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How to Buy a Home with Less than
20% Down
There are plenty of ways to get the home you want with a low down payment. One way is by using private mortgage insurance (PMI). You see, a lender's risk is much greater on a mortgage that's more than 80% of the value of the home-PMI offsets the risk by insuring the money your lender has paid out. On a $180,000 home with 5% down, a PMI
premium adds about $108 to monthly cost.
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Many lenders also offer a "financed premium" mortgage that rolls the total cost of your mortgage insurance into the full term of the loan. Al-though the premium is paid off more slowly the monthly payment is much less. An advantage to this kind of mortgage insurance is that if you sell the home before it's paid off, some of the premium may be refunded. Another way to buy a home with a low down payment is with an 80-10-10 mort-gage. You put down 10%, take out an 80% primary loan and then get a second mortgage for the remaining 10%.
If you need more information, contact Smitha,
she knows lenders that can answer any questions you might have. This
consultation is Free and there is absolutely no obligation.
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Equal Housing Opportunity |
Smitha Ramchandani
- The Townhouse Expert
Sales Associate | Weichert Realtors
73 Washington St | Morristown, NJ 07960
Mobile)
973-953-7777 | Office) 973 455-1900 Ext. 122
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Site Last
Updated:
May 31, 2007 |
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Copyright Notice:
MorrisCountyTownhomes.com is a registered service mark. The
information contained in this site is for general
consumer use only. While all information is deemed
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Available Townhouses/Condos for Sale
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Buyers
Frequently Asked Questions (FAQ) |
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Relocating
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Township and other Morris County areas. |
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First
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For
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Find
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What to do first Buy or
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Preparing
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Hanover, Hanover, Whippany, Randolph, Denville, Chatham,
Madison, Morris Township and other Morris County towns. |
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Good
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Real
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Available Townhomes/Condos for Sale and Rent
in Morristown,
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Whippany, Randolph, Denville, Chatham, Madison, Morris
Township and other Morris County towns. |
Relocating
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- Free Real estate information if you're relocating to
Parsippany, Randolph, Denville, Chatham, Madison,
Morristown, Morris Township and other Morris County, NJ
areas.
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home worth? |
Morris County - Everything About This Great Area
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Moving to
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Morris County Town Profiles:
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State and Counties
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Map
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Town Profiles:
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County towns. |
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Client Testimonials: What
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Meet Our Team of Professionals
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