Deloitte mortgage rates
in Banking, Insurance & Loans ·
Tyler Richardson4 said:Hmm, I’m also in the middle of trying to leverage some credit right now, but I’m honestly starting to lose steam. I have a home savings plan set up, and my idea was to pull out an interim loan through Charles Schwab. I gave them a call today, and the representative told me a standard loan isn't an option since my contract hasn't matured yet—only this interim bridge loan is on the table. It would require a $3,000 down payment. What feels completely nonsensical to me, though, is that I can't actually get that money back. Instead, it just gets applied toward the principal of the loan. Personally, I’d much rather have that cash back in hand because I was planning on lending it out to someone else. And obviously, I'd have to pay them back. Between those repayments and the scheduled payments on the savings contract, I am genuinely lost. Like, I truly have no clue how this works.
How exactly would you "get your down payment back"??
People down in the comments are constantly whining about service, then you read stuff like this...
The down payment lowers your total loan amount. Period. If something costs $3.25, and you already have $1.00 saved up... then you only take out a loan for the difference, which is $2.25... get it?
It’s not realistic to expect to get that $1.00 back in cash....😵😵
Try Googling basic financial terms once in a while. Maybe then taking out a loan won't feel like such a massive gamble!!