how can i buy a second larger home ,and still have the same mortgage payments and terms ? i found this could?
Home Mortgage
negociator asked:
Through a seminar i attended with Robert Allen Institue ,they showed a stragedie on how to attain such a deal ,same terms and mortgage ,just an upgrade to a larger newer house ,can sum expert explain the process on how to uptain such a deal ?
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Through a seminar i attended with Robert Allen Institue ,they showed a stragedie on how to attain such a deal ,same terms and mortgage ,just an upgrade to a larger newer house ,can sum expert explain the process on how to uptain such a deal ?
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February 16th, 2009 at 3:09 pm
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If it sounds too good to be true…
You know the rest.
February 19th, 2009 at 3:46 pm
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I’m sure you could negotiate the same terms as your old mortgage on a new mortgage with your bank, it would mean paying more in interest though.
February 22nd, 2009 at 7:39 pm
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First off, this is not possible unless you choose to go with an Interest Only loan. Think about this logically…..
Right now you own a home and the mortgage on it is $150,000 and your term is a 30 Yr Fixed at 6.0%.
Do you really think that you can buy a larger home valued at $250,000 with your term of 30 Yr Fixed at 6.0% for the same price?
Lets do the math….
$150,000 @ 6.0% = $899.33 per month Principal and Interest
$250,000 @ 6.0% = $1,498.88 per month Principal and Interest
Interest Only $250,000 @ 6.0% = $1250.00
Still not much cost savings. Do the math….the more money you borrow the more you have to pay back!
February 25th, 2009 at 11:30 am
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Not sure I understand what you are actually trying to accomplish. From what you say you are buying a SECOND home.
Are you selling the first home?
Is the home larger AND more expensive or just larger?
If you are simultaneously selling the first, well, it is simple, sell the first for as much as you buy the second. If you aren’t doing that, the rest is smoke and mirrors and “sounds too good to be true” (see above comment).
Good Luck.
Joe…