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Balloon payment on home loan / house purchase?
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<blockquote data-quote="Dolby" data-source="post: 48685" data-attributes="member: 17"><p>Just wondering if banks would be open to negotiations and if this scenario would at all be possible? I'm using fictitious figures to show the concept : </p><p></p><p>On my current salary, I can buy a property for R500,000.00 - but I'd like to buy a property R1 million, which I cannot afford. However, I'll be getting a guaranteed R2 million in 2015.</p><p></p><p>Would the bank allow me to buy the R1 million property now with the bond payments on te R500,000.00 I can afford - and a guarantee (futures contract etc) to give the other R500,000.00 in 2015?</p></blockquote><p></p>
[QUOTE="Dolby, post: 48685, member: 17"] Just wondering if banks would be open to negotiations and if this scenario would at all be possible? I'm using fictitious figures to show the concept : On my current salary, I can buy a property for R500,000.00 - but I'd like to buy a property R1 million, which I cannot afford. However, I'll be getting a guaranteed R2 million in 2015. Would the bank allow me to buy the R1 million property now with the bond payments on te R500,000.00 I can afford - and a guarantee (futures contract etc) to give the other R500,000.00 in 2015? [/QUOTE]
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Balloon payment on home loan / house purchase?
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