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Dadummy
Joined: 15 Nov 2007
Dadummy's page
Posts: 606
57 Magic Points
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Subject: whats the longest you can finance a house?
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Sun Jan 06, 2008 12:42 am
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| whats the longest you can finance a house? im a senior citizen and i dont want to tie all my income up so id like to buy a house and enjoy it after i die the kids can sell it or live in it or do whatever .whats the best options ? i would want my taxes and insurance taken out with my payments so i only have to worry about making my payments> should i ask my kids or do it my way. i dont know if they would even want the bother, but the bank could sell it for the balance of the loan, if nothing eles . whats your idea? |
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Dadummy
Joined: 15 Nov 2007
Dadummy's page
Posts: 606
57 Magic Points
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Subject: buying a house
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Sun Jan 06, 2008 12:42 am
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| whats the best way |
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MCasper
Joined: 31 Dec 2007
MCasper's page
Posts: 25
Location: Pennsylvania
1239 Magic Points
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Sun Jan 06, 2008 3:21 am
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You can take out a 40 year through many lenders, a few offer 50. I'd suggest not going past a 30 year fixed. You'll have a lower payment to keep as much cash flow as possible available, yet still build some equity for your children for when you pass it on to them. Avoid any negative amortization or option ARM loans that they may try to offer you if you mention you want to get as low a payment as possible.
What state are you in?
What is the value of the home (how much are you looking to borrow)?
How much do you have to put down?
What is your current credit situation? |
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Lunchtime
Joined: 29 Dec 2007
Lunchtime's page
Posts: 116
-23 Magic Points
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Sun Jan 06, 2008 3:30 am
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| That would also depend on how much you want to borrow, do you have any idea? Do you have any idea how much the yearly taxes and fire insurance would be on the home? Is the home in need of any major repair that would need to be taken care of before the money would be given on it as a lein property. Please answer the questions that MCasper asked and some of the ones that I posted and I am sure that one of us will venture back here and help you. You can also get the life insurance on the loan that would pay the bank off in case you expire before it is paid off. I don't think I would even look at a 40 year loan, you really need to explore your options here. |
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