Leasing a home now and want to buy it.....Advise - Posted by Sean

Posted by Willie on August 15, 2003 at 14:41:18:

You don’t really give enough information for a thorough comment. I am assuming it is a lease with option to purchase? If not, and maybe if so, you are still going to need a contract to purchase and the mortgage provider will have to agree with it. In your option/contract did you get any monthly credit for down payment or purchase of the house? The bank who is the mortgagee on the current loan, may or may not be willling to refinance the loan to suit you. A 15 year loan does normally have a slightly lower interest rate. But as Jimmy Napier says that may or may not be a good deal for you. It depends on what you may or may not do with dollars difference that you will pay with a 30 vs a 15 yr loan. That part is up to you. I personally do not have any 15 yr loans. Provide more info and we will be happy to comment.

Leasing a home now and want to buy it…Advise - Posted by Sean

Posted by Sean on August 15, 2003 at 14:00:16:

I’ve been leasing a home for almost 2 yrs. The lease period is up in November. I’ve been paying the bank directly from the beginging. I’ve been told they would handle this situation as a “refinance”. How do I go about getting the process started and what should I expect. Current interest is 7%. I’d like to get it as low as possible at 15 years. Any advise???