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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: Refinancing Boom Fuels Mortgages to Postcrisis Record The Wall Street Journal The Best Mortgage Refinance Companies: Rates and Reviews | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, January 27, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports 5 Questions to Ask Before You Refinance Your Mortgage HowStuffWorks Mortgage rates sink to lowest level in three months The Washington Post When does refinancing into a 15-year mortgage make sense? The Philadelphia Inquirer Pros and Cons of a Cash-out Mortgage Refinance HowStuffWorks Is this a good time to refinance your mortgage? New Hampshire Business Review Guide to mortgage tax deductions for your 2019 taxes | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, January 21, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports New data: Home sellers saw the biggest profits ever in 2019 The Mortgage Reports Mortgage rates today, January 17, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Don’t Let Violations Derail Sales or a Mortgage Refinance Habitat magazine I Paid Off My Student Loans Early, and I Regret It The Motley Fool 2019 claims fourth-highest mortgage rates in 50 years The Mortgage Reports Mortgage Rates Plunge to 3-Month Lows Amid Iran Drama Yahoo Finance Market Update News: Refinance population increases and could save $2 b Mortgage Professional America How to Refinance a Rental Property Yahoo Finance U.S. mortgage rates drop to lowest level in months Dayton Business Journal 9.4M Refi Candidates Across the Nation The MReport IFC invests $5.75mln in Tanzania Mortgage Refinance Company Ecofin Agency: Economic information from Africa Mortgage rates today, January 15, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, January 3, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The average mortgage payment is declining. Here's why | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Norman Grill: Itemizing deductions may reduce your taxes Westfair Online Can You Refinance Your Mortgage With Bad Credit? HowStuffWorks Here's How The Average Loan Looked in December Mortgage News Daily Mortgage rates today, January 7, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Why closing on a house is better in person | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports With no loan limits and easy requirements, VA loans are more popular than ever | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, January 6, 2020, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports What's Ahead for the US Housing Market in 2020? Knowledge@Wharton It's bad news for renters — especially in these high-rent cities The Mortgage Reports How to find the best fit for commercial deals Mortgage Professional America The mortgage industry is booming The Real Deal How long does it take to refinance a mortgage? Bankrate.com How to refinance your mortgage and save money every month Business Insider First-time homebuyers: these are the best cities to buy a house in this year The Mortgage Reports Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral Coronavirus Bugging Stock Traders – Market Update Zing! Blog by Quicken Loans What to know before refinancing your home loan The Washington Post 5 things I've learned from refinancing my mortgage Business Insider Where Women Are Buying Homes – 2020 Edition Yahoo Finance 5 common myths about refinancing your mortgage Bankrate.com What Is Mortgage Refinancing? Motley Fool Does Personal Finance Still Work in Our Changing Economy? The New York Times Downtown Fresno office building refinanced, appraised at $3.76M The Business Journal Ryan Brown Joins Mortgage Network Patch.com 4 reasons to refinance your mortgage at a lower interest rate Business Insider Refinance mortgage rate increases for Monday Bankrate.com Are You Overlooking Something That Could Make You Richer? The New York Times Refinance mortgage rate slides for Thursday Bankrate.com Refinance mortgage rate moves higher for Monday Bankrate.com Refinance mortgage rate trends higher for Friday Bankrate.com Refinance mortgage rate retreats for Tuesday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com Good time to refinance your mortgage? Fox Business |
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