Qualifying For 100% Financing

What is the use of getting only 80% of your financing needs? The best way to maximize a loan is to get 100% financing.

Understanding 100% Financing

A zero down payment on a mortgage constitutes the popular 100% financing. Borrowers who have a hard time putting up a down payment for a mortgage find this finance scheme convenient to finance the purchase of a home because they can finance enough to qualify for tax deductions. The financing format can be applied for the first mortgage and the combined first and second mortgage; borrowing has never been this appealing for borrowers who are short on cash.

In exchange for this treat, lenders require that the property must be occupied by the owner who must have a passable credit rating. Interest rates are higher but this is a minimal concern for low income borrowers who want to purchase a home but are deterred by the huge amount needed for a down payment. As mortgages go, the 100% financing will follow the variable rate or the fixed rate depending on your preference.

You can take out two loans for an 80%-20% mortgage so you can put up the 20% down payment required by the mortgage company. Doing so eliminates the mandatory mortgage insurance that goes with a mortgage, which adds up to the overall cost of the property.

More Advantages of Zero Down Payment Financing

If you have been trying to save for a down-payment for a house and there’s a house you want to buy at the moment, your savings may not be enough for the required deposit of 20% of the entire selling price. The house might go to somebody else and you don’t want that.

The 100% financing saves the day by providing you two separate loans and there is no more need to dip into your savings to come up with the deposit. You can use your savings for other urgent payments such as credit card debts.

If you already have a house or partly own one, you can cash on the equity of the property – the full amount equivalent or thereabouts to the investments you have plunked into your home. This gives you extra for your credit card loans because your home equity has become a huge line for credit.

Get the Best Deal

There are several lenders out there – private owned and government owned. Whatever your option you still have observe the proper way to choose your lender. The financing is not one year loan it is a long-term loan. If you have to pay the loan for 20 years you have all the reasons to be picky when selecting a lender for 100% financing.

The best deal for 100% financing provides you with the lowest competitive interest rate, a clear grounding on the mortgage policies, and transparency of fees and other information that can impact on your mortgage. Instead of jumping at the first offer, check out other lenders who can give you a realistic plan according to your budget. When it comes to mortgages, it’s how much you can afford to pay, not how much you want to borrow.

Why Work With a Mobile Home Loan Expert?

It seems like common sense that if you need financing for a mobile home, then acquiring a broker that deals with your particular needs is the obvious choice. However, many modular home buyers are deceived by desperate loan agents or companies that are well known for their experience in traditional home loans but do not know manufactured home loans, and are just trying to tap into the mobile home finance market. Only after dragging their customer through the entire process (and racking up quite a bill), does the inexperienced loan specialist realize that they could not secure financing for a modular home in the first place. To tell you the truth, many of our customers have contacted us after their former finance broker turned them away. In this situation, a customer has no choice but to start over and leave behind the fees and charges they already paid up to the sum of $1,000. If this sad scenario isn’t convincing enough, you need to read the top three reasons to seek out a manufactured home loan professional to fully realize your actual financing choices.

One. The banking and real estate economy changes every day, and this includes the mobile home industry. Only a Broker in Modular Home finance will know the funders that will and wont’ lend for Manufactured Home Loans. Many funders that formerly lent on Manufactured Homes, have ceased with their Manufactured Home loan programs within the past few months. Most likely, even if the funder didn’t cancel their Mobile Home programs, they have changed them significantly. Only a company that specializes in Manufactured Home loans will know the true temperature of this niche industry.

Second. Manufactured Home loans maintains its own specific rules and regulations. An agent that only deals with traditional home loans does not know the intricacies of the manufactured home industry. This leaves the customer quite vulnerable to legal action if the broker’s ignorance causes any legal or regulatory issues during the transaction. Modular Home sare treated very differently on both the federal and state level, and unless the agent is in the know there is great potential for a unfortunate mistake.

Third. Using a Mobile Home Loan Specialist will cost you less money, both short term and long term. Mobile Home realtors and mortgage brokers without Mobile Home know-how usually apply their stick built home finance expertise to Manufactured Homes, and this is ultimately fruitless. Usually, the unfamiliar broker will order an appraisal on a property without first checking for any comparable sales in the immediate area, which makes the home nearly impossible to lend on. This will needlessly waste $400 of your hard earned cash, and unfortunately you will have nothing to show for it. A Mobile Home Loan Broker knows the proper process, and you will take advantage of the years of expertise they already have, rather than) being drug through the learning curve of a stick built home specialist. In the end, a customer is always leaving themselves open to great risk when by not going with a loan broker that does not have Manufactured Home loan expertise.

Collector Car Financing – Top 3 Benefits of Using a Specialty Lender For an Antique Car Loan

Collector cars can be good investments if you choose wisely. If restoring or driving collector cars is your hobby, you can get a return on your investment and enjoy yourself doing it! There aren’t very many other “toys” out there that can earn their keep; most hobbies require you to invest in depreciating assets (Jet skis? Pleasure boats? ATVs or other off-road vehicles? Hunting, fishing…you get the picture). Collector cars in general will hold their value at the very least, and in most cases will appreciate as time goes by, instead of depreciating in value or getting “used up”.

If you are thinking about purchasing a collector car, using cash is the safest way to do it. However, an argument can be made for collector car financing when you look at the “opportunity cost” of having all that cash tied up and unavailable for other investments. You may be able to get an antique car loan and pay less interest than your money could be earning elsewhere. Most likely though, you would need to get that financing from a company that specializes in antique car loans for it to work. There are several different benefits to using a company that specializes in collector car financing.

Benefit #1 – Less time/Less hassle: You could spend a lot of time trying to find a conventional lender that will provide an antique car loan. Most normal lenders will not provide antique car financing for several different reasons. It mainly boils down to them not knowing the antique and collector car market well enough to make a wise decision on how much a particular antique car is worth. There are just too many variables for them to analyze, and the time they would have to spend to make an informed decision just isn’t worth the return they would get from the loan.

Benefit #2 – Lower Interest Rate: If you do find a conventional lender that is willing to give you an antique car loan, they likely will have a higher interest rate than a company that specializes in classic car finance. The conventional lender will likely quote you an interest rate that they give to the typical used car buyer. They will classify your antique as just another old used car, which assumes that it will be worth less in the future than it is now. Companies that specialize in classic auto financing realize that your classic car will likely hold its value or increase in value, and they lower the interest rates accordingly.

Benefit #3: Longer Terms: Most used car loans have terms of 3-5 years. A company that specializes in classic car finance understands that an antique car purchase is an investment, and they can offer you up to twelve year terms! That will lower your monthly payment significantly, and can allow you to purchase a much higher priced car than you could with a conventional lender.

Those are the top three benefits to using a company that specializes in collector car financing. You can save a lot of time and hassle, get a better interest rate, and spread out your payments over a much longer time period. Just being able to talk to a person that understands what you are doing and why you are doing it goes a long way also. Search out lenders that specialize in antique car loans, and you will find they have a lot to offer.