 What's the typical down payment like on a condo? |
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 How much would we need to earn per annum to get a £70,000 mortgage? |
How much would a bank realistically be looking at us (a couple) earning to grant us a mortgage? What about if just one of us is working?
Thanks!
(Trying to figure out whether ... |
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 If I rent a room to somebody under 21 and they drink alcohol in the house am I responsible? |
I am renting out a room in my house and one of the potential renters is under 21. If he drinks alcohol in the house am I responsible if he gets pulled over?
Additional Details
Im in C... |
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r64 | Do I necessarily have to get a loan to buy a house? |
If you have more than 20% for down payment, then is it still necessary to get a loan? For what other reasons would one get a loan to buy a house?
Additional Details
A loan officer is trying to convince me to get a loan. |
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Landlord
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You have 20%.
Where do you expect the other 80% to come from? Most people take out a loan to cover that. You need to come up with 100% somehow. |
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haygirlc
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If you have the cash assets to buy the house outright, then owning the house outright in the long run should be a much better option than paying a loan for 30+ years. However, if you don't have the full purchase amount and you need to keep some liquid assets (the category which most of us fall into), then you get a loan. Now, if you have a seller who is willing to carry back a portion of the purchase price (which is technically still a loan), that option may be more attractive based on the terms. And, in this case you would not need to deal with a bank or mortgage company. |
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GW
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unless you have the money to pay 100%, you need money from somewhere, usually a loan. the seller will require 100% of the money when you buy. thats why you get a loan. if you have more than 20%, good for you. that means you'll have to borrow less than others might. 20% down payment used to be the standard down payment amount but with the rise in housing prices, it's now common for many to put less than 20% down. Less you put down tho, the more you have to borrow and the more interest you pay. |
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Elsie
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Do you mean the loan officer is trying to get you to take out an unsecured loan, as opposed to a mortgage? I don't think you can do that!
Go to a different bank and tell them you want a mortgage to buy a house. |
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jeremykbrandi
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The interest on a home loan is a tax right off so even if you have enough to pay cash it pays you money to gat a loan. Your money in the bank making interest makes you more than the interst charge with the tax right off |
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efflandt
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To buy a house without a mortgage or loan in some form or another, you would need cash for the entire cost of the home (plus closing costs). For a land contract you would effectively be borrowing from the seller. For lease to own, you don't get a deed to the home until you actually get your own loan and close the deal.
What you save by having 20% down payment is that you would not have to pay private mortgage insurance (PMI), and you pay less in total interest than if down payment was smaller. |
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godged
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You are going to have to come up with other 80% somewhere, and unless you have wealthy relatives or plan on hitting the lottery, a loan is where the other 80% of the money will come from.
The 20% down is going to save you PMI, and help keep your payments manageable. |
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MM C
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After you pay 20% down, you're due for the 80% of the house price at close of escrow. Unless you have enough cash to buy the house, you'll find yourself need to apply for a mortgage loan. This need to indicate on the contract when you offer to the seller. Of course, if you have a lot of money and be able to pay in cash, that's good to do that. On the good faith estimate, you'll see by the time you pay off the loan, the total amount you'll pay in 15 or 30 years, you pay a large portion as interest. Let's say your loan amount is $100K , 30 years loan with 7% interest rate, your total payment will be $239,508 which interest is $139,508. But one best thing is the interest that you paid for the year is tax deductible until your loan pay off. And the other good reason is, if any thing happen to the house such as flooding, landslide, it'll be your total loss if you pay in cash if your insurance does not cover it. If you carry a loan and those happened, it'll be the bank due with the insurance company, not you. |
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Alterfemego
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Unless you have the cash to purchase outright, then you will need a loan. 20% is great, it means you won't have to pay PMI each month. Having a loan, could have tax benefits. |
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Carolyn
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If you have cash you don't need a loan but otherwise you can't buy a house without a loan from someone. |
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