100% Mortgages - US
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Welcome to our 100% mortgages section. You
may be reading this page because you are a
first time
buyer, in which case you may want to check out
the information in that section also.
A lot of mortgage lenders only lend 90% of the cost
of a home. Not everyone can afford or would even
want to wait until they have managed to save up the
remaining ten percent. 100% mortgages are
available if you look for them. For
First time
buyers, a 100% mortgage is their only means of
getting a foot on the property ladder.
However you should also realize
that these mortgages do have disadvantages. Because
you have borrowed 100% of your mortgage you are more
at risk of going into negative equity if house
prices were to fall. Some lenders like to ensure
that they cover themselves for the risk by offering
100% loans but by charging a higher rate of
interest.
If you fail to keep up payments
the lender will have to sell the property sometimes
or definitely in the case of negative equity for
less than they are owed.
It's good that you're doing some
research by reading this website. You can save
thousands of pounds by shopping around and
choosing your mortgage with a bit of care.
It is vital to shop around to find the very latest
competitive 100% Mortgage.
Remember to compare different mortgages, and always
seek professional financial advice. Use one of
our Free Mortgage
Calculators to compare different mortgages.
It would be unwise
to enter into a 100% mortgage agreement without
first considering the whole picture. There are a few
pitfalls to consider:
-
you may be
charged a higher interest rate for a 100%
mortgage, meaning that you will be paying more
each month than you would with a traditional
mortgage
-
if paying a
higher interest rate, you may wish to bail out
and switch to a cheaper mortgage. However, you
may find with a 100% mortgage that you are tied
in by early repayment charges
-
it’s quite
likely that you will have to pay the mortgage
lender a higher lending charge at the outset.
This is a one off charge paid to protect the
mortgage lender, not you, from the risk involved
in lending you the full property value
-
which brings
us to negative equity, a term meaning that you
owe more than the property is worth - which
could occur if house prices took a downturn.
Negative equity can result in losing your home.
These pitfalls are
not listed in order to deter, but to increase
awareness. 100% mortgages provide a viable means of
buying a home - and for many borrowers are the only
real option of doing so – and there are some
credible deals to be found on the market.
100% mortgages
succinctly illustrate the benefits to be gained by
consulting a reputable mortgage broker. A broker can
not only seek out those hard to find deals, but if
you are in any doubt about whether a 100% mortgage
is for you, or about the details of a specific deal,
then a mortgage broker can advise you.
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