How Owner Finance a Home

How Owner Finance A Home There are mạny benefits to an owner financing deál when purchasing a home. 1000 But there is a specific process to owner financing, along with important factors to takě into account. 1000 Consider The Following If You Want To Finance A Home: Get an appraisal or brokers price opinion from a Realtor (BPO) to determine the price of the home. Partner with a Residential Mortgage Loan Originator (RMLO) and real estate attorney to assist in creating the home-owner financing paperwork. Establish a plan in the event of default, foreclosure or forfeiture of the home. Consider background checks to determine the risk of your owner financing transaction. Discuss a fair down payment and interest rate with your RMLO or attorney. Agree on an interest rate and term with the buyer. Decide if you, as the seller, want to hire a loan servicer to manage payments. Ensure that the contract between parties is recorded legally. Designed & issued in public interest by - www.gertmartens.ca DOMINION LENDING CENTRES