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.
What is a Jumbo Mortgage?
If you're in need of a large mortgage loan, a jumbo mortgage that's higher than the conventional mortgage amount may be right for you. When you get a mortgage there are some options to consider. One of those options is which kind of mortgage you’re actually going to apply for. Most people choose a conventional loan, but if you’re trying to borrow a large amount of money you may not be able to get that type of mortgage. Instead, you may need a jumbo mortgage, which means that you’ll be borrowing more than $417,000. In some parts of the country where prices are very high, you’ll need to borrow more than $625,500 in order to qualify for a jumbo loan. But what is a jumbo mortgage, really, and how can it help you get the house you need? Will it cost you more in interest and other fees? The more you know about your options, the more informed decision you can make.