Definition: The term "mortgage without down payment" refers to a loan where the borrower only pays a fixed interest rate on the principal amount, with no additional down payment required from the lender or seller. This means that there are no upfront costs like closing fees, insurance premiums, or other financial obligations. When someone takes out a mortgage, they typically pay for the property by putting down a large sum of money in order to secure the loan and buy it outright. However, this amount can often be substantial compared to what the borrower would have paid over time if they had used their own money to purchase it. When there is no down payment required from the lender or seller, the interest rates charged on the loan are typically lower than those charged by a traditional mortgage. This means that borrowers can potentially save money by avoiding paying extra amounts in interest and reducing their monthly payments. The term "mortgage without down payment" is often used to describe situations where the borrower has made a major upfront payment (such as a deposit or advance payment) on the property, but still requires low interest rates due to the lower cost of a mortgage.
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