Jun 04 2008
No Money Down 80 20 Mortgage Loans: You Can Purchase Your Dream Home
For many people saving a down payment to qualify for a mortgage can be a financial hurdle not easily overcome. If saving for a down payment is preventing you from your dream of homeownership, an 80/20 mortgage could be right for you.
The mortgage industry is extremely competitive and lenders now have to offer new types of loan packages in order to remain competitive. This is great for homeowners that may have had trouble qualifying for mortgage loans in the past; financing for many homebuyers is available today that simply was not ten years ago. No money down financing is available to just about anyone today. There are loan packages available for nearly any financial situation and credit rating. Your financial situation will determine how much you will pay for the financing and what terms are available to you.
If your credit is bad or you neglect to structure you loan properly, you could be required to pay Private Mortgage Insurance. Mortgage lenders often require Private Mortgage Insurance to protect themselves from losses due to foreclosure. This insurance premium does nothing to protect the homeowner and can add hundreds of dollars to your monthly mortgage payment amount.
To avoid paying for Private Mortgage Insurance many homeowners use 80/20 mortgage loans. An 80/20 mortgage is actually two loans, one for 80% of the purchase price and another for the remaining 20%. These loans often come from two separate lenders which will require the borrower to make two separate monthly payments.
There are risks for borrowers that finance their home purchases with 100% mortgage financing. The main risk is that you have very little equity in your home; if the value of homes in your neighborhood declines you will owe your lender more than your property is worth. You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
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