107% Mortgage Loans in Las Vegas
107% Mortgage Loans in Las Vegas
A 107% mortgage loan is a great option for anyone looking
take some cash away from the closing table. A 107% mortgage can cover finance or closing costs.
The 107% mortgage loan is available for owner-occupied
properties as well as second homes. The 107% mortgage loan
works like this:
Let's say you purchase a home with a sales price and value of $300,000.
The house is perfect but it needs some work, there are changes and
upgrades you want to do and it needs a little landscaping. You could take
out a mortgage loan for $321,000 or 107% of the property value. Let's say closing
costs were $6,000 you could potentially walk away from the closing table
with $15,000 for those home improvements.
A 107% mortgage could also be used to pay off a car note or other bills: credit cards, medical expenses, etc, Or even to put cash padding in the bank if you have unpredictable income and want to make sure you have savings as a home owner. Check with your tax expert on what benefits your mortgage loan has, but in many cases you can write off mortgage interest where a car note or credit card bills are not tax deductible. A 107% loan is truly the way to go in to a home purchase with nothing down, and nothing out of pocket.
On a refinance we have programs that can go as high as 125%. If you already own a home you can wrap up all of your debt into one simple payment.
If you would like more information about the 107% mortgage loan in Las
Vegas or if you would like to pre-qualify for this loan please feel free
to contact me anytime by phone or e-mail, or apply online.
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