- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Question About PMI/Home Buying (Update on pg 3)
Posted on 4/10/13 at 12:46 pm to LETSGEAUX2
Posted on 4/10/13 at 12:46 pm to LETSGEAUX2
quote:ya, basically at closing the seller holds a 2nd mortgage(mine was 5% of the house price) and I signed a promissory note to pay it back in 5 years at 5.25% interest.
Can you explain this a bit more?
Housing is super expensive here so it's tough to come up with 20%, sometimes you can find a seller willing to hold a 2nd. I get a home without putting 20% down AND avoiding PMI, he gets 5.25% interest for 5 years for loaning me 5%. win/win for us.
It may not be for everyone, but worth doing some research
1
Posted on 4/10/13 at 12:54 pm to Pilot Tiger
Interesting. And because of my dumb mistake, I will probably have a hard time getting approved for the 80/10 mortgage.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News