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Family member offers lower interest rate loan for current mo

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goliz1 Joined: 29 Feb 2008 Posts: 1 1.26 Dollars($)	Posted: Fri Feb 29, 2008 6:56 am    Post subject: Family member offers lower interest rate loan for current mo Like 0 Dislike 0 I need to find out the details of how to properly execute this related to Florida laws.
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Fri Feb 29, 2008 4:11 pm    Post subject: Like 0 Dislike 0 Hi goliz, Welcome to the forum. If your family members can give a lower interest rate then you can refinance with them but may have to pay prepayment penalty. Best of luck, Larry
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sat Mar 01, 2008 12:33 am    Post subject: Like 0 Dislike 0 Welcome goliz, If you are taking a loan from family member, then you need to make sure that the person providing the loan creates an enforceable note that reflects: 1. The loan amount 2. Payment date/dates 3. Stated rate of interest 4. Collateral or security can you give me some more details of the transaction? _________________ Procrastination is the enemy of your financial success

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