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    happyherbalist's Avatar
    happyherbalist Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 9, 2006, 09:48 AM
    Money for binder for new home
    I own my own home. I have found a new house . We intend to pay for the new house in full cash. However, we have the 1% to put down but not the additional 10% binder. My father was supposed to lend us the money till we sell our house and can pay him or anyone else back My resources have dried up. Do you have a suggestion for a short term bridge type of loan?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 9, 2006, 12:45 PM
    How are you going to get the cash if you don't have enough for a binder? I suspect you expect to do this out of the equity in your current home. If youi have that much equity, you should have no toruble getting a bridge loan from a bank.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 9, 2006, 01:10 PM
    Yes I do not understand, if you don't have 10 percent how are you going to buy a new home in cash. You need to sell your old home first, since it can take a long time to sell it ( at times) Or if you have that much equity in your old home, you borrow as mentioned against your old home.
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