Aug
15
How do I calculate mortgage payments when buying a home from a family member?
Filed Under Renting & Real Estate
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?
KIM
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?
KIM
Comments
3 Responses to “How do I calculate mortgage payments when buying a home from a family member?”
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JEROME
It’s true.. it is not very secure method.
FREDERICK
Not much idea but all I know is mortgage calculators c an help you?
GEORGE
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..