getting financing - Posted by jason fontaine

Posted by michael on October 10, 2003 at 13:54:08:


You seem to be very knowledgeable with the many different postings on this site. I have many questions I would like to discuss with you. Could you give me an email address so I can contact you.


getting financing - Posted by jason fontaine

Posted by jason fontaine on October 07, 2003 at 14:04:00:

what does a broker mean when they say 80-20

Re: getting financing - Posted by Dimpil

Posted by Dimpil on October 09, 2003 at 18:00:17:


It’s good to ask questions but you must also ask the broker. You have to be able to talk to him and he has to be able to explain it to you so you can understand. Afte all you are trusting him/her with your money and finanacial information so you have to be able to get honest answers from him/her and they have to explain everything to you to your understanding.

I’m not saying do not come here, never ask another question, I just know I like to try and educate the person who will be on the hook for the payments for 30 years what they are getting product wise and why.

Re: getting financing - Posted by jeff

Posted by jeff on October 07, 2003 at 17:51:27:

80% first mortgage 20% second mortgage. Two payments. If you are owner occupent this could be cheaper than paying 1 mortgage with PMI. The second mortgage is going to have a higher interest rate but that is OK if it saves you money. Things to look out for. Balloon payment after so many years. Amorization over a long period of time then a balloon payment. A 80/20 can save you money if used correctly. If you have a 30 year first and a 10 year second; after 10 years no more second and nice savings. Interest is tax deductable and PMI is not. Good Luck and read the fine print.