As I mentioned, I am going to be moving next week. I am selling my house and moving into an apartment temporarily.
But once my house sells, I would like to buy a condo. I am wondering where to get a good deal on a mortgage.
In the past, I have had 80/20 loans on for my mortgage. That means that your first mortgage covers 80% of the financing, and the second mortgage covers the other 20%. So I did not have to come up with a down payment. This was the best deal for me at the time.
But now, with the mortage and housing crisis, a lot of people are not able to pay their loans and there are a lot of foreclosures.
So lenders are getting a lot more picky about what kind of mortgage deals they will give to people. I don’t think an 80/20 loan will be so easy to get any more.
I want to get a good mortgage rate too. I have a feeling that my mortgage interest rates in the past were not that great, because of the 80/20 loan. I think they charge you a higher interst rate if you don’t have a down payment.
I guess this time I will have to save up for a down payment. I want to get the best mortgage deal possible, so I think that means having the biggest down payment I can have.
So if you have any ideas on where to find a great deal on mortgages, let me know!
