All Forum Posts by: Kari East

Thank you so much that was a lot more than I got from the lady at the bank. She didn't explain the limits of personal loans or why it was necessary to get the two specific loans. As of now my brother has been employed for the past year and currently I'm looking for a job myself (also I understand it won't mean anything to a lender until after at least six months of employment). We're also working on our credit and a down. At this point, I've been looking to understand this whole process better. 

I do have one more question though, she gave us a list of the types of loans and the interest rates that accompany them. Is the interest part of the down payment, added to each monthly payment, or just added to the total to be paid off? 

My brother and I are looking to move out of our parents house, I've been trying really hard to get everything figured out and all the numbers and estimates on paper to see if this is possible yet. I was hoping we could something like a large personal loan (87k max) so we could buy a condo and a car with an extra thousand, if possible as an emergency cushion of sorts. I know we're young and probably really naive but that's why I'm trying to get as much information as possible before we do anything. We talked to a lady at the bank (I forgot what her title was but she was supposed to be an expert on the topic). She was pretty condescending but told us we had to get two separate loans and that there was no way to do it with a single loan (which I'm thinking would mean less interest overall?). She also told us that if we did get a mortgage and an auto loan we would still have to put something down. My next question is, if we get a loan for the total amount of the car and condo, why do we need a down payment? Can't we use the loan to pay them off then spend the next however long to pay off the loan? Also if we went with a secured loan (this probably sounds stupid but) could we use the condo and the car to secure it? Sorry obviously I'm pretty lost, and could really use any and all information you guys could give me. Just please don't be condescending about it. Thanks in advance.