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Just need to talk something through.
- Thread starter MikeH
- Start date
He called back. He has talked to his real Estate agent and she is going to try to convert his contract to a contingency contract. The new house is in a new development and is not yet complete, and she thinks that the builder should not object to this. Chuck, they were already going to use an interest-only loan for the first few years.
He is O.K. with the scenario. This is not going to affect our relationship,
whereas the other possible scenario would impact his confidence and self-esteem considerably if it fell through.
He knows that it isn't about the money. Heck, I'm putting away 10 grand a year for the grandson's college education. And most importantly, they are going to get out of their present area regardless. This isn't a lifetime, it's probably just a slight delay in moving.
Thanks to all for the comments and advice. My botton line still is that I just can't see enabling him to possibly get in a really difficult situation.
He is O.K. with the scenario. This is not going to affect our relationship,
whereas the other possible scenario would impact his confidence and self-esteem considerably if it fell through.
He knows that it isn't about the money. Heck, I'm putting away 10 grand a year for the grandson's college education. And most importantly, they are going to get out of their present area regardless. This isn't a lifetime, it's probably just a slight delay in moving.
Thanks to all for the comments and advice. My botton line still is that I just can't see enabling him to possibly get in a really difficult situation.
- Joined
- Nov 20, 2001
- Messages
- 2,600
An interest only loan is a bad idea for them. It means that they cannot afford the house they're going to move into. SO, instead of getting say, prime +1/4 (about 7%), for 30 years, they will refi when rates are up 3%. This will cause their monthly payment to almost triple (off the top of my head-I don't have a financial calculator in front of me). Now that (I know a little more about it, I would still lend him the money, but only if he can move into a house he can afford.
- Joined
- Aug 2, 2002
- Messages
- 2,490
MikeH said:
If you can afford the money "without missing it" it would be kind of you to offer it to him. My father loaned me $5000 when I bought my house. I had every intention of paying it back, but after all was said and done, he refused to let me pay him back. I am very grateful to him because it would have been very difficult for me to save up that kind of money on top of my mortgage and bills. Also, like you, he didn't miss the money.
But, according to your "bottom line", it really isn't about the money at all, right? I think you would be best off if you would step back and allow him to make his own decisions. I know he's your son and you are trying to protect him, but he isn't a child, and you shouldn't see it as "enabling" him in making a bad decision. I think it's great that you can talk with him and offer advice, but ultimately I feel you should step back and allow him to do what he feels is best for himself and his family.
(Spoken from a 27 year-old, if it makes a difference; I'm pretty close in age to your son and I bought my house on my own about two and a half years ago, so I can kind of understand his point of view, having some things in common with him, even though I'm not married and do not have a child.)
~ashes