100 self certification mortgage

100 self certification mortgage
If you were setting your house to buy, because you do not have the required down payment, there are a number of programs that you qualify. These programs usually only require that you pay a few thousand dollars to close . Here are the basics of zero to mortgage loans.

If no money down mortgage is right for you?

For many prospective home buyers, mortgage money is not the only option for the purchase of a home. If you are in this situation and do not have the money in hand for 20% of the purchase price as down payment, one of the many zero to mortgage loans could be your answer.

What Zero Down Mortgage?

The most common mortgage is zero to a 100% mortgage loans. This means that your mortgage is at 100% of the purchase price, and you will only be used for the fees and closing costs. The disadvantage of zero to many mortgage loans, the lender may require you to purchase Private Mortgage Insurance to qualify for the loan. Private Mortgage Insurance is an expensive policy that only protects the lender if you default on the mortgage. Such insurance can be several hundred dollars on your monthly payment amount.

How do I avoid Private Mortgage Insurance

The best way to avoid Private Mortgage Insurance on the zero-down mortgage is to use a piggy back mortgage for the down payment. This rail-road mortgage loans are also known as 80/20. This means you have two loans for 100 percent of the purchase price, your primary mortgage for 80% of the purchase price and the second, "piggyback" loan for the remaining 20%. There are a number of mortgage lenders, these loans combined transport for us no money. You simply have to comparison shop for the best offer 80/20.

Shopping for the right mortgage

The Internet makes it easy for a rail-road business lender. When you shop for a mortgage lender, it is important to all aspects of the loan, not just the interest. Remember that the interest rate for the second loan will be higher than what you need for the on the primary mortgage. The reason is that the second lender assumes more risk than the primary lender. To learn more about your zero-down mortgage options including common mistakes to avoid, register for a free mortgage advice.

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Louie Latour specializes in homeowners, such as advertisements, to identify 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.