9 Myths About Getting a Second Mortgage
If you want to take out a second mortgage, you'll find that there are quite a few myths about this option for homeowners. There are a lot of myths surrounding the process of getting a second mortgage, and it’s important for you to separate fact from fiction. That way you can be more prepared, and you won’t be caught off guard. There are many reasons you might be getting a second mortgage. A lot of homeowners do that in order to make some improvements on the house, while others use it to go back to school, pay off other debts at higher interest rates, or even travel. No matter what you plan to do with the money, first you have to get through the process and understand what all is involved. Here are nine things to consider when you’re sorting through the myths about second mortgages.
No Down Payment Mortgage: Is It Right for You?
There are options for mortgages with no down payment, but it's important to decide if that choice will be the right one for you. There are many ways to get a mortgage, and some options don’t even require a down payment. While most mortgage lenders still require at least some down payment, it’s important to explore all your choices and decide which one is right for you. With a no down payment mortgage, you have the opportunity to buy a house even if you don’t have a lot of available cash. Some people also choose this option if the house needs work, because they want to use their cash reserves to fix up the house and make changes to it. To determine if a no down payment mortgage is right for you, there are some issues to consider.