100 Percent Refinance - No Down Payment Refi Loans
Refinancing 100 percent of your loan allows you to cash out all of the
value of your home. With no down payment required, you can use your
money to pay off debt, invest in other property, or remodel your current
home. When refinancing, make sure that you find the best lender so you
don't get stung on high rate and fees.
Understanding 100% Refinance
100% refinancing means that you take out the total value of your
property. You will still need to pay for application fees and points, if you
decide to purchase a lower rate. Those closing costs can add up to 3%
or more of your loan's principal amount. But with 100% financing, you
can deduct the amount from your principal.
With no equity left, conventional lenders with their prime loans will
require you to carry private mortgage insurance. However, subprime
lenders don't ask for such insurance, saving you hundreds a year.
Refinancing also has its tax advantages. For instance, closing costs
can be deducted along with paid interest under certain conditions.
Refi Lenders Offer Instant Online Quotes
By refinancing your total home's value, rates will be higher than with
a traditional refinance. But you can find low rates by researching
lenders online.
Lenders are now able to provide near instant loan quotes without access
your credit report. That means you get trustworthy numbers without
having needless credit hits on your report. And the better shape your
credit score, the lower rates you qualify for.
When you do ask for loan estimates, give specific information. Provide
precise information about your credit score, debt loan, and assets. If
you don't know about credit or debts, check out your credit report.
Consider Two Mortgages Instead Of One
Another way to secure 100% refinance is to apply for two separate
mortgages. With this method, you can tap into your equity with a prime loan
without having to pay for private mortgage insurance.
You can also save money by structuring your terms differently with each
loan. For instance, you could choose a 30 year fixed for your first
mortgage and a 5 year adjustable with your second mortgage.
With this type of financing, you want to investigate loan quotes. You
will also need to be comfortable with the added risk level of an
adjustable rate mortgage.
Our Recommended Refinance Mortgage Lenders:
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