For prospective homebuyers who don’t have enough cash to make a down
payment, a no-money-down mortgage might be the right option. In fact, even with
no money down, you can still own your own home and enjoy monthly payments that
are lower than what you are paying to rent. And when you consider the income
tax deductions a home mortgage provides, a no-money-down loan can make a lot of
sense.
Keep in mind, however, that this type of loan often carries a higher
interest rate, and it usually requires a larger mortgage insurance premium. You
will, therefore, pay more money over the lifetime of the loan than you would
for a conventional mortgage with a down payment.
For many people, a no-money-down mortgage can be the best way into a
new home.
Ask your American Equity Mortgage loan officer if this type of loan
is the right choice for you.
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