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Mortgage & Refinancing Information |
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The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages. The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a 20% second mortgage. If you are a conforming borrower, doing your loan in this manner will save you from having to pay mortgage insurance. Mortgage insurance is almost always required when you have less than 20% down. But with the 80 20 loan you avoid this necessary evil. If you are a sub-prime borrower, doing you loan in this manner will typically keep your interest rates ½% to 2.5% lower than doing a 100% one loan. A 100% one loan is simply one loan for the entire purchase price. Many times you will have two choices when it comes to the second mortgage portion of the 80 20 mortgage. The second mortgage can either be a fixed second mortgage or it can be a line of credit. If it is a fixed second mortgage. The interest rate is fixed for the entire length of the mortgage. Most fixed second mortgages are a 30 due in 15. Meaning that the second mortgage is amortized over 30 years, but is due in 15 years. Basically it is a balloon payment. Don't let this scare you. Statistically people refinance or sell their home every 7 to 9 years any ways. If it is a line of credit as the second mortgage. The interest rate will fluctuate as the Federal Reserve adjusts the prime interest rate up or down. The benefit of going with the line of credit as the second mortgage is that the interest rate is normally much lower than the fixed second mortgages rate. It can be 2% to 5% lower. If you are considering doing the 80 20 loan have your loan officer compare the two different options if you have both available to you. You may also want to consider an 80 20 interest only loan. The interest only loan could save you hundreds of dollars in mortgage payments every month. This can help you purchase a more expensive home or keep the payments down on the home you want to buy. About The Author Matthew Allen is a mortgage consutlant with Action Brokerage Services, Inc. in Medford Oregon. He is also the author of "How To Buy A Home With Zero Down, Even If You Have Damaged Or No Credit" You can visit his website at http://www.realmortgageadvice.com.
MORE RESOURCES: How to refinance your mortgage and save money every month Business Insider Mortgage rates settle after an up-and-down week The Washington Post Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing - KHOU.com More than 6.8 million homeowners can cut their mortgage payments with refinancing Frederick News Post How to know when to refinance your mortgage KIIITV.com It may be time to refinance if it benefits you The Dallas Morning News Millennial mortgage refinances continue ascent National Mortgage News Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates move higher on encouraging trade developments The Washington Post Kent Woman mistakenly declared dead, can't refinance mortgage Darren Cunningham 6:05 PM, Dec 06 Fox17 Ready to Refinance? County 17 Ask a mortgage expert: Tips about credit score, down payment, refinancing and more Reno Gazette Journal Should you refinance? The answer always boils down to money The Daily Herald Here are the best and worst states to refinance Yahoo Finance Mortgage rate predictions: Could the experts be wrong again? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Should I Refinance My Mortgage? | Millionacres Motley Fool SHERI BISTREICH: Is this a good time to refinance your mortgage? Statesville Record & Landmark Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millennial refinance activity increases again in October Mortgage Professional America Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 14, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News Homeowners should skip holiday shopping and go mortgage hunting Loop North News Figure Closes Series C Round of $103 Million to Expand Lending Products and Executive Hires Business Wire The housing-backed investment vehicles that fueled the financial crisis are enjoying their best stretch in years Business Insider Nordic Access to Government Backed Mortgages Finally Improves Mortgage News Daily Mortgage credit eases in November, MBA says HousingWire Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral How long does it take to refinance a mortgage? Bankrate.com Offerpad ups the ante in iBuying, launches new home-renovation feature The Mortgage Reports Refinancing Share of Freddie's Volume Soared in October Mortgage News Daily 5 common myths about refinancing your mortgage Bankrate.com Millennial Refinancing Hits New Peak National Mortgage Professional Magazine Blockchain-based lending startup Figure secures $103M in new funding SiliconANGLE News What is a second mortgage? Bankrate.com Good time to refinance your mortgage? Fox Business What to know before refinancing your home loan The Washington Post Mortgage Credit Availability Up in November National Mortgage Professional Magazine What Is Mortgage Refinancing? Motley Fool Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Can you still get stated income loans? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Show Info: December 5, 2019 WJW FOX 8 News Cleveland Refinance mortgage rate moves higher for Monday Bankrate.com Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com FHA's strong financial showing points the way on policy National Mortgage News Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rates mixed for Wednesday Bankrate.com Odd Lots: Refis, DTIs and More Banker & Tradesman Refinance mortgage rate falls for Thursday Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com Refinance mortgage rate increases for Monday Bankrate.com Refinance rates fall for Wednesday Bankrate.com 4 irresistible perks of a VA mortgage refinance Bankrate.com 2019 HW Vanguard: Michael Schmeiser HousingWire Benchmark Mortgage now in Minot | News, Sports, Jobs Minot Daily News Is it time to refi? Amid lower rates, lenders say homeowners are jumping to refinance Allentown Morning Call Refinance rates advance for Monday Bankrate.com As mortgage rates plunge, should you refinance? Fox Business Refinance rates ease for Friday Bankrate.com Loan Characteristics Mostly Account for Conforming/Jumbo Spread Mortgage News Daily |
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