Family member offers lower interest rate loan for current mo

goliz1 · Joined: 29 Feb 2008 Posts: 1 1.26 Dollars($)

I need to find out the details of how to properly execute this related to Florida laws.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

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 · Posted: Sat Mar 01, 2008 12:33 am Post subject:

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?

All times are GMT - 7 Hours

Page 1 of 1