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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Sat, 18 Jun 2005 23:20:34 -0500
/ Author of the message: "John A. Weeks III" |
Title of the message: |
Re: Questions about an 80/10/10 loan...
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Text of the message: |
In article <1119134687.472343.5840@f14g2000cwb.googlegroups.com>, elshaw2003@yahoo.com wrote: > I am considering an 80/10/10 loan for the purchase of my new house. > The mortgage company says on my 2nd loan (10%), they can offer their 10 > year HELOC based on prime rate plus margin 1.375%. Current prime rate > is 6.00%. If I do my calculations correctly, the interest alone will > be way more than the PMI payment. Am I missing something here, I > thought 80/10/10 was supposed to actually lower your monthly payment? That is the trick of the 80/20 scam. You avoid paying PMI, but the interest on the 20 part often costs more than the PMI. That just confirms that selling to someone who doesn't have a reasonable downpayment is risky no matter how you set up the trick financing deal. -john- -- ====================================================================== |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.