107% Finance Home Purchase Mortgage
Financial situations are like fingerprints; they differ for each person. Since a mortgage is the largest, and most credit effecting financial decision a person can make, it is important that it is tailored to suit the borrowers needs. Lucky for you, that shouldn’t be a problem. There are thousands of mortgage programs out there, and one of them is bound to suit your needs. Keep reading if you are interested in finding out more about the 107% Finance Home Purchase Mortgage.
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Overview of the 107% Finance Home Purchase
The 107% Home Purchase Finance comes exactly the way it sounds; it finances 107% of your home purchase. 100% financing means that you will not have to offer a down payment for your loan. In the case of this loan, you will also get an extra 7%. This extra bit of money is used to cover all of the closing costs that you will need to pay for your mortgage loan.
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Common Questions: Advantages and Disadvantages of the 107% Finance Home Purchase Mortgage
- The main advantage that comes along with the 107% Finance Home Purchase Mortgages is that it allows first time homebuyers to make the transition from renting to home owning much easier. Many renters can afford to make monthly mortgage payments, but cannot afford to save up 5%-20% of the price of their home for a down payment. With a 107% Finance Home Purchase Mortgage do not have to pay closing fees or down payments. With this mortgage, becoming a homeowner is a cinch.
• The main disadvantage of 107% Home Purchase Home Finance Mortgages is that they are larger mortgages. Since you will not put any money down to start, the balance of your loan will be larger and will take longer to pay off, and may come with higher monthly payments. So, even though you will not have to put any money down to begin with, you will have to pay that amount eventually.
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