Buying a house from my Aunt and I want to be able to walk away with some cash.?
My aunt is selling me a house that appraised for 0,000, for ,000. I only want to put around ,000 down, is there a way I can end up with -20k cash after we buy the house? There is a credit union here in town that has been advertising a no closing cost mortgage, do you think this is legit?
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December 5th, 2010 at 7:02 am
No closing costs means that the money is made in the mortgage –
with higher interest and/or good commission to the broker.
who’s paying the mortgage? – that would be you!
You need a company that will lend on the appraised value not money paid. A high % mortgage is expensive.
With costs you are not going to make it!
Care on your tax as well – if you buy below value.