| If you are a prospective homeowner wanting to | | | | to your monthly mortgage payment. |
| secure financing to purchase your home but do not | | | | In addition to your 80/20 mortgage some lenders offer |
| have the 20 percent down payment required by most | | | | financing for 103% of the asking price on your home. |
| mortgage lenders, an 80/20 mortgage could be your | | | | This allows you to finance your closing costs and |
| answer. Here is what you need know about financing | | | | minimizes the cash you will need out of pocket to |
| your home with an 80/20 mortgage loan. | | | | close on your home. |
| In many parts of the country the average price for a | | | | How to Get an 80/20 Mortgage |
| home has gone up significantly over the past few | | | | A good place to start shopping for an 80/20 mortgage |
| years. This makes it difficult for many people to qualify | | | | is a mortgage broker. Mortgage brokers have access |
| for the financing they need using a traditional mortgage | | | | to a variety of unconventional mortgage lenders and |
| lender. Many of these individuals have turned to 80/20 | | | | programs to help get people qualified to purchase their |
| mortgages to secure 100 percent of the mortgage | | | | homes. If you use a mortgage broker be sure to shop |
| financing they need. | | | | from a variety of offers and read all of the small print. |
| What is an 80/20 Mortgage? | | | | You will need to do your homework to avoid |
| An 80/20 mortgage is actually two loans. You will | | | | overpaying for your mortgage. To learn more about |
| have a first mortgage for 80% of your homes value | | | | your mortgage options and how to avoid common |
| and a second mortgage for the remaining 20%. By | | | | mortgage mistakes that can cost you thousands of |
| using this 80/20 mortgage you will avoid paying Private | | | | dollars, register for a free mortgage guidebook using |
| Mortgage Insurance which can add hundreds of dollars | | | | the links below. |