Question by mary75862: I want to refinance my mortgage but it’s owner financed. Is that a problem? How would I start the process?
I want to refinance but I have an owner financed mortgage. Can I it refinanced?
Best answer:
Answer by bonnie s
Take a look at your loan contract. Is there a payoff penalty? The owner may not want to sell the contract.
Know better? Leave your own answer in the comments!
can it be; yes. visit your bank or any mort broker. While
some carrybacks run a minimum period of time, I can’t imagine
any seller not wanting to be cashed out
You’ll have to look at the terms of your contract. If there is no prepayment penalty, then I’d say go for it. If there is, weigh out the difference in saved/lost. You should have had a term length for payment in full when you set up your contract, usually 2 year or more. If the person holding the mortgage currently is doing owner financing for profit, then they might want you to live out the term of the note. If they did it as an additional option to sell there home, they might love the idea of you refinancing and taking full legal possession of the property.
Yes, you will definitely refinance. I know one online site which is best for all refinance.
I think it will help you more.
Just visit at once you will get more ideas form there and which will help you to solve your problem.
Yes, the company you refi thru will pay off the individual who currently holds your mortgage.
I just closed on my refinance. Went from a 30 year fixed to a 15 year fixed. I’m now paying roughly $ 190 more each month, but will pay of my mortgage in half the time. I’m saving over $ 200,000 in interest cost!
Just be sure to do your homework on rates and programs, especially if you have special circumstances such as poor credit or income challenges.
http://www.low-cost-loan-secrets.com/finding-the-best-refinance-rates
There are some decent tips at http://www.arizonamortgagerefinance.com/