The other option is to take out a mortgage with a recasting option. This is exactly what I did when I bought here. So my original loan was for let's just say $300k and then after 2 months I had the proceeds from my house sale and applied $120k to reduce my mortgage and payment.
This has to be included as an option with the mortgage and this way you do pay a larger mortgage payment the first few months but then the payment is adjusted with the new down payment to the mortgage. The other nice thing is the mortgage remains as recast for the entire length and you can apply a payment, I think the minimum is 10 or 20k but it would again reduce the mortgage payment.
|