|Posted by jame673riddle on November 14, 2010 at 4:45 AM|
There are a lot of ways in which you will be able to pay off your real estate purchases. All it takes is knowing what your available options are and then knowing your full capacity in terms of payment. Read on to know more about how you will be able to pay off what you've purchased.
To start with, we begin by providing you the easiest mode of payment, which is cash. All it takes is that you be able to pay the entire amount agreed upon beforehand on a certain time. The time frame usually depends on what has been agreed upon and the payment scheme depends on it as well. One good thing about paying in cash is you can enjoy large discounts from the seller. The discounts vary, but it usually is around 18% to 25%. However, not many opt to pay using this payment scheme.
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And then we have a payment scheme which is almost similar to the first one. This is termed as deferred cash payment, and it almost looks like cash payment. This payment scheme spreads out the total purchase price equally for a certain period, with two years as the minimum. This is best for those who do not want to pay the interest, but is unable to pay for the whole amount at one time.
And lastly, we have the in-house financing. In-house financing payment options means you pay directly to the company where you made your purchase. The standard practice for this type of payment is dividing the amount into two prices. The first price is called the down payment, and it is usually 20% of the original price. And the remaining balance is what you will be loaning from the company. The down payment can be paid in spot cash or in monthly installments. The standard practice is that the monthly amount is amortized and then you can pay it off for a certain period of time. The monthly amortization is computed already to include the principal amount which has to be paid including the interest.
So there you have some of the means how you will be able to pay your real estate purchases. Depending on what the payment made available to you, you should choose wisely what you are able to pay for.