Credit Unions

If you belong to a credit union that should be first place you check for your mortgage loan because they generally offer lower interest rates. Many associations, unions or even workplaces have their own credit unions.

Savings and Loan

Half of mortgage loans in United States are made by local savings and loans. If you belong to one, be sure to check their rates—they’re likely very good.

Government Loans

A lot of people falsely believe that government is in business of making mortgage loans—they’re not. But they do “back” certain loans, which make lenders more apt to extend them. For best information on government backed loans, talk to your local banker.

There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage.

If you do not have resources to pay a twenty percent down payment, you could opt for a piggyback loan. A piggyback loan is basically a home equity loan that funds part of your down payment. There are several options in obtaining a piggyback loan. Mortgage lenders have a variety of programs and loan products that will help you accomplish your dream of home ownership, even if you have little or no money for a down payment. Your lender can also inform you of various government programs that assist those who qualify with their down payment. Most of these programs consist of basically a low interest loan that you repay along with your mortgage payments. There are some government programs that will not require you to repay any down payment assistance you may receive.

Owning a home is dream of most people. If you want to purchase a home but are concerned about a lack of money to go towards down payment, contact a mortgage professional today who can help you in obtaining a no money down home loan.