When we first contacted the realtor on the property in late April, we found out that financing had been pre-arranged through a local area bank. At the time they were offering 100% lot loans. We even got quotes on what the percentage rate and monthly payments would be. Now that offer has been accepted by the seller, we find out that those terms are no longer available. Considering all the upheaval in the housing market over the past couple of years, it should come as no surprise that terms would change that rapidly. This leaves us with the choice of shopping for another lender that might offer 15% down payment or stick with our current lender and come up with a 25% down payment.
I guess it is good to learn early on to get things in writing with some sort of lock-in agreement for some time period before those terms could expire. The silver lining to this whole experience is that we'll end up owning more of the land up front.
About Me
- John
- I am a seventh generation North Floridian. I recently moved back to Florida after spending the past 15 years in Colorado and California working in the software industry. My other interests include alternative energy, sustainable agriculture and the history of Florida's indigenous people.
|
|
|
|
Blog links
No comments:
Post a Comment