Carrington Mortgage Services, LLC Learning Center

When navigating the homebuying process, understanding mortgage insurance is crucial for both first-time and seasoned buyers. Mortgage insurance serves to protect lenders if borrowers default on their loans, and is required for certain types of loans. Mortgage Insurance Premium (MIP) and Private Mortgage Insurance (PMI) are the most common types of mortgage insurance.  While they serve a similar purpose, there are key differences between the two that can significantly impact your mortgage.

In this article, we'll clarify what MIP and PMI are and guide you on how to determine if you’re eligible to remove mortgage insurance from your payments. Understanding these terms can empower you to make informed decisions about your mortgage.

The concept of escrow can be confusing, regardless of how long or how little you’ve been a homeowner. However, it plays a fundamental role in your home purchase, as well as the servicing and payment of your mortgage.  

Not sure where to begin on your escrow education? Let Carrington answer some commonly asked questions about escrow below: 

Applying for Mortgage Assistance?
Our commitment to you is to provide support at every step of your homeownership journey, wherever you may be. Navigating the Mortgage Assistance process should not be an added layer of stress when trying to understand your options.

Buying a home or refinancing** in today’s market is costly, but we’re dedicated to making homeownership simple and attainable. One way that Carrington is helping homeowners with current affordability challenges is by offering our new 40-year mortgage, available on certain loan types. We’ve compiled some information and benefits about 40-year mortgages below to help you determine if a 40-year mortgage is right for you.

At Carrington, we strive to make homeownership simple. We offer a variety of AutoPay options designed to help you make your payments in an easy and convenient way. Our flexible AutoPay options allow you to tailor your payment dates to better meet your needs.

The Benefits of Automatically Making Your Loan Payments

Using AutoPay means that you no longer have to worry about manually making your mortgage payments each month. With AutoPay, you can set it once and forget it! This will save you time, make budgeting easier, and eliminate potential late fees or missed payments. AutoPay also allow you to customize the date on which you make your payment so that it aligns with your pay schedule or preferences.

We're always looking for ways to improve the homeownership journey and make it as easy as possible for our customers. That's why Carrington has created a new customer dashboard, personalized for you. You can gain quick access to details on your home, loan, and other products and services we have to offer to help make the entire process of owning a home – or purchasing a new home – as seamless and rewarding as possible.

At Carrington, we understand how important it is to have the information you need available at the right time, and it’s our job to make you aware of any situation that may affect your mortgage or online account.

Your account security is a top priority for us! That’s why Carrington Mortgage Services, LLC (“Carrington”) now offers Two-Factor Authentication (“2FA”). 2FA is an extra layer of security added to the login process to ensure that people trying to gain access to their account are who they say they are. By requiring more than just a user name and password, unauthorized users are prevented from accessing your private information. This additional security measure will require that you verify your identity with a unique code that is automatically generated to your phone or email when you log into your online account.