I am planning to buy a house for $510,000. Due to the high housing prices, the only option for me to get this house is if I pay in full CASH (Owner is moving out of country so he sees an advantage in cash deal. Otherwise he has received higher number from people wanting to do mortgage, ~$550,000).
So from financial perspective, me and my wife have $300,000 cash available but for the rest of $210,000, our family is willing to give us that amount in cash given we return it to them in full within a month or so. Just so that we don’t miss this opportunity of buying a home.
This is why I am thinking if it is wise if I get Home Equity Loan to get $210,000 upfront so that I can return my family members money right away. Do you think it would be a good idea in my situation?
– Are there any specific things to keep in mind, like involving a lawyer while doing this business with bank or any other risks that are involved?
Sorry if this sounds confusing, I have no idea how these things work. Never experienced mortgage or loan processes before. This is our first time home buying experience.
Appreciate all your inputs.