Posted on: 04th Mar, 2010 05:41 am
Just curios , If I sell and can get about 185,000 for my townhouse ( owe ) about 123,000. and buy a single family house ( older ) house for 135,000, and use the $$$$ I make for the down payment. Would that be a good Idea or a bad one. Also the lower payments in the new house I know would be lower I am at 6.625 and a new loan is around 5.125.
Hi vegyman,
If you can get a loan at a lower interest rate, you can definitely go ahead with the purchase. This will help you save some amount of money each month. If the town house sells for more than the amount you owe, you can use the extra money to make down payment on your new home. So, I think it's a good idea to sell the town house and use the money to put down on the new house.
If you can get a loan at a lower interest rate, you can definitely go ahead with the purchase. This will help you save some amount of money each month. If the town house sells for more than the amount you owe, you can use the extra money to make down payment on your new home. So, I think it's a good idea to sell the town house and use the money to put down on the new house.