Posted on: 18th Jun, 2004 04:24 am
Purchase money mortgage is a home financing technique by which a buyer borrows from the seller instead of from the bank. Often both the seller and the bank are involved in the transaction and both of them make loan advances for financing the property.
Purchase money mortgages provide you with an alternative when you fail to qualify for a bank loan or the entire loan amount. Such home loans are commonly known as seller financing or owner financing.
Most of these home loans have a loan term of 1 or 2 years or they may also continue up to 5 years. Prior to getting a purchase money mortgage, a lender should provide you with complete copies of the appraisal or other documents that are helpful in evaluating the property-value.
Related Article:
Purchase money mortgages provide you with an alternative when you fail to qualify for a bank loan or the entire loan amount. Such home loans are commonly known as seller financing or owner financing.
Most of these home loans have a loan term of 1 or 2 years or they may also continue up to 5 years. Prior to getting a purchase money mortgage, a lender should provide you with complete copies of the appraisal or other documents that are helpful in evaluating the property-value.
Related Article:
I was going to purchase a property for a owner. we went down to the bank he had the loan and I paid off the loan and the bank in holding the title until the sale is final. a few weeks in the the purchase I did not want the property so I ask for my money back. He said he will not rturn the money and want half of the money I put down $6,000.00
Ray do you have a contract? If the terms of the contract do noy provide a legal way to back out of the deal you may have an issue. Most sellers will make you buy or forfeit the money
Good Luck
Brian
Good Luck
Brian
I am trying to help a friend draft a purchase money mortgage for a condo. The father purchased a condo and now wants to add son to the deed as joint tenants, but wants a mortgage with the son. Would this be the correct document?
Welcome Sandra,
Your friend and his father should contact a real estate attorney and get the deed drafted from him/her which will help the son own the property as joint tenants.
Your friend and his father should contact a real estate attorney and get the deed drafted from him/her which will help the son own the property as joint tenants.