If you are looking for a new home, you might want to consider buying one with no money down. This is also called "100% financing."
The benefit of buying a home with no down payment is that you can use the money you would have used for a down payment on other things, like closing costs or new furniture.
One of the requirements to buy a home with no money down is to have good credit, or at least credit that is almost as good as good.
Keep in mind that if you borrow up to 100% of a home's value, the lender may charge you a bit more by raising the interest rate.
The lender does this because they are taking on more risk when they approve a loan for 100% instead of 95%. So, they just slightly raise the price.
Remember that it can be very convenient to borrow up to 100% if you don't have enough money for the down payment. As we all know, though, we pay for convenience.
Because the interest rate might be a little bit higher in this case, you might want to look around for the best rate and product for your needs and budget.
There is a lot of competition in the mortgage industry, and there are many mortgage companies across the United States that offer programmes that let you buy a home with no money down.
If you don't want to shop around or don't have the time, you might want to hire a broker to do it for you.
Brokers have access to hundreds of lenders all over the United States. This makes it easier for you to choose between a few mortgage companies.
It wouldn't hurt to let one of these brokers look at your situation and talk to a few lenders to see what kind of deal they can offer you. Once they have done this, you can think about the best rate and programme they can get you for buying a home with no money down.
Keep in mind that mortgage brokers and lenders get paid on commission, so finding you a mortgage product and getting it to the table is just as important to them as it is to you. Have a good time.
