Are 100% financed mortgages common right now

[COblonde]

without paying a higher int. rate? My credit is great, just? dealing with a condo that is depreciating in value. I actually have until next fall before my ARM rate goes up. Do you see any signs that this market will improve over the next year?? I'm in CO. Best way to find the lender with 100% financing?My ARM does not change until fall 2008. I do not have a prepayment penalty.

[Nick Z]

I hate to be the bearer of bad news but the Colorado market is in serious trouble (along with dozens of other areas in the US). If you have an ARM adjusting this fall and you see yourself staying put for the next few years I would look to refi your mortgage. You'll probably see your payment increase a bit (rates on 100% financing 30 year fixed right now are around 6.5%) but it will save you money in the long run vs. allowing your ARM to adjust. I would also recommend that before you commit to a lender to check whether or not you have a pre-payment penalty on your current mortgage- it may make more sense to just wait until the fall and cross your fingers that things may turn around!Good luck-