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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 ˝% 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 long does it take to refinance a house? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports How long does it take to refinance a mortgage? Bankrate.com What to know before refinancing your home loan The Washington Post 5 common myths about refinancing your mortgage Bankrate.com Mortgage rates rise sharply on positive developments surrounding Brexit and China The Washington Post That Superlow Mortgage Rate? It Could Be Even Lower The Wall Street Journal Homeowners want to refinance and it could save them big The Mortgage Reports Studies say: Home prices up, mortgage costs down. Don't miss this rare opportunity | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, October 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports FHA Loan Credit Score Requirements For 2019 Zing! Blog by Quicken Loans U.S Mortgage Rates Ease Back to Support Refinancing Yahoo Finance Mortgage rates today, October 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, October 16, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports U.S. Bancorp's mortgage growth a good sign for banking American Banker Mortgage rates shoot up following bond market sell-off The Washington Post Mortgage rates today, October 9, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage Rates Decline Ahead of Fed Meeting The Wall Street Journal Mortgage rates whipsaw after a divided Fed issues a rate cut: September 2019 Fed Meeting update | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refinancing a mortgage with bad credit: When it's worth it (and when it's not) | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports How to get rid of mortgage insurance (PMI or MIP) with a refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports How to refinance a mortgage and when to do it WTKR News 3 Mortgage rates today, September 24, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, September 20, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Current Lousiana Mortgage Rates Benzinga PCFC considering bond refinance | News | news-expressky.com Appalachian News-Express Mortgage rates today, September 23, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, September 18, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage Applications in US Increase in Mid-October World Property Journal Early Mortgage Payoff Calculator NerdWallet Why New Forward Mortgages Present Unique Problems for Seniors Reverse Mortgage Daily These home improvements spark the most joy, survey says The Mortgage Reports 6 Ways to Finance Real Estate Investments Motley Fool How the Mortgage Market is Opening Up to Brokers Entrepreneur Sandy Spring Bancorp Reports Quarterly Earnings of $29.4 Million Citybizlist Real Estate Fannie Mae bumps its 2019 origination estimate up another notch National Mortgage News What Refinance Activity Means For Mortgage Positions Seeking Alpha Good time to refinance your mortgage? Fox Business The Basch Report: Cracker Barrel investing in new concepts Jacksonville Daily Record Housing rule would make it harder to fight discrimination The Boston Globe Refinance mortgage rate moves higher for Monday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rate increases for Monday Bankrate.com Refinance mortgage rates mixed for Wednesday Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com Refinance rates fall for Wednesday Bankrate.com Refinance rates advance for Monday Bankrate.com Is it time to refinance your mortgage? KOMO News 4 irresistible perks of a VA mortgage refinance Bankrate.com Is it time to refi? Amid lower rates, lenders say homeowners are jumping to refinance Allentown Morning Call As mortgage rates plunge, should you refinance? Fox Business Refinance rates ease for Friday Bankrate.com Refinance mortgage rates: 10 steps to get the best deal | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refinance your mortgage now or wait in a very, very long line The Mortgage Reports Nearly 10 million borrowers could lower their mortgage rate by 0.75% by refinancing right now HousingWire Refinance mortgage rate retreats for Tuesday Bankrate.com Refinance rates ease for Wednesday Bankrate.com Refinance rates retreat for Wednesday Bankrate.com |
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