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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 ½% 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. Don't 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.

About The Author

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.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Sat. May / 26 / 2018

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National Mortgage News

Mortgage refinance candidates cut by half in the past four months ...
National Mortgage News
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National Mortgage News

Freddie Mac increases its 2018 mortgage origination forecast
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CNBC

Weekly mortgage refinances drop to an 18-year low as rates jump
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The Standard

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WFMYNews2.com

Analysis: Record refinancing rate points to possible new big housing bubble
WFMYNews2.com
Treasury interest rates have been climbing steadily over the past couple of years, and so have mortgage rates. Mortgage News Daily's mortgage rate now stands at 4.70%, a sharp rise compared to the 2016 MND average rate of 3.43%. Naturally, you would ...



DEALSTREETASIA

IFC mulls extending loan of up to $35m to Pakistan's Engro Polymer
DEALSTREETASIA
The International Finance Corporation (IFC), a member of the World Bank Group, is considering a proposal to extend a loan of up to $35 million to Pakistan-based Engro Polymer & Chemicals Limited (EPCL), it said in a disclosure. EPCL is a manufacturer ...



HousingWire

MBA: Lender profits to hit negative numbers in Q1 | 2018-05-21 ...
HousingWire
It's no secret mortgage refinance volumes are falling, leaving lenders to make up for the loss through purchase mortgages. During the Mortgage Bankers ...

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CUinsight.com (press release)

Golden 1 Credit Union expands home loan services in Santa Clara County
CUinsight.com (press release)
Home Loan Advisors at the center will help members with the entire mortgage, refinance, or home equity loan process in a comfortable atmosphere dedicated to lending. This includes connecting homebuyers to realtors who specialize in the local market and ...



CBS 8 San Diego

Analysis: Record refinancing rate points to possible new big hou - CBS News 8 - San Diego, CA News Station - KFMB ...
CBS 8 San Diego
By Alex Kimani, Oilprices.com. Video. Treasury interest rates have been climbing steadily over the past couple of years, and so have mortgage rates. Mortgage News Daily's mortgage rate now stands at 4.70%, a sharp rise compared to the 2016 MND average ...



CNBC

Mortgage refinance applications surge 9 percent as rates fall back
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Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

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