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Different Ways To Have 100% Financing Work For You
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Mortgage Financing

Your mortgage lender may be able to offer you 100% financing.

This is much more common now, with many different mortgage lenders offering 100% financing even to borrowers with challenging credit.

Why This May Make Sense

You can determine what your monthly payment will be by using a free online mortgage calculator.

You can use the mortgage calculator to compare different down payments.

You can compare a 100% financing deal with a different loan that you put 10% down.

On a $500,000 loan this is a $50,000 down payment. This is a significant sum of money.

If you compare the monthly payment between the two options you will see that a 10% down payment does not lower your monthly payment substantially.

Keep this in mind when you are deciding how much, if any, or a down payment you will make.

Closing Costs

Keep in mind that you may have costs even if you get 100% financing.

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These are usually the mortgage loan closing costs. This consists of lender fees, title fees, escrow fees, insurance, taxes, and other charges.

This can easily add up to several thousand dollars or more.

One option to avoid this is to have your loan cover your closing costs. Many mortgage lenders will allow up to 6% of the purchase price of a property to be used to cover closing costs.

Check with your mortgage lender in advance to see if they offer this option. It can end up saving you thousands of dollars.

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This entry was posted on Thursday, October 19th, 2006 at 4:20 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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