Quote:
Originally Posted by jwick
So I’m going to guess that the non-amortization is for them to recover the down payment assistance before you start paying down principal.
If you aren’t buying a brand new house, I highly recommend buying a home warranty. You can require it from the seller for the first year but you’ll be responsible after that. If you don’t have down payment money then I assume you wouldn’t have ‘replace the A/C’ money. At least with the warranty you’d be covered for a $100 deductible
|
Be careful on that $hit. I had to have one due to FHA loan. But it was useless. Deductible is different for different equipment (A/C for example was way higher than $100 - I think it was $1000 IIRC). Heater went out first winter and they couldn't schedule someone for over a week. Neighbor recommended a guy who fixed it for me that night. Next summer A/C went out and it was
days of hassle dealing with them and their service guys. Called up my neighbor's guy again - he had the part on his truck and fixed in an hour. YMMV.