Mortgage and Refinancing Information Channel:
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Although any loan used for buying real estate is strictly called a purchase money mortgage, the term is often employed for seller financing, those transactions in which you "take back" a mortgage as part of the purchase price. These arrangements are suitable, of course, only when you do not need your proceeds immediately toward the purchase of another home.
Taking back financing could make your property easier to sell during a difficult mortgage market. You might hold out for a higher sale price or interest rate, because your buyers will have fewer closing costs than usual. And sometimes your income tax situation, particularly with investment property, makes it advantageous to receive the proceeds over a period of years.
But seller financing is sometimes sought by buyers who cannot qualify for regular financing, and then the question arises: if a bank won't trust them with a loan, why should you?
A large down payment, of course, represents some safety. If you ever had to foreclose, the debt might be covered by the sale of the property. And asking for a large down payment serves to separate strong buyers from those who are weak financially -- unless, of course, they're going out and borrowing the down payment elsewhere. In that case they could end up with unmanageable payments, which would put your loan in danger.
So you should insist on an analysis of the borrower's financial position, just as a bank would. Your lawyer, accountant or broker can obtain a credit report on prospective buyers. You'll be able to see how seriously they take paying their bills.
Analyze the buyers' present debts and income to ensure that they're not getting in over their heads. Look for job stability..
If you do go ahead, have your own lawyer draw up or at least review the mortgage or trust deed documents they will sign. And be sure the mortgage is promptly entered into your county's public records, to establish the priority of your lien, your financial claim, on the property.
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MORE RESOURCES updated Wed. August / 12 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Mortgage Rates Hit Yet Another Record Low The Motley Fool
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
5 Unexpected Sources of Retirement Income Dothan Eagle
How to Refinance a Jumbo Loan Credible News
What Is A No-Closing-Cost Mortgage? Bankrate.com
How the right questions yield smart mortgage... Kent Reporter
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Bots Help Meet Mortgage Demand Credit Union Times
Low interest rates fueling explosion of bank activity in Spokane The Spokesman-Review
Mortgage refinance: Everything you need to know Fox Business
Smart Money Podcast: Lower Mortgage Rates, and Moving During a Pandemic StarNewsOnline.com
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market - MarketWatch
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market MarketWatch
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana - REBusinessOnline
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana REBusinessOnline
How Does Mortgage Repossession Work? The Motley Fool
10 things to know before refinancing your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
Report: Fewer Homeowners Think Now Is a Good Time to Buy The Motley Fool
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Sell Rocket Companies: It Is REKT Seeking Alpha
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - TippNews DAILY
New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans TippNews DAILY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
How does mortgage refinancing work? Bankrate.com
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
State to offer mortgage at 7pc in September Business Daily
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
The basics of no-closing cost mortgage refinancing Fox Business