2nd-Mortgage

A 100% mortgage loan, also known as a no deposit mortgage, allows you to borrow an amount equivalent to the total value of the property to be purchased. It gives you an opportunity to buy property even if you have little or no cash. Such a loan is usually backed up by securities, such as stocks and bonds, currently owned by the borrower. Two significant disadvantages of such a loan are: higher interest rates and the possibility that the borrower's securities will be liquidated to cover a collateral call. Nowadays there are a host of institutions such as banks, credit unions, insurance companies and home loan bankers that provide 100% mortgage loans. You need to compare the rates offered by each lender before homing on to one. One of the best ... Read More »