UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: richnsd Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: First mortgage options. HELP..! Date: 5/22/2001 5:40 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi..

Need some advice on my first home purchase. Plan on closing next week, initial plan was for 5% down with a second trust deed (loan) of 15% towards 20% down on a 237,000 house. They call it a piggy-back loan. With the second loan I don't have to pay PMI or impounds on prop taxes... Although the second loan comes in with a higher interest rate then the mortgage.
Broker just told me that I could qualify for the mortgage and the full 20% second loan with 0 down.
Should I go with that option and use the down payment money to pay off about 11,000 in (higher interest) credit card debt?
Have not recieved the numbers yet on the higher mortgage payment with 0 down...
But still wondering if this is advisable???

Thanks..

Rich.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement