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If you get approved for 100,000 and you have 30,000 = 130,000 do you just have to pay the 100,000 dollars back. It makes since but was just wondering .The 30,000 is my down payment on a house that i want to get built.

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mamaofficer

Asked by mamaofficer at 1:39 AM on Jun. 15, 2010 in Home & Garden

Level 31 (50,120 Credits)
Answers (10)
  • Well, there is more to it than that. There will be loan fees and other things that will also come out of your 30,000, so you should talk to a loan officer. It will depend on the kind of loan you get what your total fees will be.

    Good Luck!
    ohwrite

    Answer by ohwrite at 1:43 AM on Jun. 15, 2010

  • as far as i know,you only have to pay the 100,000 back ,plus intrest im sure, but yea, you will only be financed for the 100,000 if you put 30,000 down. that is my understanding.
    katamike

    Answer by katamike at 1:45 AM on Jun. 15, 2010

  • you have to pay back the amount of the loan, if the loan amount is 100k then you have to pay back 100k. I don't even get what you are asking about the 30k, of course you're not paying it back, it's your money.
    Blueliner

    Answer by Blueliner at 1:45 AM on Jun. 15, 2010

  • You only have to pay back what you borrow plus any interest, fees, and points added to your loan.
    mommyerin02

    Answer by mommyerin02 at 1:46 AM on Jun. 15, 2010

  • Oh yeah, forgot about interest...
    Blueliner

    Answer by Blueliner at 1:55 AM on Jun. 15, 2010

  • Mrs.Blueline the reason I was asking this was just to make sure. But to everybody else thanks u for the info it really help.
    mamaofficer

    Answer by mamaofficer at 1:56 AM on Jun. 15, 2010

  • LOL When you do your mortgage they should give you a chart that says how much you will pay total for the life of the loan. We borrowed $112,000 and I think our amount we had to pay back is around $250,000 over the 30 years! I was litterally sick after we signed the papers. I didn't even want to go to the house to see it, I just went home and went to bed. Out of out monthly payment of $1000 only $115 goes to the actual balance on the house. The rest is interest and taxes.
    Anonymous

    Answer by Anonymous at 7:36 AM on Jun. 15, 2010

  • OMG how was your credit ?
    mamaofficer

    Answer by mamaofficer at 11:11 AM on Jun. 15, 2010

  • Friendly tip, any time you have extra money - send that to your mortgage company to pay down on the PRINCIPAL loan (the actual price of the house). Over several years, this will shorten the loan and reduce the amount of interest that you are paying. And if you can swing a double payment once in a while, that will reduce the life if your mortgage even further.
    Anonymous

    Answer by Anonymous at 11:44 AM on Jun. 15, 2010

  • The down payment is the down payment and is not included in the terms of the mortgage unless it is part of the mortgage (very usual). Of your $130,000 that you are putting towards the house, $30,000 is yours with no loan terms so you don't pay it back and $100,000 is the amount that will be mortgaged and that's the amount the interest will be based on. Then they will add in the taxes that are due every year to your local county/state/city etc and your yearly insurance premium also. Now, if you were to finance a $100,000 dollar house, you'd finance $70,000 with your $30,000 down payment. And don't forget all the closing fees, Realtor, and builder's fees.
    twinsplus2more

    Answer by twinsplus2more at 11:49 AM on Jun. 15, 2010

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