Apartment Purchase Scenarios with A+, Average, Below Average and Weak Credit
Published at : 24 Nov 2020
The analysis focuses on the options available for the purchase of an Apartment listed at $475,000. The down payment used is 25% and the amortization 25 years. The better an applicant's credit, the better an offer we can secure from a Lender. To compare apples to apples, we should look not only at the rate but also at the Prepayment Privilege, Penalty in the event of an early payout, Lender Fee, Term Offered, Broker Fee, Renewal Fee etc. Last but not least given the option, it is always recommended that you select a Lender that offers you the option to convert the interest portion of your monthly payment into an annual tax deduction with the help of the Smith Manoeuvre. The rate may be higher but you will save more because of the fact that you can convert your interest into tax deductible.
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