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You don’t need 10% or 20% down to get a home mortgage
from: Syd Johnson The rapid increase in home prices over the past couple of years have left many potential home buyers struggling to come up with their 10% or 20% down payment. If you live in a hot market like Los Angeles, Manhattan or Miami, you might be able to afford the monthly payments on a home mortgage but have a hard time coming up with the one time cash for a down payment.
If you can’t come up with a 10% down payment, home mortgage lenders are becoming savvy to your plight and have created many different solutions to help you get financing for your new home.
One of the top ways to get home mortgage financing is with a 5% down payment. This gives most customers a huge break on the amount of cash that they need to purchase a home. In the past, 5% down home mortgages were only available as through government funded loans like the Veterans Administration Loans.
Now, many lenders including banks, credit unions and mortgage companies will work with their customers to offer low down payment deals. In addition, you can also do a zero down mortgage. In this case, the entire loan amount will be financed so your monthly payments will be higher than it would have been with a down payment. Also, your home mortgage lender might charge you a slightly higher interest for taking on the risk of approving a client without a down payment.
One of these methods will sure work for your so don’t hesitate to get preapproved for your home mortgage today.
Can you avoid private mortgage insurance with less than 20% down?
In the past, the only way to avoid paying monthly private mortgage insurance (PMI) premiums was to have put at lease 20% down on your home mortgage. Today, many home mortgage lenders have created a variety of creative financing packages to help you get approved for your loan and avoid PMI even if you put down less than twenty percent.
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Refinance A Home Mortgage News
Mortgage refinancing skyrockets - Cincinnati.com
With U.S. mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance their mortgages in Greater Cincinnati and Northern Kentucky. From the largest commercial banks to ...
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Mortgage applications in the U.S. last week reached a five-year high as borrowing costs slid. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan rose to 1,245.7, the highest level since 2003, from the ...
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Read more...Housing still soft despite rate drops - Raleigh News & Observer
Mortgage rates, which are at record lows, are key to an economic recovery, economist Ed Yardeni says. Lower rates should trigger a wave of refinancing, leaving U.S. homeowners with lower monthly payments and extra cash. They also could give the weak ...
Read more...Mortgage applications remain at 5-year highs - WTOP Radio
WASHINGTON (AP) - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. While low rates are a great opportunity for borrowers ...
Read more...Mortgage applications at 5-year high for second straight week as ... - Minneapolis Star Tribune
WASHINGTON - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. While low rates are a great opportunity for borrowers with ...
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