Mar

23

How do I calculate mortgage payments when buying a home from a family member?

Filed Under mortgage 

Y? asked:


We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?

Maureen
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    • Comments

    3 Responses to “How do I calculate mortgage payments when buying a home from a family member?”

    1. manas p on March 24th, 2009 5:13 am

      It’s true.. it is not very secure method.

    2. Adier on March 26th, 2009 2:52 pm

      Mortgage calculators an help you httpwwwmortgagecalccom httprealestateozfreeonlinecom.

    3. HIGH SHAMAN on March 28th, 2009 4:11 pm

      For the closing and have them prepare amoritization schedule for the closing and have them prepare amoritization schedule for the closing and have them prepare amoritization.
      The closing and have them prepare amoritization schedule for the closing and have them prepare amoritization schedule for you.
      The closing and have them prepare amoritization schedule for you.