Excel Mortgage L.L.C.- Home Mortgage Loans in Farmington, CT

At Excel Mortgage LLC we offer several types of 100% financing including the popular”80/20" Loan package. The 80/20 is as is implied actually two loans. A first mortgage for 80% of the purchase price combined with a second mortgage at a higher rate than the first mortgage for 20% of the sales price of the home. By breaking up the financing into 2 loans we lower the risk to the bank and allow you the buyer to mortgage the property with no down payment or equity!

The second mortgage is usually a fixed rate based on a 30 year amortization with a “balloon” after fifteen years. The balloon means if the borrower keeps the loan that long the balance comes due after 15 years which would require the borrower to refinance the note at that time.

80/20 financing is available for purchase or refinance and is a great way for cash strapped first time buyers to purchase their first home. And we even let the seller participate in paying the closing costs if that can be negotiated! Which means that the buyer only needs cash for incidentals like taxes and odd days interest etc!

The second way to purchase a home with no money down is what we call the 100% “One Loan” program This vehicle of course has only one mortgage, the difference being that it requires the addition of “PMI” insurance. PMI is insurance that, you, the borrower pays for that only insures the lender in case of default. On a typical $150,000 loan PMI can cost an additional $98 per month on the mortgage until the the borrower surpasses 20% equity in the home. Still for those who qualify for 100% one loan financing it can make good economic sense since the one loan is typically at a slightly lower interest rate the the 80/20 combination loan. If you would like more information regarding your options for no money down financing, please email us at info@excellending.com or call us now at 800-405-1156.

100% Financing