100% Mortgages

So, you are interested in purchasing a home, and you figured that with a mortgage, it would be possible. But the more you thought about it, the more you realized it wouldn't be a possibility. With closing costs and a down payment, your funds will be wiped out. Or perhaps you don't even have those funds to begin with. What you may not know though,  there is a type of mortgage out there that is perfect for you: a 100% mortgage.

Are you interested in applying for a 100% mortgage? Contact a lender today.

This type of mortgage allows you to finance the entire cost of your home, without a down payment. These types of mortgages are very common, especially among young people just starting off. There are even 103% mortgages, which will roll closing costs into your monthly payment as well. It will be possible to finance your entire home without having to pay for closings costs or putting down a down payment.

Besides the obvious reason of saving money, 100% mortgages can be to your advantage because:

• They generally do not require good credit
• When rolling in fees such as closing costs to your monthly mortgage, it does not make much of a difference in your monthly payments
• Even though interest rates may be higher, it is possible to get a fixed rate
• They can get you into your new home faster!

The last type of 100% mortgage you can get is a 107% mortgage. It is just like the 103% mortgage, but in addition, these loans allow cash back for furnishing or repairs. These types of loans generally require good credit. Now, you are out of excuses. With the different types of 100% mortgages available, you can soon be paying the same amount you are paying for rent, for a home that is actually yours. Apply today!

Are you interested in applying for a 100% mortgage? Contact a lender today.