Qa Is There Any Good
Posted on | February 5, 2012 | 2 Comments
Question by QNA: Is there any good reason to justify getting a zero down mortgage?
Aside from the obvious (the lack of funds), is there any reason at all to get a zero down mortgage?
If you don’t have the money for a downpayment at the present time, but can be approved for a mortgage, would it be better to save up for the downpayment or just go ahead and sign the mortgage???
This probably requires a fairly complicated answer, so thanks in advance!
Best answer:
Answer by Watchman
With a 20% down payment they can’t force you to pay mortgage insurance.
What do you think? Answer below!
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Comments
2 Responses to “Qa Is There Any Good”
February 5th, 2012 @ 1:14 pm
Yes, it’s true that a 20% down payment keeps you from paying PMI (private mortgage insurance), but there are ways around that. Some lenders give you an 80% 30-year mortgage, and then a 20% home equity loan that counts as your down payment, so although you don’t technically bring a down payment, you still don’t pay PMI (see below for details)
Just be aware that when taking a 100% mortgage, you’re essentially betting that your house value will only go up. If it goes down and you’re forced to sell, you’ll potentially face a huge loss
February 5th, 2012 @ 1:31 pm
Yes! Rates now are very low and mortgage insurance on 100% financing is only .60% extra for good credit!
The average home appreciates quite a bit in a few years. The key is to buy smart. I don’t care how good your interest rate is…
The property you buy and how much you pay is the most important factor on appreciation. Pick the least expensive home in a desirable neighborhood. Location is everything.
The market is stabilizing now and a great time for buyers because rates are so low and prices are more reasonable.