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if I hold a mortgage is the max interest rate I can charge in the state of NJ

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

will you plz elaborate your question little bit.As it is not very clear from your post what exactly you want to convey>>>

gmakerley · Posted: Fri Mar 06, 2009 11:49 am Post subject:

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.

eric1 · Posted: Sun Mar 08, 2009 10:33 am Post subject:

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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mortgage rate in NJ