Re: Saving for Downpayments
I had some save up for a downpayment, but not nearly the 20%. So my parents chipped in and loaned me the rest. We set up an amortization schedule and I'm paying them back every month. If you have a relative that would be willing to do that, offer them some small interest rate - just above a savings account or over inflation and they'd probably agree.
Doing this with a private loan is the same was as having 2 loans through the bank (this is done to avoid the PMI) You might just stop by your bank and talk with them and see if it's feasible. They might have some other options.
|