10% deposit Home Loans Get a Mortgage from Mortgage House
Saving a large sum of money is not easy! We understand that not everyone can place a 20% deposit on a home, which is okay! Thankfully, many programs and mortgage lenders are happy to help homebuyers through the process with only a 10% deposit.
It has become common for homebuyers to place a 10% deposit on a home instead of 20%. However, there are a few key differences that can make it more difficult. It is best to weigh the pros and cons before applying for a home loan with less than a 20% deposit.
First, when you have a home loan that does not require a large deposit amount, this can increase your LMI. It is likely that the interest rate also increases, depending on the type of loan you purchase.
Not all companies offer this type of home loan either, meaning you will need to research heavily to find a trusted Australian mortgage lender in your area. When looking, make sure to read personal reviews and look through their services. Most of the time, mortgage lenders offer free consultations.
10% Deposit Mortgage Loan Conclusion
In conclusion, homeowners should consider a 10% deposit mortgage loan if they cannot save a minimum of 20%. Although there are mortgage lenders that will give home buyers this option, they are restricted to homes under one million unless otherwise specified by the lenders. Mortgage House offers its clients and customers the chance to put down a 10% deposit on their dream home.