Principal Only Financing (No Interest) is available for certain units at Bear Valley Park
Condominiums - This loan program is available to Buyers with at least 20% down and solid qualifications. Below is an example of the principal only loan. Your example will be based on the sales price of the unit chosen.
There are a limited number of these loans and when they are gone then they are gone forever.
$330,000 sales price
66,000 20% down payment
$264,000 Loan amount
Divide the loan amount of $264,000 by 84 payments (7 years of monthly payments) equals a principal only payment of $3143. There is no interest.
Benefits
- In 2 years the owner will have paid the loan down over $75,400.
- In 3 1/2 years the loan will be paid by 50%. Balance after 3 ½ years= $132,000
- In just 7 short years, the loan is paid for
Now that’s equity gain! In any kind of market.
If you had a typical 6.5% Mtg and paid normal pymts on a 15year loan, you would still owe $171,100 at the end of 7 years and you would have paid $101,000 in interest over the 1st 7 years and still have eight more years to pay.
This loan is only available for the Bear Valley Park Condominiums
Below Market-30 Year Financing available for the remaining condominiums at Bear Valley Park
Buyers may qualify for interest rates that are .25% below the par 30 year fixed market rate. For example, if the 30 year rate is 6.75%, then a 6.5% loan would be available to lock in for a reasonable closing date (45-60 days)
Ask the sales office for details.
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