All Posts Tagged With: "down"
What is a “float-down?”
A “float down” is a form of rate lock-in used by some lenders. The particulars may differ, but in general a “float down” means that you lock at today’s rate and can re-lock at least once before closing if rates fall. Since programs differ, speak with lenders to discuss individual lock-in options. Technorati Tags: down, [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Can all the rent paid in a lease purchase be credited toward the down payment?
If the purchase is being financing by a commercial lender, the lender will want to know the fair market rental for the property. Anything above the fair market rental can be considered a credit toward the purchase, anything below a fair market rental represents a discounted sale price. A lower price, in turn, means the [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Can I discount the sale price to create a down payment?
No. Lenders provide financing on the basis of the sale price or the appraised value, whichever is less. In the case of a “discounted” price, say selling a home worth $350,000 for $340,000, the sale price is $340,000. Lenders do not recognize a discount. A better approach is to pay full market value but to [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
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