can help your web-site to become more user friendly by explaining less than common terms using handy tooltips. Just have a look at the sample text below (taken from here) to see it in action.
You need to buy mortgage insurance because you can afford only 15% of your down payment, but your lender assures you it's no big deal. Once your equity grows to 20%, he says, you can bag the insurance payments. Not necessarily. The Homeowners Protection Act of 1998 requires lenders to automatically cancel the mortgage insurance once the homeowner's equity reaches 22%. Before that, it's the lender's prerogative. And the 22% rule only applies to standard mortgages (not high-risk) initiated after July 29, 1999 for which payments are current.
PMI can be expensive. On a mortgage on a $200,000 home, with 15% down, a buyer's mortgage insurance will cost about $43 a month, or $516 a year. With just 5% down, the cost goes up to $120 a month, which is almost three times as much, according to GE Capital Mortgage Insurance. Depending on which insurer you go with, it can cost even more. Some require an additional fee upfront -- on top of the monthly payment -- of as much as 1% of your loan if you put only 5% down. Since your lender typically chooses your insurer, this is probably going to be beyond your control as well.
The key is to understand the terms of your mortgage insurance obligations before you close your loan. Get your lender to explain what conditions you have to fulfill before you can stop paying for insurance. Some lenders simply require an appraisal to prove you've paid down 20% of the home's value.
As shown above home finanicing specific terms are highlighted by dotted underline and with added question mark at the end. If you mouse over these terms, you can see explaining tooltips. First terms occurrences are more visible than their repeatings. You can fully control appearence including removing question mark icon or replacing it with an image.
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