can someone explain to me how the damn thing works please?
I'm putting money down on a condo that is yet to be built in a new development. the good thing is that the initial deposit is very low. My folks fortunately are putting the money up instead of the bank. i am also having them and my granny live there when they retire but i'll still rent a place somewhere.
now this is where i get confused. if i do go to the bank for an additional loan, does it mean i have to get a 20 or 30 year mortgage and the cost of the house is divided up by either 20 or 30 years?