Quote:
Originally Posted by samsaf
Dear Guys,
Which is better, getting yourself a prop. at launch using a bank mortgage or better get the cash from the bank and pay-off directly?
Can one resell the property easily if he gets it on Mortgage?
Thanks for helping out a newbie  |
Hi,
Generally mortgages take time, hence you require to have to have enough for a down payment.
The property can be sold if there is a mortgage on it. You will have to pay a peanlty of 2 to 5% depending upon the bank and exit without any problems. This penalty is not important as you would gained more appreciation on the property.
Approach a mortgage broker who will give you an idea. You learn by asking questions, meeting estate agents.
Try using the mortgage calculator which is posted on a seperate thread. While you are on the mortgage calculator go to Sunil's site which has tips on investing, good for new investors.
A mortgage calculator helps you to analyse a deal.
Regards
Roshan