Another mortgage question... About the 25% down
I already have a lot to build my house. The municipal evaluation of the land is 85k. If I sell the land, I think that I can get 100-110k from it.
Here is my questions :
Do I need to put another 25% cash on the house, or can I use the value of the land?
If I can use the value of the land to get my 25%, what is the highest mortgage that I can get? 400-440k from the selling value of the land or 340k from the evaluation? Do not take into consideration the max tha I can pay per month for the mortgage. I will not need more than a 200-250k mortgage.
Thanks!
Here is my questions :
Do I need to put another 25% cash on the house, or can I use the value of the land?
If I can use the value of the land to get my 25%, what is the highest mortgage that I can get? 400-440k from the selling value of the land or 340k from the evaluation? Do not take into consideration the max tha I can pay per month for the mortgage. I will not need more than a 200-250k mortgage.
Thanks!