FAQ
03.06) What is a private mortgage?
- Date added:
- Monday, 25 January 2010
- Last revised:
- Thursday, 09 December 2010
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Answer
is when part or the entire purchase price, less than the buyer's down payment, is carried by the seller, the seller is providing owner financing or private mortgage. Instead of the buyer obtaining financing through traditional method, gives a financing instrument to the seller as evidence of the loan and makes schedule payments to the seller.