Posted on: 23rd Jan, 2006 10:27 am
I am going to buy a house through owner financing. The seller wants the deal through purchase money mortgage. I want to have some information on it.
thanks
thanks
This is used in owner financing where the mortgage is signed by the buyer and handed over to the seller in exchange for a portion of the purchase price.
I would like to add some more information.
If there is more than one purchase money mortgage then the first mortgage to be recorded has priority.
Thanks,
Murphy
If there is more than one purchase money mortgage then the first mortgage to be recorded has priority.
Thanks,
Murphy
Hi Schulz,
A purchase money mortgage is given to the seller by the buyer where the mortgage constitutes all or part of the compensation received for the sale of the property.
Here the seller acts as the lender. Most of them are for one to two years in length. In some cases it is up to 5 years.
This financing technique is used in Owner financing or Seller financing and is useful when the buyer can't qualify for a bank loan for the total amount.
God bless you.
For MortgageFit,
Samantha
A purchase money mortgage is given to the seller by the buyer where the mortgage constitutes all or part of the compensation received for the sale of the property.
Here the seller acts as the lender. Most of them are for one to two years in length. In some cases it is up to 5 years.
This financing technique is used in Owner financing or Seller financing and is useful when the buyer can't qualify for a bank loan for the total amount.
God bless you.
For MortgageFit,
Samantha
Thanks for the information. I think I have got a fair now.
Schulz
Schulz