Edmond, OK Lenders Still Offering 100% Financing

By
Real Estate Agent with Churchill-Brown & Associates

Even with the recent downturn in the housing market, some lenders are still offering 100% financing.  Borrowers must have excellent credit, and be prepared for a lengthy, thorough approval process.  Borrowers will have to pay PMI, or private mortgage insurance.  On a $100,000 loan, PMI could be about $80 a month.  Another possible negative is that in the current housing market and overall economy, those borrowing at 100% could find themselves owing more on their home than what its worth should they run into hard times early in the life of the loan.

But now is still a great time to buy a home, and a much better choice than renting or leasing, as there is no chance to build equity without buying.  In areas like Edmond, Oklahoma, the values of homes are still steadily rising.  Edmond home buyers should not be worried by the news of the nationwide real estate market, and should be encouraged to continue their search for their next home.  Please visit my website for more information about Edmond real estate and to search Edmond homes for sale

 

Comments (2)

Angie Vandenbergh
Crye-Leike, Realtors - Memphis, TN
A Crye-Leike Blogger

Hi! Welcome to the site. I see this is your first post.

There is a lot of reading on this site. I recommend that you read, read, read and then comment, comment, comment. There are so many different blogs to read. There are tons of topics out there from real estate, marketing, technology, seo, staging, mortgage, etc. It goes on and on. You'll start to get to know people and before you know it... you'll have figured out the benefits of the site. 

Also check out Resources for the Active Rain Newbie.

Good luck!

Feb 09, 2008 12:21 AM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here.

There are some great group both local and broad based,.... enjoy!

Feb 16, 2008 12:19 AM