Having a Family member hold your mortgage?

pw160003 · Joined: 26 Aug 2008 Posts: 2 1.96 Dollars($)

my sons future father in law is very well off and He has offered to give my son and his daughter a mortgage at fixed 6% 30 year term instead of them going to a mortgage company or a bank. He said it would be completely legal and done up with a contract. Do you think my son and future daughter in law should take him up on his offer and is there anything my son should know before doing this, also this would be their first home

Niicss · Posted: Tue Aug 26, 2008 6:15 am Post subject:

welcome PW.

Is your son's future father in law a lender? A lender need to have a lending license to lend money legally. Does he have it? No doubt the rates and terms offered by your son's future father in law is good.

Guest 0.10 Dollars($)

he told him he has a trust fund set up to do the lending

helping_user · Posted: Wed Aug 27, 2008 2:38 am Post subject:

Hi Pw,

welcome back.

I've already posted my suggestion at http://www.mortgagefit.com/ownerfinancing/30year-contract.html#58772 . Please have a look at it.

Thanks.

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