Quote:
Originally Posted by whartonjelly
When you get qualified for a home loan ,do you then subtract the bond amount to be sure you can make payments?
Example. the house costs 200. the bond 20, down payment 40.
What would I be looking at. Does the bond have to be paid off immediatley or does it keep accumultating interest so that it is never reallly paid off?
|
If one of your questions is will the bond payment be used in calculating how much of a mortgage you will qualify for the answer is yes. Just like your property taxes and insurance is used for the calculation so is the bond if you are not paying it off. Lots of info and suggestions on paying the bond off or not are on this web site.
__________________
Kevin & Linda
Village of St. James, Cape Cod Ma, Boston Ma, Nashua NH, Albany NY
|