If you are on the market for a new home, you may want to look into buying a home with no money down, otherwise known as 100% financing.
The benefit of buying a home with no money down is that you will be able to use the money you normally would use for a down payment for other things, such as closing costs, or putting it toward new furniture.
One of the requirements for buying a home with no money down is having excellent credit, or, at the very least, next to excellent credit.
Keep in mind, when borrowing up to 100% of the value of a home, the lender may charge you a bit more by bumping up the interest rate.
The lender does this because when they approve a loan for 100% as opposed to 95%, they are taking on more of a risk. Therefore, they slightly raise the rate.
Remember, borrowing up to 100% can be very convenient if you simply dont have the money for the down payment, and we all know, we pay for convenience.
Because of the slightly higher interest rate you may run into in this situation, you may want to consider shopping around for the best rate and product to fit your needs and budget.
The mortgage industry is a highly...
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