I am about to purchase a condo from someone in my family. They are selling it to me for 78% of the appraised value so that I do not have to pay mortgage insurance. So, even if I sold it the day after I bought it, I could potentially make about 50,000. I am certain that my boyfriend and I will be able to make the mortgage payments on the house, but it will be tight. I have some money in investments, I was planning on not using any of the money until retirement, but should I use some of the investment money to go towards the home purchase so I don’t have to pay so much in the loan? Or should I just take out a certain amount, say $1,000 to have in a quick cushion account, in case I need to use 1 or $200 to help pay for mortgage? Over the past 12 years I have been getting a 12% return on my investments, which is GREAT. I’m not sure I will get anything close to this by putting the money into this house, except for the fact that I am getting the place for 78% of the apprised value. Thoughts?
Feb 152010
I think they are very useful when you have a committee work / career. We have a fixed-rate mortgages only, so if things tight, we are unable to pay the minimum, and they are more relaxed, we can more than offset by the loss of pay more principal. . . . . . . Whenever you have the actual payment of capital (interest) the stoppage of payments. . . . . Then, over time, adding a lump sum will be reduced by you and will never pay a fixed payment loan or until they pay.
In particular, how rigorous and loans? Can be perfect in less than a fairly low rate of tax to qualify for mortgage loans?