does anybody know of anyone/company that has just a flat fee. lets say in my example we bought the home for 250k and will have to pay 700k. what if some sort of middle person/company set a contract for 450k. ..that way its a win win. the homebuyer saves 200k and the middle person will end up with an extra 200k. you get more customers who would otherwise go to other places, comin only to you. does anyone else think that this is a good idea. (please no responces from bank personel trying to be richer than god)
2007-08-02 04:58:49 · 8 answers · asked by jay 2 in Business & Finance ➔ Renting & Real Estate
you could go on yahoo website and get information on property deals!
even msn gives that info
2007-08-02 05:02:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You go ahead and start a company doing that, pay the seller then collect 450K instead of 700K over 30 years and tell yourself you made 200K loaning out 250K for 30 years. Can I borrow some money I will pay you back twice as much over 30 years?
2007-08-02 12:06:52 · answer #2 · answered by shipwreck 7 · 0⤊ 1⤋
No such thing as a flat fee home loan. You will only pay the full amount if you stay there making your minimum payment. Ideally you will make improvements to the house and in a few years when you have built up equity you sell for more then you currently owe. Many people make a very nice profit from it, at least enough to get another house and put some money away hopefully
2007-08-02 12:04:39 · answer #3 · answered by Kris D 4 · 0⤊ 1⤋
Make bi weekly payments instead of once a month.( 1k motgage, you pay 500 on the first and 500 on the 15th. You will end up making extra payments thoughout each year.) You will cut that fee by a huge amount. If you want to cut it even more make double payments.
2007-08-02 14:43:46 · answer #4 · answered by frankie b 5 · 0⤊ 1⤋
Unfortunately, that is the going price for $250,000 up front and paid back over 30 years. You may be able to find someone cheaper (with Mob ties). Don't miss a payment!
2007-08-02 12:26:00 · answer #5 · answered by ? 4 · 0⤊ 1⤋
What some of these people are trying to tell you is that you dont understand "the time value of money." There is a risk to loan someone money as well and it commands a premium or interest.
2007-08-02 13:38:31 · answer #6 · answered by stephen l 2 · 0⤊ 1⤋
Your question makes no sense.
2007-08-02 12:03:42 · answer #7 · answered by stephen t 5 · 0⤊ 1⤋
I think it's a great idea.
Now, just convince someone to do it.
2007-08-02 12:02:44 · answer #8 · answered by ? 7 · 0⤊ 1⤋