Home Savings vs. Mortgages
in Banking, Insurance & Loans ·
Jacob Miller2 said:The reason I'm asking is that I feel like I might be missing something, or maybe the info out there is just a bit confusing.
To be clear, I'm not actually looking for a loan; I'm just curious about how it works.
For instance, my savings plan hit its five-year mark recently. I put in two installments of $25,000 each $0.00. Based on those savings, it looks like I'd qualify for an $11,000 loan at a fixed rate.
I actually set this up way back when I was still in college. I probably wouldn't mess around with it like that anymore.
I don't need the credit, so I won't be taking it. It just seems odd to me—like there's an $11,000 cap on my end, but it doesn't seem to apply to others.
I'm just trying to wrap my head around it.
It seems pretty obvious that Austine isn't being totally upfront about all the fine print.
I actually have a home savings account that’s set to mature in four months, and based on my contract, I think it should be around ten thousand dollars—just enough to cover some new windows.
Beyond that, I just can't wrap my mind around why they’d hide the truth like this; it feels like people might be getting swayed by certain interests behind the scenes.
Can I get a serious answer here? My monthly income is $3267 and my spouse makes $2300. Would I be able to secure a mortgage for $120,000 with a monthly payment that doesn't completely break the bank?