Beware on buying a home with no down payment
You have dreamed with buying a home in South Florida for years and, although you don’t have the money to make the down payment, you feel encouraged by the fact of putting a small amount of it or nothing down on your mortgage.
According to some articles and books that have been published in that regard, a buyer can opt for not paying anything down and take that money for an investment as a formula that eventually can demonstrate that a down payment turned into an investment would exceed the mortgage in terms of value.
It is a mortgage strategy that mostly works with two main keys: no money down and payment option ARMs. It means that the buyer will pay an interest-only payment, a low pay rate of 1 percent approx as a replacement of a complete indexed payment where a fraction of the home payment goes to the principal and the other fraction goes directly to interest. Buying a home this way may sound really encouraging, especially if you have dreamed with buying a home in South Florida for so long. However, this plan is not for everybody.
It may work for buyers who can follow the plan just as it is presented. So, beware on buying a home with no down payment. In all cases, ask your Real Estate Agent for assistance before it is too late.
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