80 Percent Mortgages - Finance For Your Home [mortgageinsuranceguide.blogspot.com]
If Rahim and Helena can get one, why not the rest of us?
mortgageinsuranceguide.blogspot.com W@AL: the 100 per cent mortgage plan
The size of mortgages bundled into bonds will surpass 100 percent of building values for the first time since 2007, before the market shut down amid the worst financial crisis in seven decades, according to Moody's Investors Service. That measure of ... CMBS Leverage Most Since '07 As Standards Loosen: Credit Markets
Traditionally a mortgage covered the value of the home minus the down payment which was usually at least 20 percent of the value of the home. It was fairly standard for individuals to receive 80% mortgages. In the last few decades it was more the standard to finance close to 100 percent of the home through mortgages and paying just 3 to 5 percent down. In these cases the individual is required to get mortgage insurance which increased the monthly payment of the home by about $ 100.00 per month.
In today's economy mortgagors want people to have a larger down payment and the 80% mortgages are becoming the standard once again. For the many people who cannot afford to put 20% of the value of the home down as a down payment there are more creative options available.
Individuals are saving up more for a home as well as borrowing funds from family and receiving gift monies from family to afford that 20 percent down payment and qualify for the 80 percent mortgage.
Another option to qualify for the 80% mortgages is by using a piggyback loan where an 80 percent mortgage is supplemented by a loan to cover the remaining 20 percent.
This allows an individual who cannot afford to pay 20 percent down to still benefit from the 80 percent mortgage. These benefits include: no mortgage insurance, lower interest rates and more flexible terms.There are hundreds of companies in today's market who will provide an 80% mortgage. carry out extensive research on the web or talk to advisors before you make your decision.
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