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re: Question About PMI/Home Buying (Update on pg 3)
Posted on 4/10/13 at 12:41 pm to Pilot Tiger
Posted on 4/10/13 at 12:41 pm to Pilot Tiger
quote:
On my home, I put down 15%, and the seller held a 2nd mortgage (5%), then my lender gave me the 80%
Can you explain this a bit more?
1
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
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