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Mortgage Question
Posted on 4/21/12 at 1:07 pm
Posted on 4/21/12 at 1:07 pm
Trying to convince my parents to build a home here in West Virginia. Just remember that home prices are drastically cheaper here to build. They are scared of a mortgage, but I think it can be done.
Combined they earn about $82,000 annually plus own a small business that nets approximately $30,000 a year.
Considering the home cost as being less than $120,000 since they already own the land where it would be built.
What options would they have? Possibly a 20 year mortgage? I think the 30 year mortgage is what scares them. Father is 53 and mother is 48.
Thanks for any help you can give, guys. Appreciate it.
Combined they earn about $82,000 annually plus own a small business that nets approximately $30,000 a year.
Considering the home cost as being less than $120,000 since they already own the land where it would be built.
What options would they have? Possibly a 20 year mortgage? I think the 30 year mortgage is what scares them. Father is 53 and mother is 48.
Thanks for any help you can give, guys. Appreciate it.
3
Posted on 4/21/12 at 1:10 pm to wvubrandon
Convince them to do a 15 year mortgage. The interest rates are crazy cheap right now.
Posted on 4/21/12 at 1:48 pm to wvubrandon
Would this be a second home?
Posted on 4/21/12 at 4:11 pm to wvubrandon
Don't worry about paying off your mortgage before you die. If they're more comfortable with the 30-year payment, go for it.
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