We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..
June 28th, 2010 at 9:14 pm
It’s true.. it is not very secure method.
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June 28th, 2010 at 9:37 pm
Not much idea but all I know is mortgage calculators c an help you?
http://www.mortgage-calc.com/
http://realestate.ozfreeonline.com/
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June 28th, 2010 at 10:25 pm
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..
References :