Aielyn said:
Yeah... that's when you get a loan for the house from the bank. The downpayment is your contribution, and then you pay off the loan. And neither the bank nor the real estate agent lists the house as costing only $100,000. They list it as costing, say, $250,000, and that $100,000 is the downpayment, with it made quite clear that the remainder, with interest, is to be paid off in monthly installments. Because that's how it works - you tell them how much it costs, either by listing the real price and then letting them know they'll pay in installments, resulting in paying interest. In fact, you just said it - they say it's a "Free" cell phone, yet they are quite upfront about it only being available on a $30 plan. And same with the car - they don't go "come in today, get a free car", they go "come in today, get a car for no money down - just $xxx a month". |
No. They say it costs $100,000. If you have the money then and there, you have nothing more to worry about. If you don't, prepare to be raped by finance charges. I've beeen there time and again. I'm buying my home, bought more than a couple of cars, bought my own land, and even signed for my mom's house. Yeah, when you finally sign that contract, you finally see the total amount you'll end up paying but, when you look at the sale paper, deal with the real estate agent, or see that deal for the $19,000 car (plus tax, tag, and title) you get the deal you wish you were getting. The actual transaction is never that (at least where I live). I've been through it too many times.
