| |
Here are few best info on
mortgage quote q home loan
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. Dont 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
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 Useful Resource and Updates on mortgage quote q home loan
- Long lines, patient voters (The Post and Courier)
A study in patience, soggy and stoic Lowcountry voters endured waits of up to five hours Tuesday to cast their votes in an election many considered the most important of their lifetime. Most shrugged off the drizzle and delays, saying they were duty-bound to cast their ballots. They opened umbrellas, paged through books, made new friends. The mood remained surprisingly cheerful.
- Mortgage Rates on Rollercoaster Ride; Rise Again After Coming Down in Late October (PR Newswire via Yahoo! Finance)
Saw From Week to Week, According to Zillow® Mortgage Rate Monitor
- Brian Taylor blogs on Alex Salmond's meeting with HBOS (BBC News)
Read Brian Taylor's blog
- Hollani's Blog (WDBJ 7 Roanoke)
It sounds so cliché nearly a day after America named her 47 th president, a black man. Evenso, never in my young lifetime did I believe an African American would hold the highest office in the land. I remember when Senator Obama made his awakening speech at the 2004 Democratic National Convention.
- Government borrowing to fund bailout (The News Journal)
Consider the numbers: $29 billion for the Bear Stearns mess; $700 billion to buy spoiled assets; $200 billion to buy stock in Fannie Mae and Freddie Mac; an $85 billion loan to AIG insurance; another $37.
- David Quigg: Dear Conservatives: Break Some Liberal Hearts. Vote Obama. (HuffingtonPost)
No group in America would have more trouble adjusting to an Obama presidency than the Bush Liberals. With the president's approval rating so deep in...
- Turnbull cautious on guarantee offer (Australian Broadcasting Corporation)
Opposition Leader Malcolm Turnbull says he wants a briefing from Treasury before deciding whether to support the Government's latest offer to broaden coverage of its bank deposit guarantee.
- Fatigued voters ready for election's end (The Washington Times)
A Florida small-business owner and mother of three is so worn down with election fatigue - and angry that her regular television viewing has been hijacked - that she may write in Hillary Rodham Clinton's name Tuesday as she casts a presidential ballot, "purely on the fact that she hasn't been annoying me for these last few months."
- Pearlstein: Outrage Over Wall St. Bonuses (Washington Post)
Washington Post columnist Steven Pearlstein was online Friday, Oct. 31 at 11:00 a.m. ET to discuss the "outrage" over the bonuses at Wall Street firms that agreed to accept a government investment.
- The Natchez Democrat (The Natchez Democrat)
CHESTER, Pa. (AP) ? The World Series got suspended. Obama politics never stop. Democrat Barack Obama carried on Tuesday with an outdoor rally at Widener University, outside Philadelphia, despite a cold, steady rain that made the temperature feel freezing.
|
|
|
