Definition: The term "mortgage 0 down payment" means that a borrower does not need to provide any down payment (deposit or capital) for buying a home, as there is no outstanding balance on their mortgage loan at the time the transaction is made. This term can be confusing because many people think that it implies that they cannot afford to buy a home outright. In reality, this term refers to homeowners who are able to purchase a house without making any payments or having to pay a down payment (deposit or capital) on their mortgage loan at the time of closing.
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