Y? asked:
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?
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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?
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Tags: Buying A Home, Calculate Mortgage, Family Member, Flexibility, Money, Monthly Mortgage Payments, Monthly Payments, Mortgage Bank, Renting, Using A Lawyer
3 responses to How do I calculate mortgage payments when buying a home from a family member?
Consolidating Debts
It’s true.. it is not very secure method.
Credit Report
Not much idea but all I know is mortgage calculators c an help you?
Credit Report
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..
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