All About Mortgages

4 Responses to “Real Estate- Buyer Will Finance?”

1. Rico on December 22nd, 2009 at 8:29 am

   It means that you are borrowing from them instead of the bank. There is no need to be any more wary than if you were buying property anywhere else. But usually the terms aren’t as good as you can get at the bank (if you have good down payment, good credit). Also, they may be asking more for the property because they assume the buyer can’t get a loan from a bank.

2. SD on December 22nd, 2009 at 11:05 am

   This is called owner financing and although it is not very common it is out there and there is nothing wrong with it.It is usually given by the seller over a short term (comparing it to a conventional mortgage) and there is a balloon payment at the end.If you are qualified for a loan thru a mortgage broker I would say, go with that option.I am a mortgage broker myself and we cover several states and work with more than 200+ lenders.And I say get more than one pricing.If you are interested I would be more than happy to help.Thank you

3. Anonymous on December 22nd, 2009 at 11:18 am

   Seller financing is often a good deal because you don’t usually pay points.

4. godged on December 22nd, 2009 at 3:09 pm

   Often when people cannot qualify for a regular mortgage, they look for a home where the owner (seller) will carry the financing. Typically, this is not at an attractive interest rate.
   If you don’t have credit issues, you would be better off with a conventional loan. And you can pass on the sellers offer of financing.

Leave a Reply