Question about down payment

Jenn524 Posted: Aug 04, 2003 08:17 PM

Question about down payment

I should know the answer to this question, but my hubby has me second guessing myself.

For arguments sake and to keep the numbers round, if you get approved for a $300,000 loan and your down payment is $30,000 what's the total purchase price for the house? Is it $300,000 or $330,000?

spel Posted: Aug 04, 2003 08:21 PM

Re: Question about down payment

330,000

mortgage is a loan for the money you don't have.

Suzanne Posted: Aug 04, 2003 08:50 PM

Re: Question about down payment

when you apply for the loan the loan officer will ask how much your down payment is, if you tell them its 30K and then you tell them the house is 300K then the loan amount will be 270K

Jenn524 Posted: Aug 04, 2003 09:24 PM

Re: Question about down payment

That's what I told Chris and you think since I work in a mortgage department and I approve these loans all day long I would be able to answer that. But Chris had me second guessing myself so I just wanted to double check.

Thanks!!