How easy to get a mortgage

how easy to get a mortgage


What if you ask if the seller; If he would be willing to do owner financing and do a contract with him as if you did with a mortgage company except you don't have to qualify for a loan with the bank.

Ask the landlord what is his payments on the mortgage including taxes and insurance. Then if the mortgage payments are lets say 600 a month, you could offer him 700 a month if it fits your budget. This is just an example. Adjust the numbers to your budget.

I calculated the payments as follows.

5% X 30 years = $697.87

5.5% X 30 years = $738.13

6% X 30 years = $779.42

Remember these payments are just interest only so you have to add taxes and insurance to this.

Also keep in mind that you will also have maintenance and you have to pay for your own heating, electricity and all utilities as well. You have to sit

down and make out a budget to make sure you all the numbers work.

See by offering him an extra $100 a month will get his attention. Also explain to him that if he sells you the house this way he will avoid paying taxes on the sale of the property.

If he accepts and neither of you know how to fill out the contract you can contact a real estate attorney or go to a title company that does the paperwork on the close of the house, they would be able to help you as well. You can also contact them to find out what are the procedures,laws or legalities about doing this with your landlord because I do not know what the laws are in your country. Over here in the US this happens everyday and it's 100% legal.

I hope this helps you out. Contact me if you have any more questions about this.

Good Luck

Source(s): Professional Real Estate Investor


Category: Credit

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