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Land Contract Balloons |
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I am buying a home on a land contract that is about to expire. I will have to take out a mortgage loan to make the balloon payment. Since I have paid on this land contract for five years, do I have to make a downpayment on the mortage loan? Thanks. |
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That depend on how much you've paid down the purchase price already, on the value the bank's appraiser puts on the property, and on the requirements of your mortgage lender. If you're facing a balloon, better consult a mortgage broker (which is not the same as a mortgage banker) immediately, to find out where you stand. |
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Edith
Originally published on April 17, 2008 |
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