Question 1

What is a routing number on a debit card?

Accepted Answer

A routing number is NOT printed on your debit card—it's a 9-digit code that identifies your bank and is found on checks or in your online banking. Your debit card shows the card number, expiration date, and CVV. To find your routing number, check your paper checks, bank statement, or log into your online banking account.

Question 2

What is mortgage insurance?

Accepted Answer

Mortgage insurance protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home's value. Private Mortgage Insurance (PMI) is for conventional loans, while FHA loans have Mortgage Insurance Premiums (MIP). The cost is added to your monthly payment and can be removed once you reach 20% equity.

Question 3

What is CVV on a debit card?

Accepted Answer

CVV (Card Verification Value) is a 3-digit security code on the back of your debit card (4 digits on the front for American Express). It's required for online, phone, or mail-order purchases to verify you physically possess the card. Never share your CVV except during legitimate transactions, as it helps prevent fraud.

Question 4

How much should I put down on a house?

Accepted Answer

While 20% down is ideal to avoid mortgage insurance and secure better rates, many buyers put down less. FHA loans allow 3.5%, conventional loans as low as 3%, and VA/USDA loans allow 0%. Consider your savings, budget, and whether you'd rather have cash reserves for emergencies, repairs, and moving costs versus a larger down payment.

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Frequently Asked Questions

What is a routing number on a debit card?

What is mortgage insurance?

What is CVV on a debit card?

How much should I put down on a house?

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