What options do I have? (loan, fixed rate, payment schedule, interest)

[beckycat]

I'm buying a house and I will be about $20,000 short. I know traditional mortgages want to lend you more than that. (ex $40-$50K) I'm trying to keep my payments down, so I don't want to just give it back. What other options are there with a low interest rate? I have excellent credit.

[renriq02]

I would walk away from the deal, and find another home.
You may buy this house in the future, but dont overextend yourself.
Now's not the time to buy your dream home unless you're getting a great deal AND you're not overextending yourself.

[TimtheGuy]

I think the OP is saying that she is paying cash, but is $20k short. Is this correct? If so go down to your local bank. They will lend you the $20k with less costs than the secondary mortgage market. You won't get a 15 yr. or 30yr. fixed rate, but who cares on that small amount.

[chet everett]

Borrow AS MUCH AS IT TAKES to get the low rate, make the sure loan has no pre-payment option and create your own payment schedule so that the out of pocket vs the "loan that I did not need" balances out. Easy. Banks generally are more than happy to have you do this, as it makes their scoring system look like it is working -- people with good credit are EXPECTED to pay off loans early...

[sean98125]

You can get a signature loan for that amount from your bank or credit union if your credit is that good.

[beckycat]

What exactly is a signature loan?

[TimtheGuy]

unsecured loan, where you are a strong enough borrower that just your signature is good enough to issue the loan.

[chet everett]

Signature loans are typically at the same terms as a credit card and there are going to be tax deductibility issues, if you can qualify for a decent mortgage just get it. What is the issue?