Wondering if there's a catch?
2007-01-20 08:52:07 · 10 answers · asked by dreamdefender7 1 in Business & Finance ➔ Renting & Real Estate
Sounds like someone is advertising here.
If it's too good to be true, it probably is.
2007-01-20 08:59:17 · answer #1 · answered by mrgerbil 3 · 1⤊ 0⤋
If the transaction is, in fact, legitimate, then there would be no catch.
However, buying a home at a price of $500, 000 and paying the same mortgage as a home at the price of $175,000 may depend upon one of the following:
- One's credit score, which would dictate interest rates,etc.
- The appraisal value of each home (for example, does the $175,000 home have an appraisal value of $500,000, and is in forclosure, or vice versa).
- The amount of down payment placed on the $500,000 home.
2007-01-20 18:33:40 · answer #2 · answered by ToniSB 4 · 0⤊ 0⤋
Yeah...the one buying the 500,000 home puts a HUGE down payment can end up paying the same monthly mortgage as the one that purchases a house for 175,000 with nothing down.
2007-01-20 16:56:31 · answer #3 · answered by SoCalBeachGal 3 · 1⤊ 0⤋
You can do this with an Interest only loan or a negative am loan (neither of which I am in favor of for more than 2 years after which you should convert to a fully amortized loan of some sort.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-20 17:10:37 · answer #4 · answered by Skip 6 · 1⤊ 0⤋
Yes, there's a catch. Borrow only from a reputable lender.
2007-01-20 18:15:29 · answer #5 · answered by ckm1956 7 · 0⤊ 0⤋
Yes.
Yes.
google "negative amortization loan"
2007-01-20 18:06:21 · answer #6 · answered by Anonymous · 1⤊ 0⤋
no such thing as a free lunch fella
2007-01-20 16:55:42 · answer #7 · answered by Exterminator 4 · 1⤊ 0⤋
You can do what ever you set your mind to.
2007-01-20 16:55:34 · answer #8 · answered by R C 3 · 0⤊ 0⤋
o_o Umm.. Scamming?
2007-01-20 16:55:15 · answer #9 · answered by somethingsovague 4 · 1⤊ 1⤋
duh!
2007-01-20 16:55:44 · answer #10 · answered by Anonymous · 0⤊ 1⤋