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Close Topic OptionsGetting A Mortgage With 0 Downpayment?
Getting Mortgage 0 Downpayment - Politics, Business, Civil, History - Posted: 17th Nov, 2006 - 3:09am
Posts: 2 - Views: 1645
Getting A Mortgage With 0 Downpayment?
There are some mortgage lenders and banks who advertise the fact that you can buy your house with 0 downpayment, the application requirements seem to be more strict than the conventional mortgage applications. Have you ever hear any experiences on this particular method?
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"Zero Down" is actually a misnomer. What they do is include your downpayment, points, and fees in your loan, rather than have you pay the downpayment up front. So, rather than coming up with the cash, you have a higher loan balance and the bank collects more interest over time.
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TOPIC: Getting A Mortgage With 0 Downpayment?