Reply to Gift money from parents won't arrive on time

Forum Index » Real Estate

Reply to "Gift money from parents won't arrive on time - Any suggestion?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We just discovered that a hard-to-come by unit came on the market and we are seriously considereing putting our offer.
We are already pre-qualified with full-fledged letter from the lender for the loan amount (i.e., no need to receive gift money).
But, my parents is willing to send me some gift money (the amount that doesn't trigger the gift tax).

Problem is this gift money probably won't arrive before placing an offer.

What happens if we set up a mortgage now and use the gift money when it reached us to pay the portion of the loan,
after the mortgage payment start.
Can I do that?
Or, should I wait till we recieve gift money to set up a mortgage?
Is there differences in the mortgage amount if we top the downpayment first or 
making a huge one-time (?) mortgage payment in the middle of the loan history?

Assuming, no pre-payment penalty and also would love to be flexible for choosing the reduced montly payment over a reduced payment term.

Thank you!![/quote]

If you put down a lot, your monthly mortgage is lower. If you pay a large amount mid stream you have the higher monthly payment obligation but you are paying down principal which shortens the term of your loan. Unless your lender allows you to recast the mortgage, which keeps the term the sane but allows you to lower the payment. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics