Thread: This'll be my NEW view WOOHOO

I know y'all will enjoy the new house. I cut two acres so one ain't gonna be bad. I'm glad for you cuz.

Originally Posted by DonDon

I was expecting the insurance to be added to my monthly note, not a whole year upfront. No survey is required and if it was, I can do it for free. We only charge $300 for a lot and block subdivision survey anyhow. Surveys aren't cheap to do. $100 an hour for a crew and $85 an hour for a registered surveyor.

It doesn't work that way. They get a years up front, THEN they add it to your monthly payment. That way they always have a pile of money to pay whatever comes in. Did you ask them about that property tax escrow yet?

nope but they have my tax ammount. We called and gave it to them. I assumed they'd put that in the note. This is a Bridge Loan so it's a little different than a regular loan. I've bought 2 pother houses and never had all this go on. Tell them what I wanted and the years, then went in and signed the papers. SIMPLE. Not this time though

Rule number one..........do not assume

Bridge loan? No wonder. You're dealing about one step away from a loan shark. Better get you some permanent financing in place before that interest eats you alive.

never heard of a bridge loan so I googled them..... you might want to read this Don .... Mortgages: Bridge loans ease the transition between homes -- at a cost

Gotta get your house sold quickly and get away from the bridge. Is that what they told you had to be done because you hadn't sold your current residence yet?

Rent the old house out DD. After reading what a bridge loan is I would stay away! I know all to well the house buying nightmares. Heck I built a house and had to sell it because my old house hadn't sold. I got lucky though and got in with a good builder that wanted to work with me. It took a year but I finally sold my old house and got the new house I wanted.