Private Mortgage Note

I hear a lot of people nowadays going for private mortgage notes. Here are some details that can help you if you are really interested to go for it.

Private Mortgage Notes have become common because of its advantages:

• More than 50% of applicants not qualifying for the full amount of loan seek private mortgage note.
  
• Both the owner and buyer can save a lot of money associated with the closing cost and other fees if the transaction occurs through owner financing.
  

Seller may want to sell the note for a lump-sum amount of money and it’s a common transaction nowadays for residential notes, business notes and vacant land notes. Selling a note gives a lot of benefits to the seller:

• Provides immediate cash.
  
• No need to collect payment.