Home Loan Question
Home Loan Question is there a loan that can consume my car loan also? i owe $4,600 on the thing and just want to make easier to make everything happen once i finally find a house ( a process that would be OVER already if it weren't for the women in my life) are there any kind of special home loans that will do this?
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From: Pearland, TX
If you buy a new home tell them you want cash back at closing. They will plug it in to the loan as part of the incentive. I did this for some folks once. They got a loan for the asking price of the home and I wrote the deal so that they got back 20K plus closing costs at closing.
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Joined: Jan 2005
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From: Pearland, TX
You could talk to the people that own the house now and tell them you want to buy the home for 5 grand or however much you need over what you guys agree on. You should be able to get it in writing and then at closing they give you a check for 5 grand. You just need to make sure that your bank can get the loan for the amount you need.
Also, who is paying the closing costs for your home? You or are you going to have them rolled in the loan??
Also, who is paying the closing costs for your home? You or are you going to have them rolled in the loan??
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Verdad Gallardo TECH Fanatic
Joined: Jan 2005
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From: Pearland, TX
Im not too too familiar with resales, but most of the time the buyer pays the closing costs. I sell new homes for a builder so sometimes part of the incentive goes towards their closing costs. It just depends on what they need. There are lots of ways to cut the money when you negotiate, off the top or closing costs. If you dont have money for closing costs then yes you would need some money back at closing to cover them. IF you have a realtor, dont forget she/he gets paid 3% too. It really just depends on the situation.
I just bought a HUD home in Crowley, It didn't need any work other then some carpet here and there, But there was a loan available called the 203k which is for fixing or upgrading the house. And I think the loan went up to 20 thousand and the amount was added into the final price. Just get that and pay off the car.
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From: Fort Worth / Crowley / Burleson, Texas
Im not too too familiar with resales, but most of the time the buyer pays the closing costs. I sell new homes for a builder so sometimes part of the incentive goes towards their closing costs. It just depends on what they need. There are lots of ways to cut the money when you negotiate, off the top or closing costs. If you dont have money for closing costs then yes you would need some money back at closing to cover them. IF you have a realtor, dont forget she/he gets paid 3% too. It really just depends on the situation.
That's dangerous doing that.
Basically, your "Borrowing" equity even before you've made a payment on the house. IF you borrow MORE than the house is worth, you risk being upsidedown on a HOUSE, which is WORSE than being that way on vehicles.
That's a LOT of risk even in today's real estate market.
I'd be VERY careful, the real estate market hasn't popped in the D/FW area JUST yet.
AND, if you use it to pay your car off, it's astonomcially stupid, because, now, you've rolled the cost of the car into your home at whatever intrest rate for 30 YEARS (or whatever the term is), instead of paying 48 months or whatever, your actually paying MORE for it.
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From: Fort Worth / Crowley / Burleson, Texas
is there a loan that can consume my car loan also? i owe $4,600 on the thing and just want to make easier to make everything happen once i finally find a house ( a process that would be OVER already if it weren't for the women in my life) are there any kind of special home loans that will do this?
Would you rather pay for it for 30 years?
or 4 years?
i figured it out, if we stay where we are now until december i can triple up the payment and have it paid off by December, then finalize something in Jan. or Feb. thats when the wedding is anyways so it shouldn't be that bad. We'll see
To get a good rate you want to put money down, 15% is the standard. Plus many mortgage companies want a years home insurance paid up front, at least mine did.But if you do decide to get a house do your research on who is offering the best rates and incentives. I believe Bank of America will actually cover all your closing costs.
Better yet if you haven't already done it go talk to a bank or two and figure out with them what you can afford and go over all the various costs associated with purchasing a house.