Posted on: 19th Oct, 2010 09:33 am
We are doing a "house swap" and I'm wondering how the downpayment/mortgage will work...we are buying a home and the owner of that home is buying ours and will deduct the price of our home from the price of the one we are buying. What amount do we calculate the 20% downpayment on and what amount are we actually financing?
Hi prayergirl,
As far as I can understand, you will have to finance the 80% of the purchase price of the property and the rest of the 20% will be considered as down payment. Once you take out the loan, you can pay off the dues of the seller.
Take care.
As far as I can understand, you will have to finance the 80% of the purchase price of the property and the rest of the 20% will be considered as down payment. Once you take out the loan, you can pay off the dues of the seller.
Take care.