100% Mortgage Loan with Bad Credit

If you are a homeowner with poor credit and are looking for 100% mortgage financing, you may be surprised to discover that it is almost easier to get approved with poor credit ratings, as if the credit well. Many subprime mortgage lenders offer 100% mortgage packages for buyers of homes, in many cases you can find 103% mortgages to cover closing costs. How do these loans? You have several options when it comes to this type of financing, that's what you need to know to get started. Pros and cons of 100% Mortgage Loans The main advantage of a 100% mortgage loan, especially if you have poor credit, is that you can walk into a home with little or no cash down. Instead of throwing your money away on rent, you can build equity in their homes. The disadvantage of 100% financing is that you will pay much more for financing, higher interest rates, closing costs and lender fees all accompany loans of this type. There is also an increased risk for the house, because you're buying your home with zero equity. If the economy takes a dive and the value of your home decreases, you could end up owning more than your house is worth. Another advantage to this type of financing is that typically will not have to pay a loan for private insurance, private insurance guides can add hundreds of dollars to pay guides, and does nothing to protect the house, only the lender. There are several options for 100% mortgages. If you find a mortgage lender willing to finance the entire amount with a mortgage, which would be the cheaper option. The other option is to finance your home with a loan of 80 20. A first mortgage is for 80 percent of the purchase price, and you use a second "piggy back" guide for the remaining 20 percent. For more information about mortgage financing options, including common mistakes guides to avoid, by registering for a free leadership guide. To get your free mortgage guide Visit RefiAdvisor.com using the link below. Louie Latour specializes in showing homeowners how to avoid common mistakes and predatory mortgage lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com. Claim your free guide today at: http://www. refiadvisor.com 100% mortgage