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.
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