Financing a Home | RISMedia

How does a lease option work?

Sunday, November 25th, 2007

A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place - whether, say, six months, or a year or two down the road. ...

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What is a lease option?

Sunday, November 25th, 2007

It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not. ...

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What are the benefits of seller financing?

Sunday, November 25th, 2007

Seller financing is a viable option when the seller does not immediately need the entire cash equity they have accumulated in the home. ...

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What is seller financing?

Sunday, November 25th, 2007

Also known as a purchase money mortgage, it is when the seller agrees to "lend" money to the buyer to purchase and close on the seller's home. Usually sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a conventional loan ...

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What is a bridge loan?

Sunday, November 25th, 2007

It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan ...

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How does the seller determine what rate to provide?

Saturday, November 24th, 2007

The interest rate on a purchase money note is negotiable, as are the other terms in a seller-financed transaction. To get an idea about what to charge, sellers can check with a lender or mortgage broker to determine current rates on mortgage loans, including second mortgages. ...

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Avoiding Bankruptcy: What Every Consumer Should Know

Thursday, November 8th, 2007

RISMEDIA, Nov. 9, 2007-With U.S. bankruptcy filings up more than 40% this year, Americans 62 years old and older should realize they may be able to avoid bankruptcy by applying for a reverse mortgage loan. ...

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