How do I calculate mortgage payments when buying a home from a family member?
December 16, 2007 by admin
Filed under Questions and Answers
Y? asked:
We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
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We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
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manas p on Tue, 18th Dec 2007 1:36 am
It’s true.. it is not very secure method.
Adier on Fri, 21st Dec 2007 10:53 am
Not much idea but all I know is mortgage calculators c an help you?
HIGH SHAMAN on Sun, 23rd Dec 2007 10:14 am
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..