I have spoken to my parents and they would be able to lend me money at 7% interest to buy a house with cash and then refinance it.
Now I've got some questions:
Sorry about all the questions, but I just want to make sure this would actually be worthwhile and I'm not wasting my time on something that's not going to work.
Now I've got some questions:
- Is this a good idea?
- Will this negatively affect my serviceability?
- Would I be able to get a reasonably discount as a cash buyer?
- If so, how would I go about that?
- What amount is the bank going to finance it for, the purchase price (which hopefully would be a little under market value) or market value?
- Is there anything else I need to worry about?
- What do I do with the title? Do I give it to the bank once I finance it?
- Can I get pre-approval and then use that to refinance?
Sorry about all the questions, but I just want to make sure this would actually be worthwhile and I'm not wasting my time on something that's not going to work.