80 20 Mortgage Loan - For Those Who Don't Have the Cash For a Down Payment

80 20 Mortgage Loan - For Those Who Don't Have the Cash For a Down Payment

mrmanilahomes.multiply.com This is a Pre-Selling properties then it will become a Rent-To-Own Homes in the Philippines. NO RESERVATION FEE NO OUTRIGHT DOWNPAYMENT AUDREY house model with 3 Bed 3 Reception 2 Bath Lot Area: 80 sq.m or 861 sqft Floor Area: 78.95 sq.m or 849 sqft Total Contract Price Php 2300004 or USD 54762 30% of the Total Contract Price is payable in 15 months. It is Php 46000 monthly for 15 months or USD 1095 monthly for 15 months. Afte paying the 30% of the total contract price. Then only this time the house construction will start and it will be finished in 6 months time. We deliver the house as brand new. Then the remaining 80% balance from the total contract price is payable thru Bank Financing for 20 years. With the developers assistance if you dont have any bank here. This is the maximum time period for the bank housing loans. They have also 5, 10 or 15 years term. For the balance payment. it is Only! Php 16535 monthly for 20 years or USD 390 monthly for 20 years. Payment will start on the 16th month for the balance. Brand new turned over house is fully finished, tiled flooring with kitchen cabinets and closets. Other payments option is to pay the 100% of the total contract price in 24 months time. No Interest No Reservation Fee No Downpayment Invest & Call NOW We also have available Ready To Move In Homes in Cavite & Metro Manila

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The down payment for a first mortgage can deter eager would-be homeowners to get their first home. But with the clever 80 20 mortgage loan, they can get a mortgage without spending for the mandatory 10 to 20 percent down payment which can drain their cash reserves; but what's the catch?

Inside the 80 20 Mortgage Loan

Traditionally, a first mortgage requires a down payment. This is to protect the lender's investment but it also benefits borrowers because the interest rates are lowered. But if you do not have the cash for the down payment, the 80 20 mortgage loan or the piggyback loan is for you.

For this type of no-down payment loan, you get financing from two lenders. One will bankroll 80% of the loan amount while the other will loan you the 20% and that's 100% financial backing! You get the money for your home plus the mandatory deposit.

Apart from getting financing for the deposit, you are able to sidestep the Private Mortgage Insurance because the property is financed in full.

This is part of the appeal of the mortgage. To add to the exciting package, there is no out-of-the-package expense except for the application and closing fees.

Higher Rates

The interest rates for this type of loan is steep but you can haggle with the 80% lender to lower the interest rates a little but the 20% lender won't budge because there's little in it for him. But is it is faster to pay-off the second lender and if you do, you build the equity of your home faster. If your credit stays good, you can refinance the two loans into one package in the future. A good mortgage broker can help you do the maths if you are a good candidate for this type of loan.

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