If you’ve been shopping around the market for the right mortgage, you know finding the perfect fit for your situation is easier said than done. The industry has tons of different types of home loans to offer, expanding the product selection to an overwhelming range.
Considering the competition and the ever-changing demand of borrowers, lenders across America are moving mountains just to make home ownership easier to reach for everyone.
As a matter of fact, some mortgage providers have completely abandoned the ordinary and decided to come up with insane deals you never thought were possible:
On-Time Closing Guarantee
If you’re hoping to buy one of those desirable homes for sale in Edina, Minnesota, but struggling to have the money to seal the deal, the “On-Time Closing Guarantee” program is for you. According to MNpropertyGroup.com, if you’re unable to make your first mortgage payment on time, there's probably a lender willing to bail you out just so you can buy the property.
Of course, there are special terms and conditions before you can benefit from this setup. For instance, you may have to produce the purchase contract with a closing date over a certain period.
100% Financing without PMI
A no money down financial product isn’t novel, but a no money down financial product without Private Mortgage Insurance is practically unheard of.
In Mississippi, some lenders are okay to loan you 100% of the purchase price, charge you with virtually no fee, and close the deal without any insurance to cover their potential loss should you default.
Even if you would still need to undergo the lender’s presumably strict qualification process, being eligible for this type of mortgage can be a godsend.
40% Money Down
From virtually no down payment to massively large money down. In New York and Florida, there are lenders that offer mortgages with only 60% LTV. In addition, the minimum FICO score for these loans is 700; plus, you’d be required to show proof 12 months of cash reserves in the bank.
The only convenience for you is you don’t have to produce any income documentation, self-employed or not.
Mortgages come in countless varieties, each with its possible pros and cons. The real key is to have a deep understanding of your financial situation first to narrow your search.