A 100% Financed Bad Credit Mortgage Loan – Myth Or Reality?
La Cross Mortgage, is apt to help Apartment dwellers and current homeowners with high or low credit scores whom are looking for a mortgage with 100% financing. Many may be surprised to discover, that due to today’s more transitional lending practices, it is easier to get qualified for a new home loan as it is to refinance your current mortgage with a low credit rating than if you had a high credit rating score.
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This type of bad credit mortgage loan normally doesn’t translate into lower interest rate loans. However, you may qualify for a 100% financing mortgage loan if you have a poor credit rating. But the terms of the loan may not be in favor with a low credit score.
Bad Credit Lenders may offer a variety of 100% mortgage packages for their potential borrowers, and 103% of available mortgage loans with no closing cost. With having various options when it comes to financing, here are some aspects to consider to set you on the right path.
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100% Mortgage Loans – The Good and the Bad
The initial benefit of a home loan that offers 100% financing, especially if you have a poor credit rating, is that you can purchase a home with no cash down. Rather than continuing to spend money on monthly rent you can begin to build equity in a home of your own.
In other words, the main disadvantage of 100% financing is that you might pay more for financing through a higher interest rate and in some instances a higher closing cost. leaving you with an adjustable mortgage rate that will go up after 2 or 3 years. Another essential risk for a homeowner is that when you are purchasing a home with no money down you will end up with zero equity. If the housing market goes down, and the value of your home declines, you could possibly end up with a mortgage higher than what your home is worth.
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Another option can be to simply do some research on the web or use your local phone book and look around. Just like any other business the mortgage business is a very competitive one, and the more options you have the better in position you will be. To achieve the best deal possible.
Another advantage to this type of financing is that you (the borrower) are generally not required to pay for private mortgage insurance, because private mortgage insurances do not include the higher rate you substantially receive due to having poor credit.
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We can help you with bad credit remortgage, bad credit debt consolidation loan, refinancing my mortgage.