Avoiding A Downpayment With 80/20 Mortgages
Getting together enough money for a down payment can be rather difficult for many people these days. It often takes many years to be able to get enough. Now, though, there is a way that you can get the finances for your home even without a down payment of any kind. Here are some tips and information about 80/20 mortgages.
The main reason, in the past, for requiring this size of a downpayment was to avoid the need for Private Mortgage Insurance. This insurance is required if you get a mortgage for more than 80% of the value of the home. It can add a couple of thousand dollars to your annual price (and tens of thousands of dollars over the life of the mortgage) - depending on the size of the house. Since most people don’t wish to pay it, or are unable to pay it, it only made sense to…
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