As the title says I'm looking to buy my first house and I have roughly 12-13% that I am comfortably able to put down. The few lenders i've spoken to said I will need to get PMI until i'm at 20%. They've all quoted me roughly 80-90 a month for the mortgage insurance and an interest rate roughly between 2.5-2.75%.
I was talking about this with my dad and he mentioned he would be willing to lend me the additional 8% at a rate somewhere between 1 and 2% so I can avoid the mortgage insurance
Few key pieces of info that may be important. I don't plan on staying in this house for more than a few years BUT I might be interested in using it as a rental property when I move out. My dad is well off and we have a good relationship - I don't see a situation that would reasonably come up which would make him not financially comfortable and would strain our relationship which is always a huge consideration when mixing finance and family.
So, overall my question would be is it a good idea to take my dad up on this offer?
Submitted January 16, 2021 at 05:57PM by MysteriousArmadillo5 https://ift.tt/38V4l2p
