Dad offering a loan for our down payment... what to do with it, or whether to even accept it? - interest only mortgage loan payment calculator
My husband and I recently approved for a mortgage and the lender have thought that with $ 0 down payment, because the requirements of the USDA / FHA (?) Support (my husband) does not know the details.
In any case, my father offered to pay $ 10,000 to save a down payment. It would be helpful, but I mortgage calculator online, and maybe I did something wrong, but it seems for $ 10k is only a difference (it is a loan not a gift from my father, so I pay $ 100/month for a while here to consider).
Everything we experienced at this time is to use $ 1000 as a deposit at the time of the offer, then $ 10k would be useful.
The lender said that for $ 1000, you left you probably have less than $ 10 monthly payment of your mortgage. This is not even bother to take my father on the offer if we have to pay the mortgage, and my father $ 100 per month (for 8 1 / 2 years)?
I just wanted to know what are the advantages to suppress, this kind of money instead of 100% as originally planned. Can we help you permission for a better interest rate or what?
I also imagine him on the subject, so you can clear all our debts credit card, so that our debt be paid "only" $ 100 per month and you throw money at interest.
What would be the best way you think?
Wednesday, January 20, 2010
Interest Only Mortgage Loan Payment Calculator Dad Offering A Loan For Our Down Payment... What To Do With It, Or Whether To Even Accept It?
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I wanted to wait until the end to determine what to do with this money. Chances are about 3% of the purchase price of home closing costs. When you're done, you have to pay transfer taxes of up to three months in advance of real estate taxes more part of his community, in addition to title insurance, property insurance and mortgage interest payments. Ask your dealer to show a sample of "good faith estimate of closing costs, so you can see everything. I was surprised when I have a house, how many times I had to pay up to $ 400 for this. .. $ 500 to $ 250 for the other thing. If you are not ready all these costly surprises.
In the case of completion of the transaction, you need money in the bank show all the closing costs. In addition, there are many costs that the movement - the connections, additional purchases of goods moving.
Thus, the submission of the loan shall be obtained from your father, by the closure and removal, and then withdrawn 2 months worth of living expensesSES in a savings account for emergencies. If there is something after this, insert your credit card.
Do one thing that you do not want to give it a poorhouse in cash. Every house needs minor repairs and adjustments, and you need an emergency fund with a minimum of $ 1,000 to be prepared for them, or will meet again once credit card debt.
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You first have the relationship with your father, is a significant part of their savings, there is a problem if it falls into financial difficulties and unable to make the payment to him. If you do not see a problem there, is the best solution to not only pay their credit cards, but also be cut. People buried Easy credit debt and is the main cause of divorce in this country.
On the other side of your question in this market, the commercial real estate is available, depends on the right foot and let the search for Best Buy, the first step of your dream home. Research on the business performance of short duration does not depend on an agency to do it for you.
Then I just save me $ 1000 says that his card to eat me alive. Another tip: The worst investment in the world, buy a car, remember that only "new" on the day of purchase, then you make payments on a used vehicle.
Their fathers loans (which is really a gift - it is not charging interest him) would be better spent on a 50:50 basis - which has 5000 for helping to build equity faster, and 5000 to the pay credit card debt to pay. You get the 100 a month when there is less service loans and mortgage interest rates back. The best of both worlds.
When you use your money as a down payment on your loan, you should know the mortgage company. You already know that their financial situation, so concerned, where the wine from $ 10k.
Suppose your father is interest-free loans to pay the money by all means your credit card. But be careful, you will be tempted to re-execute the balance of the card, then you can have your loan in addition to credit cards dad. This is a death spiral that many people inside, including myself for many years.
Another word of warning to pay, loss of your father could lead to problems. I do not know how, but money to family members, usually a bad idea.
Finally, if you are not ready, Dad is the best answer. I know the money is tempting, but would be better to develop some financial discipline and payment of their cards and start saving money. If you will not regret in the future.
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