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catriiff
Guest
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 Posted: Fri Mar 06, 2009 8:38 am Post subject: mortgage rate in NJ |
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if I hold a mortgage is the max interest rate I can charge in the state of NJ
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 manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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| Posted: Fri Mar 06, 2009 10:30 am Post subject: |
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| will you plz elaborate your question little bit.As it is not very clear from your post what exactly you want to convey>>> |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7410
Location: bloomfield, ct
63.48 Dollars($)
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| Posted: Fri Mar 06, 2009 11:49 am Post subject: |
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it's pretty evident to me what you're seeking to find out. to my knowledge, usury laws do not apply to mortgage loans. in the current environment, though, i would think that you'd have to settle for a moderate interest rate (such as 6, 7, 8 or so). you'd be making money and the borrower wouldn't be getting hammered. i assume that your purpose is primarily for the purpose of financing a challenged borrower.
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 Dollars($)
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| Posted: Sun Mar 08, 2009 10:33 am Post subject: |
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You are in a unique situation. My guess if the purchaser of your home is unable to get a mortgage on his/her own. Therefore, there may be no other way for them to purchase a home without owner financing. I really see no problem with you charging a high rate in exchange for owner financing. In my opinion, that is the only way I would consider doing it. Hard money lenders are well over 10% in some instances.
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