Quote:
Originally Posted by Maverick46
Sorry, I should have stated that we are buying a previously owned home, not building or buying a new one.
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I'm not sure why you are asking us. We have all been through it but, did it years ago.
A lender today will often, confuse you with all the numbers, points etc. BY LAW they need to tell you the APR so you can compare apples to apples.
My view-YOU need to hire people on YOUR SIDE-a home inspector-cost about $600-an atty-cost about $800. The broker who you may believe is your friend is a commissioned salesperson. Do not allow yourself to be boxed in on either side. Everything you said while driving around with the broker they know. Well based on what we've seen this is a great deal. She should not but probably has shared that with her friend the broker representing the seller.
THE BOND-an interesting and foreign concept to us when be bought our house NEW. The bond which far as I know is calculated, set, based on the value of your home. Value of your home is of course based on what the builder and developer think they can sell it for. In our case the bond was approximately 6% extra on the price we paid for the home. Too many people buy and do not understand this.
Also, as someone else stated the interest is not a tax deduction and the interest is at a higher rate than your mortgage.