMLS.

Both can help get you a mortgage that may work for your situation, but you may find that you prefer one over the other when you’re looking for a good loan mortgage originator.

If you apply for a mortgage with several, it’s smart to compare the loan terms being offered in the loan estimate that you will receive.

Have an Idea of What Type of Mortgage You’re Looking For

Some lenders may specialize in a certain type of mortgage, so if you know what you’re looking for, you may be able to find a good loan originator more easily.

If you’re looking for a renovation loan, for example, you might want to seek out a lender specializing in that type of loan.

Be Wary of Deals and Offers You See in Ads

Some lenders might advertise low payments or low interest rates, but those may not be what you’d end up getting. By law, lenders are required to disclose the loan terms to you on a standard form called a loan estimate after you’ve applied for a mortgage.

Using this form can help you compare loans fairly as it will list the mortgage APR, term, points, and all fees you’ll need to pay to engage the services of a particular lender.

Know What Questions to Ask

If you interview mortgage originators, certain questions can help you determine if you’ll be a match or not. Don’t know what to ask? Take a look at these mortgage questions.

The Takeaway

Finding a good mortgage originator is worth the time it takes to explore your options and interview potential candidates. After all, getting the right mortgage, as an initial borrower or a refinancer, can mean significant savings — not just at origination but over the life of the loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

What questions will a mortgage loan originator ask?

A mortgage loan originator who is helping you prepare a home mortgage loan application will want to understand your income (how much you earn and how reliable your income stream is), your credit and work history, and your debts. Be prepared to answer questions about your salary, whether you are a W-2 employee or a freelancer, and how much you owe on any student loans, car payment, or other debts.

Is a mortgage loan originator the same as an underwriter?

No, a mortgage loan originator (MLO) is not the same as an underwriter. An MLO, sometimes also called a mortgage loan officer, is a person or business that helps you apply for a mortgage loan. An underwriter is the person who reviews your loan application and decides whether or not to approve it and at what interest rate.

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Photo credit: iStock/David Gyung

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOHL-Q324-036

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When you purchased your home, you probably had a thousand things on your mind. It’s easy to get caught up in the details of finding the home you want, where you want it, for the price you want to pay. It’s possible that you overlooked other important components of the home-buying process that are now affecting your monthly mortgage payments, including your mortgage terms, insurance costs, and taxes.

You may be able to negotiate that perfect home’s price down to an unbelievable bargain, but if you don’t hone in on those other factors, you still could end up paying more than you hoped for your mortgage. The good news is it’s never too late to make changes and save money on your mortgage. Here are five strategies to consider:

1. Refinancing Your Current Home Loan

If your income has improved or you have strengthened your credit score since you got your original mortgage — or if you just didn’t secure great loan terms the first time—a mortgage refinance could be your chance for a do-over. This is especially worth considering if you obtained your mortgage prior to 2000, although even more recent mortgages could be candidates for a refi.

Securing a lower interest rate can make your monthly payments go down. (Even a small difference in rate can result in significant interest savings over the life of the loan.) Getting a shorter loan term will likely make your payments go up, but if your income can accommodate the expense, you’ll pay off the loan much sooner. A lower rate and a shorter term would deliver even better benefits.

If that sounds like a goal worth aiming for, here are some steps you could take:

•  Know what you owe. Before you start looking at refinancing loans, examine the balance of your current loan, the monthly payment, and the interest rate.

•  Check your credit report. Lenders may offer favorable rates or loan terms to borrowers with higher credit scores. You can get a free credit report every year from each of the three big credit bureaus, so you can review the information for accuracy and fix any errors. (But keep in mind that the annual free credit report provides an overview of your credit history, rather than your specific FICO_Ⓡ scores.) If your report isn’t as strong as you hoped, you could always press pause and come back to your plan after you’ve had a chance to rehabilitate your credit status.

•  Shop for the best lender, rates, and terms. Remember, even a half-percent difference in the interest rate can make a big difference. (And keep fees and other costs in mind as you’re doing your research may help.)

•  Clearly understand the consequences. Getting a lower mortgage payment isn’t always a money-saver. For example, stretching out the loan term can lighten your monthly financial burden, but you could end up paying substantially more in interest over the life of the loan. And though borrowers often choose to roll closing costs into their loan — either because they can’t afford them or don’t want to pay them upfront — doing so means you’ll pay interest on that added amount, diminishing your overall savings.

💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

2. Pulling the Plug on PMI

If you couldn’t put 20% down when you purchased your home (and many first-time homebuyers can’t), you probably were required to buy private mortgage insurance.

(This is not the same thing as your homeowner’s policy, which is for your protection in case of loss or damage in your home. PMI protects the lender in case you default on your loan.)

How expensive is it? PMI typically costs .5% to 1% of your loan amount, so on a $200,000 home loan, that could be $2,000 a year, or $166 a month. If your loan closed on or before July 29, 1999, PMI is automatically canceled:

•  On the date the principal balance of the mortgage loan is first scheduled to reach 78% of the original value of the property. (And just FYI, the original value is defined as the purchase price or original appraised value, whichever is less.)

•  Or, halfway through the mortgage loan amortization period — that’s if the scheduled loan-to-value ratio doesn’t reach 78% before you make it halfway through the mortgage

However, you can petition your lender to cancel your PMI after 2 years when you think you have built up sufficient equity. Your loan payments must also be current.

Refinancing also can provide an opportunity to dump this cost. If your home’s value has appreciated, and the amount of your new loan is less than 80% of the home’s value as evidenced by a new appraisal, you’ll no longer be obligated to pay PMI.

3. Filing for a Homestead Exemption

Most states offer a homestead exemption to provide tax and creditor relief on a primary residence. (New Jersey, Pennsylvania, and Rhode Island are among the states that do not.) Depending on your state, a claim form may be mailed to you automatically once your house purchase goes through. But you can also get a Homeowner Exemption Claim Form from the County Assessor’s office or website. And P.S., counties often have deadlines for when the forms need to be filed.

4. Requesting a New Tax Assessment

The county’s tax records could contain inaccurate, incomplete, or dated information that is causing the tax assessor to put a higher value on your home. You can get a copy of the record at the tax assessor’s office — and property tax records are public and available on county tax assessors’ website. Among the things you can check:

•  Is the age, purchase price, square footage, and lot size listed correctly?

•  Does the record have the right number of bedrooms and bathrooms?

•  Has your homestead exemption been applied?

•  Are there any defects that would detract from value listed? Or are there improvements listed that you haven’t made?

If you paid more for your home than what it’s now worth, and the assessment was never adjusted, you could potentially request a lower taxable value. There are a few ways to determine your home’s value:

•  Looking in the tax assessor’s records for similar homes in the same neighborhood and comparing them to your own.

•  Checking online real estate sites for estimates. (Just remember, you’ll need to know the actual sale price to make a solid argument.)

•  Hiring an appraiser to give you a home appraisal or requesting a value estimate from the real estate agent who helped you purchase the home.

•  If you are refinancing your mortgage and the lender ordered a professional appraisal, you can (and will) get a copy.

Once you have a good idea of where you stand, you can contact your county for a new assessment. This process varies by county, but if your property tax is successfully lowered, the assessment will likely be reviewed every year for changes.

💡 Quick Tip: There are two basic types of mortgage refinancing: cash-out and rate-and-term. A cash-out refinance loan means getting a larger loan than what you currently owe, while a rate-and-term refinance replaces your existing mortgage with a new one with different terms.

5. Downsizing to a Less Expensive Home

Homeowners often think of downsizing as a move they’ll make in retirement — at that stage, it’s as much about making life easier as it is about saving money.

But if you realize you simply can’t afford the house you have — or that a fourth bedroom and third bathroom aren’t as essential to life as you thought — going smaller is a great way to cut costs. Not only can you save on your house payments, but your heating, cooling and other bills will likely go down.

You also may see your costs drop if you move to a less expensive part of town or a state with low property taxes, or lower sales or gas taxes. (Check out a guide to the cost of living by state for inspiration.)

Of course, you’ll want to walk away from your current home with enough money for the move to make sense. You may want to check out what a new home will cost before you put your place on the market.

Among other things, checking figures such as how your property taxes may change can be helpful. You can also consider looking into homeowners insurance; are you moving from a no-flood zone into a flood zone? How will that change your home insurance premiums? Checking your current mortgage interest rate against the new rate you’d potentially qualify for on a new home is a pragmatic thing to do, too. Have rates gone up since your last home purchase? If so, would the higher rate be offset by a lower purchase price and loan amount?

The Takeaway

If you love your home but hate the payments, remember that there are ways to reduce what you’re paying every month. Whether you choose refinancing to get to a more manageable number or you explore downsizing, working with a mortgage loan representative can help you find the savings you need.

Most people expect owning their own home to be their biggest financial undertaking. But that doesn’t mean you should pay more than is absolutely necessary to get it.

SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.

A new mortgage refinance could be a game changer for your finances.

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The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi Mortgages are not available in all states. Products and terms may vary from those advertised on this site. See SoFi.com/eligibility-criteria#eligibility-mortgage for details.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website on credit.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
FICOⓇ is a registered trademark of Fair Isaac Corporation.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SOHL1023237

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For many homebuyers, safety is a top concern when shopping for a house. It can influence where you feel comfortable living, and safety ratings can have a big effect on local housing market trends.

If you’re in the market to buy or rent a home and you’re looking for just the right spot, check out this list of the 50 safest cities from NeighborhoodScout.

How Is the Safest Cities List Determined?

To compile its list of the safest cities, NeighborhoodScout looks at FBI statistics for property and violent crime in cities across the country that have a population of 25,000 or more. This year’s list included areas with a township form of government, which resulted in a larger pool of locations and many newcomers to the list. (See the full list of 100 safest cities on the NeighborhoodScout site.)

💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you through the process.

What Are the Safest Cities in the U.S.?

The safest cities in America tend to be suburban areas close to major cities like Boston. Only one spot on this list, Rexburg, Idaho, is outside a major metropolitan area.

Massachusetts is home to the most cities on the list at 18. Texas, with six cities on the list, ranks in second place.

Recommended: Price-to-Rent Ratio in 50 Cities

The 50 Safest U.S. Cities in 2023

Here’s a countdown of the 50 safest cities in the U.S. that you could call home. Consider safety, along with local housing market trends, if you’re thinking about relocating.

Friendswood, Texas

Friendswood began as a Quaker town in 1895 and became known for growing and preserving Magnolia figs. Since the 1950s, it has transformed into a quiet bedroom community 30 minutes from Houston and Galveston.

Population: 41,004

Total Crime Rate (per 1,000 residents): 6.5

Chance of Being a Victim: 1 in 152

Major City Nearby: Houston

49. Newton, Massachusetts

A strong school system and proximity to downtown Boston draw homebuyers to this suburban community which is actually a cluster of 13 villages.

Population: 87,453

Total Crime Rate (per 1,000 residents): 6.5

Chance of Being a Victim: 1 in 152

Major City Nearby: Boston

48. Prosper, Texas

This growing town in the Dallas area is known for great schools and beautiful scenery. Texas has no state income tax, which may be a draw for many homebuyers, although it does have a sales tax and property taxes may be higher than in some other areas.

Population: 34,136

Total Crime Rate (per 1,000 residents): 6.4

Chance of Being a Victim: 1 in 155

Major City Nearby: Dallas

47. Dracut, Massachusetts

Dracut was home to Pennacook Indian settlements before Europeans arrived in the 1650s, and the town’s early economy depended on manufacturing and milling. The town provides easy access to the Lowell and Boston metropolitan areas.

Population: 32,159

Total Crime Rate (per 1,000 residents): 6.4

Chance of Being a Victim: 1 in 155

Major City Nearby: Boston

46. Shrewsbury, Massachusetts

Shrewsbury was incorporated in 1727 and rests just outside the Boston metropolitan area near the city of Worcester. Although the violent crime rate has risen in recent years (while the property crime rate has declined), it is still one of the safest places to live.

Population: 38,999

Total Crime Rate (per 1,000 residents): 6.4

Chance of Being a Victim: 1 in 156

Major City Nearby: Boston

45. Keller, Texas

Settled in the 1850s and named for a railroad foreman, Keller today blends urban amenities with a small-town emphasis on quality of life for its residents. The lovely Big Bear Creek Trail cuts through the city, ensuring access to a natural setting.

Population: 45,397

Total Crime Rate (per 1,000 residents): 6.3

Chance of Being a Victim: 1 in 158

Major City Nearby: Dallas

44. Rochester Hills, Michigan

This Detroit suburb features the 102-acre Avon Nature Study Area on the Clinton River and the Rochester Hills Museum, where visitors can learn about pioneer farmers, Native American history, and local ecology.

Population: 76,028

Total Crime Rate (per 1,000 residents): 6.2

Chance of Being a Victim: 1 in 160

Major City Nearby: Detroit

43. Beverly, Massachusetts

Beverly is a suburb of Boston on the North Shore of Massachusetts, just north of Salem. Like its witchy neighbor, Beverly offers historic New England architecture and water access.

Population: 42,446

Total Crime Rate (per 1,000 residents): 6.2

Chance of Being a Victim: 1 in 161

Major City Nearby: Boston

42. North Kingstown, Rhode Island

Sailboats bob on the water in this pretty Narragansett Bay town. A cluster of villages, the town was settled in the 17th century and boasts some buildings from that era, as well as the Silas Casey Farmstead, which is maintained as a classic New England farmstead.

Population: 27,911

Total Crime Rate (per 1,000 residents): 6.1

Chance of Being a Victim: 1 in 162

Major City Nearby: Providence

41. Ballwin, Missouri

This West St. Louis town, home to high-quality public schools, is located within 30 minutes of five universities and colleges. It has a diverse array of housing options at many price points.

Population: 30,870

Total Crime Rate (per 1,000 residents): 6.1

Chance of Being a Victim: 1 in 162

Major City Nearby: St. Louis

40. Melrose, Massachusetts

Another suburb of Boston, Melrose was first known as Ponde Fielde due to its many ponds and streams. The charming Downtown Melrose, known for its Victorian architecture, is on the National Register of Historic Places.

Population: 29,312

Total Crime Rate (per 1,000 residents): 6.0

Chance of Being a Victim: 1 in 164

Major City Nearby: Boston

💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.

39. Milton, Georgia

Milton has one of Georgia’s highest rates of educational attainment and lowest rates of unemployment. The majority of its 39 square miles are zoned for agriculture, so residential lots are large here, at least one acre.

Population: 41,259

Total Crime Rate (per 1,000 residents): 5.9

Chance of Being a Victim: 1 in 167

Major City Nearby: Atlanta

38. Commerce Township, Michigan

Commerce Township boasts easy access to lots of lakes, although not all are accessible to the public. If waterfront living is a goal, there are many options here, from smaller, older cottages to spacious new homes.

Population: 38,718

Total Crime Rate (per 1,000 residents): 5.9

Chance of Being a Victim: 1 in 169

Major City Nearby: Detroit

37. Wylie, Texas

Once known as the “Onion Capital of the World,” Wylie is a fast-growing community with strong schools and abundant recreation opportunities for families.

Population: 59,394

Total Crime Rate (per 1,000 residents): 5.9

Chance of Being a Victim: 1 in 169

Major City Nearby: Dallas

36. Waltham, Massachusetts

Nicknamed “the watch city” because it was home to an early watch factory, this diverse Boston suburb dates from the 17th century. Today, it is home to both Bentley University and Brandeis University.

Population: 64,015

Total Crime Rate (per 1,000 residents): 5.8

Chance of Being a Victim: 1 in 169

Major City Nearby: Boston

35. Merrimack, New Hampshire

Options abound in Merrimack. Within an hour, you can get to busy Boston, hike in the beautiful Kearsarge Mountain State Forest, or take a dip at Hampton Beach State Park on the Atlantic coast.

Population: 27,132

Total Crime Rate (per 1,000 residents): 5.7

Chance of Being a Victim: 1 in 172

Major City Nearby: Manchester

34. Little Elm, Texas

A suburban vibe and easy access to parks and lakes, including an entertainment district on the shores of Lake Lewisville, would make this an appealing place to live even if crime rates weren’t so exceptionally low.

Population: 51,042

Total Crime Rate (per 1,000 residents): 5.6

Chance of Being a Victim: 1 in 176

Major City Nearby: Dallas

33. Edwardsville, Illinois

Edwardsville may be in Illinois, but it is a suburb of St. Louis and benefited from proximity to Route 66 as it grew. Among the oldest cities in Illinois, it has produced five of the state’s governors.

Population: 25,218

Total Crime Rate (per 1,000 residents): 5.5

Chance of Being a Victim: 1 in 178

Major City Nearby: St. Louis

32. Andover, Massachusetts

Andover, about 23 miles north of Boston, was incorporated in 1646 and later became a thriving mill town. The city is home to prestigious college prep school Phillips Academy.

Population: 36,517

Total Crime Rate (per 1,000 residents): 5.4

Chance of Being a Victim: 1 in 182

Major City Nearby: Boston

31. Cumberland, Rhode Island

Cumberland boasts a lovely bike trail which will eventually be part of a continuous 31.9-mile route. Its unique public library is built on the site of a former monastery, with tranquil walking paths and, in the summer, a free “Music at the Monastery” concert series.

Population: 36,434

Total Crime Rate (per 1,000 residents): 5.4

Chance of Being a Victim: 1 in 184

Major City Nearby: Providence

30. Brandon, Mississippi

This city may be 193 years old, but it is one of the fastest-growing cities in Mississippi.

Population: 25,373

Total Crime Rate (per 1,000 residents): 5.3

Chance of Being a Victim: 1 in 186

Major City Nearby: Jackson

29. Mundelein, Illinois

Less than an hour west of Chicago, Mundelein offers well-priced housing and a strong school system. Top employers are industrial and manufacturing companies, but the village also offers easy access to the Windy City.

Population: 31,560

Total Crime Rate (per 1,000 residents): 5.3

Chance of Being a Victim: 1 in 187

Major City Nearby: Chicago

28. Wellesley, Massachusetts

West of Newton, Wellesley is a much smaller municipality, though the median household income is higher, at over $226,000, and the homeownership rate tops 80%.

Population: 30,191

Total Crime Rate (per 1,000 residents): 5.2

Chance of Being a Victim: 1 in 189

Major City Nearby: Boston

Recommended: Cost of Living by State

27. North Andover, Massachusetts

Massachusetts makes a good showing on the safest cities list, representing nearly 30% of the burgs listed.

Population: 30,711

Total Crime Rate (per 1,000 residents): 5.2

Chance of Being a Victim: 1 in 190

Major City Nearby: Boston

26. Reading, Massachusetts

Another Boston suburb just north of the city, Reading is a town of about 9,200 households with a median household income just over $145,000.

Population: 25,223

Total Crime Rate (per 1,000 residents): 5.1

Chance of Being a Victim: 1 in 192

Major City Nearby: Boston

25. Mason, Ohio

Mason is the largest city in Warren County. The county is known as “Ohio’s Largest Playground” and boasts regional attractions including the Golf Center, the Great Wolf Lodge, and Kings Island amusement park.

Population: 35,089

Total Crime Rate (per 1,000 residents): 5.1

Chance of Being a Victim: 1 in 192

Major City Nearby: Cincinnati

24. Billerica, Massachusetts

Billerica sits on the Shawsheen and Concord rivers about 20 miles northwest of Boston and is home to about 15,000 households.

Population: 41,453

Total Crime Rate (per 1,000 residents): 5.1

Chance of Being a Victim: 1 in 195

Major City Nearby: Boston

23. Johns Creek, Georgia

The City of Johns Creek is a fairly young one, having been designated in 2006. But it is home to 200 companies and a thriving population.

Population: 82,065

Total Crime Rate (per 1,000 residents): 4.9

Chance of Being a Victim: 1 in 202

Major City Nearby: Atlanta

22. West Bloomfield, Michigan

This township less than 30 miles from Detroit has many small- and medium-sized lakes. West Bloomfield has a large Jewish population and is home to the Jewish Community Center of Metropolitan Detroit.

Population: 65,560

Total Crime Rate (per 1,000 residents): 4.9

Chance of Being a Victim: 1 in 204

Major City Nearby: Detroit

21. Colleyville, Texas

Conveniently sandwiched between the Dallas and Fort Worth areas, Colleyville offers a rural feel close to big-city amenities.

Population: 27,091

Total Crime Rate (per 1,000 residents): 6.4

Chance of Being a Victim: 1 in 154

Major City Nearby: Dallas

20. South Kingstown, Rhode Island

South Kingstown is home to two scenic beaches, as well as picturesque farmlands and a riverfront walkway.

Population: 31,851

Total Crime Rate (per 1,000 residents): 4.7

Chance of Being a Victim: 1 in 212

Major City Nearby: Providence

19. Windsor, Colorado

The only Colorado city on the list, Windsor, near the front range of the Rocky Mountains, once boasted giant herds of bison and a bustling sugar beet industry. Today, it is a hotbed of green industry, including windmill blade production and ethanol production.

Population: 35,788

Total Crime Rate (per 1,000 residents): 4.5

Chance of Being a Victim: 1 in 218

Major City Nearby: Greeley

18. Wakefield, Massachusetts

Residents of Wakefield enjoy easy commuter-rail service to Boston and recreational activities on and around scenic Lake Quannapowitt.

Population: 27,104

Total Crime Rate (per 1,000 residents): 4.5

Chance of Being a Victim: 1 in 218

Major City Nearby: Boston

17. Madison, Mississippi

This suburb of Jackson has a rural feel and a small-town atmosphere. It is a popular choice for retirees.

Population: 27,719

Total Crime Rate (per 1,000 residents): 4.5

Chance of Being a Victim: 1 in 221

Major City Nearby: Jackson

16. Avon Lake, Ohio

This suburb of Cleveland lies on the shore of Lake Erie. Ample parks, a bike trail, and an aquatic center ensure residents of all ages have plenty of options for fitness.

Population: 25,588

Total Crime Rate (per 1,000 residents): 4.3

Chance of Being a Victim: 1 in 232

Major City Nearby: Cleveland

15. White Lake, Michigan

Of the four Michigan cities on this list, White Lake ranks the safest.

Population: 30,990

Total Crime Rate (per 1,000 residents): 4.2

Chance of Being a Victim: 1 in 233

Major City Nearby: Detroit

14. Needham, Massachusetts

Like many of the Massachusetts cities on this list, Needham is a well-off bedroom community of Boston, with a median household income of about $174,000.

Population: 32,048

Total Crime Rate (per 1,000 residents): 4.2

Chance of Being a Victim: 1 in 233

Major City Nearby: Boston

13. Milton, Massachusetts

In Milton, an attractive suburb 10 miles south of Boston, is the birthplace of former U.S. President George H.W. Bush.

Population: 27,593

Total Crime Rate (per 1,000 residents): 2.7

Chance of Being a Victim: 1 in 367

Major City Nearby: Boston

12. Oswego, Illinois

Located about 50 miles west of Chicago on the Fox River, Oswego lies on two rail lines and near three state highways and two U.S. highways. It has experienced rapid growth in recent years.

Population: 35,316

Total Crime Rate (per 1,000 residents): 4.1

Chance of Being a Victim: 1 in 238

Major City Nearby: Chicago

11. Independence, Kentucky

The only Kentucky town to make it to the list, Independence is a short drive across the Ohio River to Cincinnati.

Population: 28,920

Total Crime Rate (per 1,000 residents): 3.9

Chance of Being a Victim: 1 in 253

Major City Nearby: Cincinnati

10. Rexburg, Idaho

Rexburg, in eastern Idaho, is one of the only cities on this list that’s not near a major metropolitan area. Its proximity to nature is one of its calling cards. Yellowstone National Park is just 80 miles away.

Population: 35,300

Total Crime Rate (per 1,000 residents): 3.9

Chance of Being a Victim: 1 in 253

Major City Nearby: N/A

9. Muskego, Wisconsin

This cozy city sits within the orbit of Milwaukee and within the greater Chicago area.

Population: 25,242

Total Crime Rate (per 1,000 residents):3.8

Chance of Being a Victim: 1 in 265

Major City Nearby: Milwaukee

8. Lexington, Massachusetts

Known as the town where the first shots of the Revolutionary War were fired, Lexington is a suburb of Boston where the median household income tops $200,000.

Population: 34,071

Total Crime Rate (per 1,000 residents):3.7

Chance of Being a Victim: 1 in 270

Major City Nearby: Boston

7. Zionsville, Indiana

Excellent schools and stable home values attract residents looking for a small-town feel just 20 minutes outside Indianapolis.

Population: 31,702

Total Crime Rate (per 1,000 residents):3.6

Chance of Being a Victim: 1 in 275

Major City Nearby: Indianapolis

6. Fulshear, Texas

Fulshear has grown significantly in size in the 21st century, though it has retained its small-town charm.

Population: 25,169

Total Crime Rate (per 1,000 residents): 3.6

Chance of Being a Victim: 1 in 276

Major City Nearby: Houston

5. Arlington, Massachusetts

Settled in 1635 as the town of Menotomy, Arlington was renamed in 1867 in honor of those buried at Arlington National Cemetery. The city is just 6 miles from Boston.

Population: 45,617

Total Crime Rate (per 1,000 residents): 3.4

Chance of Being a Victim: 1 in 292

Major City Nearby: Boston

4. Marshfield, Massachusetts

Marshfield is 30 miles from Boston on the South Shore where Cape Cod meets the Massachusetts Bay. The year-round population grows to 40,000 in the summer months.

Population: 25,869

Total Crime Rate (per 1,000 residents): 3.3

Chance of Being a Victim: 1 in 300

Major City Nearby: Boston

3. Lake in the Hills, Illinois

Once a sleepy rural community home to seasonal residents who enjoyed the area’s lakes, Lake in the Hills became a quickly growing suburb of Chicago in the last few decades.

Population: 28,945

Total Crime Rate (per 1,000 residents): 3.1

Chance of Being a Victim: 1 in 321

Major City Nearby: Chicago

2. Franklin, Massachusetts

Franklin is conveniently located between Boston and Providence, Rhode Island. The town is named in honor of Benjamin Franklin, whose donated books formed the first public library in the country.

Population: 33,036

Total Crime Rate (per 1,000 residents): 2.9

Chance of Being a Victim: 1 in 344

Major City Nearby: Boston

1. Ridgefield, Connecticut

This pretty colonial town nestled in the foothills of the Berkshire Mountains was founded over 300 years ago and today ranks as America’s safest city. Visitors come for its historic Main Street. Families stay for its strong schools and, of course, its excellent safety rating.

Population: 25,011

Total Crime Rate (per 1,000 residents): 1.9

Chance of Being a Victim: 1 in 510

Major City Nearby: Bridgeport

The Takeaway

It’s a safe bet that house hunters will find many of these 50 safest cities in the U.S. appealing. There’s a lot to like about these towns in addition to their low crime rates, including great schools, high-quality housing stock, and natural wonders.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Reasons for paying off your mortgage early include eliminating monthly mortgage payments, saving money in interest, reducing financial stress, and more. But, just because you can pay your mortgage off early doesn’t necessarily mean you should.

Should You Consider an Early Mortgage Payoff?

It can be tempting to rush to pay off your home loan when you have the ability to, especially if you’ve struggled with debt management. And why wouldn’t you want to pay off your mortgage? Getting rid of debt could potentially increase cash flow.

When it comes to your mortgage loan, paying it off early depends on your unique financial situation and goals — there is no one right answer.

Reasons Not to Pay Your Mortgage Off Early

While it may seem like there are no reasons not to pay off your mortgage early, that is actually not the case. Here are a few reasons why it may not be a good idea to pay off your mortgage loan early:

You Have a Competitive Interest Rate

Unless you’ve reached all of your financial goals, it may not make the most sense to pay off your mortgage early when you have a competitive interest rate.

For example, if you are saving to send your child to college or you’re trying to rebuild your emergency fund after a home repair, those might take priority.

You also could possibly earn more by investing your money as opposed to paying off your loan. If that’s the case, it doesn’t make sense to pay off your mortgage early unless you’re wanting the peace of mind that comes with no mortgage debt. Investment decisions should be based on specific financial needs, goals, and risk appetite.

You Would Have Nothing Left in Savings

If you only have enough in the bank to cover your mortgage, it is not advisable to pay it off. Having an emergency fund is necessary and may take priority over having no mortgage payment.

You Might Face a Prepayment Penalty

Make sure to review your mortgage terms closely. Some lenders charge an early payoff penalty, usually a percentage of the principal balance at the time of payoff.

You Might Miss Out on the Mortgage Tax Deduction

For many people who itemize, having a mortgage helps push their itemized deductions higher than the standard deduction. It’s worth discussing the mortgage tax deduction with your accountant or other tax professional before you resolve to pay your mortgage off early.

You Have Other High-interest Debt

If you have other high-interest debt, such as credit card debt, personal loans, or student loans, it may make sense to pay those off in full prior to paying your mortgage off early. Home loans typically have the lowest interest rates of other forms of debt and are considered “good debt” by lenders. It only makes sense to pay off your mortgage early if you have no other debts in your name.

When an Early Payoff May Make Sense

On the flip side, there are some situations when paying off a mortgage early might make more sense than waiting. Reasons to pay off your mortgage early may include:

You’ve Met All of Your Financial Goals

If your emergency savings account is right where you feel it needs to be and you’re diligently contributing to your retirement accounts, there may be no reason not to pay off your mortgage early.

Another idea, however, is to purchase an investment property instead of paying off your mortgage early. This can create a monthly cash flow in addition to the value of the property (hopefully) appreciating over the years.

You’re Interested in Being 100% Debt-Free

Sometimes, just the idea of having loan payments can be mentally taxing, even if you’re in a good place financially. Money is not just about numbers for many; it’s also about emotions.

If paying off your mortgage loan early relieves anxiety because it’s helping you become debt-free, then that might be something to consider.

Of course, reflecting on why you want to become debt-free is important when thinking about paying your mortgage off. If, for example, it’s because you’re approaching retirement and will no longer be getting a steady paycheck, it might make sense to pay off your mortgage.

Recommended: How to Pay Off a 30-Year Mortgage in 15 Years

Ways to Pay Off a Mortgage Early or Faster

If you’ve decided it makes sense for your financial situation to pay off your mortgage early, here’s how you can do it:

Lump sum. The easiest way to pay off your mortgage early is by making one lump-sum payment to your mortgage lender. Contact your lender prior to making the payment so you can make sure you’re paying exactly what you owe, including any possible prepayment fees.

Extra payments. You could potentially pay more toward your mortgage principal each month if you got a raise at work or you’ve trimmed some fat in your budget.

If you make extra payments toward your mortgage, it could lead to paying off the loan faster than if you were just to make the set payment each month. Make sure to contact your lender prior to making extra payments, though, so you know the extra amount is being applied toward the principal amount only, not the principal and interest.

Refinancing. Another option for paying off your mortgage early is refinancing. Refinancing your mortgage means replacing your current mortgage with a new one, ideally with a better rate and term.

If you shorten your loan term from 30 years to 15 years, for example, it may increase your monthly payments but in turn allow you to pay your mortgage off faster. Home loans with shorter terms often come with lower interest rates, too, so more of your monthly payments will be applied to the loan’s principal balance.

The Takeaway

Should you pay off your mortgage early? Maybe. If your retirement fund is fully-funded, you have no other high-interest debts, and you’re interested in becoming 100% debt-free, it may make sense to pay off your mortgage early. However, if you do not have a fully funded retirement and emergency savings account or you could make more money by investing rather than paying off your mortgage debt, it could be best to hold off on paying your mortgage off early.

One way to save on interest and possibly pay off your mortgage early is by refinancing. Refinancing can allow you to lower your interest rate and shorten your loan term, if desired.

SoFi offers competitive mortgage refinance rates and flexible loan terms. Checking your rate takes just a few minutes and will not impact your credit score.*

Interested in refinancing your mortgage? Apply with SoFi today.

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*Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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A mortgage contingency allows homebuyers to exit the purchase contract without legal repercussions should they be unable to secure financing by the agreed-upon deadline.

Consider this scenario: You found a gem of a home that many others are eyeballing. You make an offer and cough up earnest money to show that you mean business. You’ve been preapproved for a mortgage, so financing seems a shoo-in — until you hit a snag. That’s when a mortgage contingency becomes important.

If you’re unable to obtain financing by the deadline, you can walk away from the purchase agreement and have your earnest money returned.

Some non-cash buyers consider waiving the mortgage contingency to make their offer more competitive in a hot market, but of course, that involves risk. Here’s the scoop on the financing contingency.

What Is a Mortgage Contingency?

Should something unexpected happen, like a job loss or the inability to sell an existing home, a mortgage contingency clause in the purchase agreement allows buyers to back out of the contract and have their earnest money returned. An earnest money deposit isn’t small potatoes for anyone, but that’s especially true for those who are competing against multiple offers: Buyers might lay down as much as 10% of the home’s sale price as a good-faith deposit.

A mortgage contingency also protects both buyers and sellers from uncertainty in the real estate transaction. It’s one of several contingencies that buyers might include in the contract when the property listing status changes to contingent but not yet pending.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

The Mortgage Contingency Clause

The mortgage contingency clause gives the buyers a time frame to go shopping for a mortgage or move beyond preapproval. Though the clause may vary from contract to contract, most will allow buyers to back out of the contract if they do not directly cause the financing to fail. The earnest money held in escrow is returned to the buyer.

Even when buyers have mortgage preapproval, financing can fall through at the last minute. This is the legal “out” if that happens.

Recommended: What Is the Difference Between Pending and Contingent Offers?

How Mortgage Contingency Works

Buyers find a home and make an offer and the seller’s real estate agent or attorney draws up a contract for the purchase of the property. Many buyers include in their offer a mortgage contingency, which has a deadline. If the sellers agree to this contingency (and other conditions of the offer), they sign the contract. The mortgage contingency becomes legally binding at this point.

Next, buyers complete a full application with the lender of their choice. The lender will review the buyer’s finances in-depth, and mortgage underwriting will make a final decision on whether or not to approve the loan.

If the mortgage is denied, the buyers are able to exit the contract and have their earnest money returned when a mortgage contingency is included.

In the absence of a mortgage contingency, the sellers would be able to keep the buyers’ earnest money and put the property back on the market to find another buyer.

How Long Does a Contingency Contract Last?

When buyers submit an offer, they will suggest a deadline for mortgage financing alongside the mortgage contingency. Typically, the time frame to secure a loan is 30 to 60 days.

Mortgage Contingency Clause Elements

Some mortgage contingency clauses are simple and give the buyers absolute discretion in obtaining financing acceptable to them. In others, financing is more specifically described. This variance depends on your contract and state law. Elements can include a mortgage contingency deadline, type of mortgage, amount needed, closing fees, and interest rate.

Mortgage Contingency Deadline

The mortgage contingency deadline is how long the buyer has to find approval for a mortgage. The deadline is often suggested by the buyer in the contract when an offer is made on the property.

When the seller signs the offer, the contingencies become legally binding and must be followed in good faith. Should a buyer need an extension of the deadline, an addendum must be submitted to and agreed upon by the seller.

Type of Mortgage

There are many different types of mortgages a buyer can use to purchase property, so while one loan may not work for a buyer’s situation, another may. Buyers may have the option of selecting a conventional or government-insured loan, a jumbo loan, a mortgage with a term of 30, 15, or other years, or an interest-only mortgage. A lender can help walk buyers through their options.

Amount Needed

A mortgage contingency clause can also designate the amount needed to secure the loan. A mortgage calculator tool can help buyers estimate how much a mortgage payment is going to be and the total amount a borrower can qualify for.

Closing Fees

The mortgage contingency can stipulate what closing fees and mortgage points are acceptable.

Maximum Interest Rate

An interest rate can be specified that the lender must provide before the mortgage contingency is satisfied. This makes it so the buyer can back out of the contract if the costs are too high.

Can You Waive a Mortgage Contingency?

Yes. Mortgage preapproval can help make your offer more competitive, but you may still waive the mortgage contingency. In that case, your earnest money is at risk, and you’re not able to renegotiate the contract if the appraisal comes in low. Keep in mind that FHA and VA loans do not allow buyers to waive the appraisal (which is an important part of the financing contingency).

Reasons to Waive a Mortgage Contingency

There are some scenarios where it doesn’t make sense to include a mortgage contingency in the contract:

•   When the buyer is able to pay cash for the property. Cash buyers do not have to include a mortgage contingency.

•   When owner financing is involved. If the current owner of the home is financing the sale, buyers do not need to include a mortgage contingency.

•   When competition is extremely high. It might be a good idea to look at this option as a last resort, but in a market where sellers only accept offers without contingencies, this could be a buyer’s only way to win the contract.

💡 Quick Tip: One answer to rising house prices is a jumbo loan. Apply for a jumbo loan online with SoFi, and you could finance up to $2.5 million with as little as 10% down. Get preapproved and you’ll be prepared to compete in a hot market.

Other Common Types of Contingency Clauses

The financing contingency isn’t the only common one in a contract. Some others are:

•   Inspection contingency. This is a contingency that allows the buyer to exit the contract should the property fail a home inspection.

•   Appraisal contingency. This contingency is connected to the financing contingency. Should the property fail to appraise for the amount needed to finance the loan, the buyer would have the option of renegotiating or dropping the contract.

•   Title contingency. A property needs to be free of title defects for the sale of the property to go through.

•   Sale of home contingency. This contingency allows buyers to sell their current home before completing the purchase of a new home.

Recommended: How to Read a Preliminary Title Report

The Takeaway

A mortgage contingency protects homebuyers’ ability to get their earnest money back if financing falls through. Waiving the mortgage contingency in a hot market could put some house hunters at the front of the line, but it’s a risk only those feeling confident in their financial situation should take.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can you waive a mortgage contingency?

Yes. Even if you need to obtain financing, waiving the mortgage contingency is an option.

What does no mortgage contingency mean?

No mortgage contingency means that buyers are willing to take on the risk of losing their earnest money if they are unable to secure financing by the closing deadline.

Should you waive mortgage contingency?

Homebuyers willing to take the risk of losing their earnest money to the seller to better compete are best poised to waive the mortgage contingency. Buyers who are not willing to risk their earnest money should not waive the mortgage contingency.

How long does a mortgage contingency usually take?

A mortgage contingency is usually set between 30 and 60 days.

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Photo credit: iStock/kate_sept2004

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This article is not intended to be legal advice. Please consult an attorney for advice.

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