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100% financing, no down-payment mortgage, cash-back product, whatever you want to call it, it's pretty much the same thing; getting a mortgage with no downpayment. Here are some things you should know if you are thinking of buying a home with a no downpayment mortgage.

Do you know your Mortgage Pre-Payment Privileges?

There are 3 ways to pay your mortgage off faster which are offered by most lenders. Increase your payments, increase the frequency of your payments, or pay a lump sum. The advantage of pre-payment privileges is any additional funds you pay above your minimum mortgage payment will go directly towards your mortgage principal. By lowering your principal, you will save on interest and your balance at the end of your term will be lower.