Hi guys,
I have questions
We all know in order to buy house we take mortgage by paying 20% upfront to the bank.
What if for example a new development started in a popular area and it is selling fast before finishing date say next year march. In order to buy the house i have to pay 5% to developer. Say the price is $500k. Thats 25k for developer.
So how do I go about purchasing that. I first pay 5% from my pocket to developer and then take mortgage with 20% equity later as I won't get rent once the house finishes. Thats 25%.
Or
Is it possible to take mortgage 20% and pay 5% from it. At least i have to pay 15% rather than 25%.
Any idea guys.
I have questions
We all know in order to buy house we take mortgage by paying 20% upfront to the bank.
What if for example a new development started in a popular area and it is selling fast before finishing date say next year march. In order to buy the house i have to pay 5% to developer. Say the price is $500k. Thats 25k for developer.
So how do I go about purchasing that. I first pay 5% from my pocket to developer and then take mortgage with 20% equity later as I won't get rent once the house finishes. Thats 25%.
Or
Is it possible to take mortgage 20% and pay 5% from it. At least i have to pay 15% rather than 25%.
Any idea guys.
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