RE: need advice from someone that knows about home loans

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RE: need advice from someone that knows about home loans - 6/6/2008 5:20:50 AM

sub4hire

Posts: 6775
Joined: 1/1/2004
Status: offline

quote:

ORIGINAL: Alumbrado

You handed over 80 thousand cash for every 100 thousand of the house's selling price, and only financed 20%?

Yes we did. We weren't asked to by any finance company. In fact they were giving us the loan with no down payment.
However, at that time having quit both of our jobs and moving to uncertainty we wanted to be sure whatever the mortgage payment was...it was low enough to for say a part time job if thats all we had. Or low enough to just pay off the loan all togehter if need be...so..that's what we did.

(in reply to Alumbrado)