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3 Options For Zero Down Mortgages

Basics Zero down mortgages can be done with:

• 30 year fixed or traditional loans
• Interest only mortgages
• 100% option payment loan

30 Year Fixed Or Traditional Loans Zero down financing can be done with a 30 year loan or another traditional loan such as this. 100% financing usually comes in the form of 2 different loans – a first loan for 80% and the second loan for a final 20%. The two loans usually have different terms (including rates).

Many borrowers, especially first time borrowers, decide to go with this loan. Often times a borrower will refinance this loan in the future to lower their rate or cash out equity. In bristol and west mortgages this way their 30 year fixed loan doesn’t last very long. When the borrower goes to get a new loan, they will be shopping at prevailing interest rates then.

Interest Only Option Many lenders now offer an interest only option on their mortgages.

Paying at the interest only level on one of these loans makes for a lower monthly payment. Paying at the interest only level also keeps the loan principal the same size. The loan is not increasing in size or decreasing. It remains the same. In theory a buyer may be able to build equity in the property by its rising value.

100% Payment Option Loan This type of loan typically offers a payment option loan for the first 80%.

A minimum payment option loan allows a borrower to pay less than interest bristol and west mortgages only. It allows a borrower to make a much smaller payment than an interest only or regular mortgage.

The borrower has the option each month, for an initial period, to pay less than the interest only level. The difference between the interest only level and the minimum payment is added onto the principal of the loan.

This type of loan allows people to purchase a property they may not otherwise be able to afford.

Summary Many borrowers have lots of loan options when it comes to purchasing a property. There are even zero down financing options for rental property buyers.

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