What's the Best Christmas Gift for $300 and under?

Shakalaka

Looking for a Christmas gift for my 22 year old son, he's a mechanical engineer and likes electronics and gadgets etc. I've thought about anything from a high end radar detector, computer accessories or a cheap ipad competitor. I was just wondering what all is out there.
Already has xbox 360 with the latest shooting games, and specifically said he does not want any motion gaming.

Answer
ya guys love electronics , i suggested exploring christmas gifts sites like : http://christmasgifts.shop.ms/
look around the electronics or automotive sections and find something that will make him feel happy and get it for him .

Gift of Equity?

MDK

My wife and I are about to buy my mothers house. The mortgage officer told us that the "gift of equity" is the way to go if my mother is ok with it. He has tried to explain it, but I can't get it.

for instance....
buying the house at 270,000
loan amount is 270,000
mother owes 190,000 on the house
mother receives 80,000 in poket
home is valued at 300,000

mortgage officer says closing cost (about 15k) can be covered with a gift of equity.

can anyone explain this? is the equity in the house (30k) paying for the closing cost? if so, I'm not making payments on that closing cost......

thanks
in response to KL

If I buy the house for 270k, where does the 30k come from (if I receive it from my mother)

I live in Delaware, closing costs are known to be high. having to pay state and county taxes

Answer
A gift of equity is the same as your mother giving you the $30,000 in cash to cover your down payment and the closing costs.

Gift of equity can only be used between imediate family members and are great!!!

The way it will work is you will buy the home for $300,000, but receive $30,000 from Mom, so your loan only has to be $270,000. It's a great way to go!!!

One problem, though...$15,000 is pretty high in closing costs (unless is includes pre-paids and you're going to have a lot in taxes due.)

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