Factors that Will Affect Your Mortgage Note Sale
Wed, Mar 28, 2018
Do you have a private mortgage note that you are considering selling? Private mortgages have become more popular over the past decade as more millennials enter the housing market. Unfortunately, many millennials may have a large amount of student loan debt, intermittent job history, or lackluster credit that prevent them from qualifying for a conventional home loan from a bank.
Homeowners who are looking to sell their home and own their home outright may consider financing the sale of their home to a prospective buyer, like a millennial who may not qualify for newer, stricter mortgage qualifications. If this is a viable option, it could be a good investment for the seller as he or she will earn interest over an agreed upon term. Basically, the seller becomes the bank and holds the note until the loan is paid back.
However, things can change, which might make a sale of the mortgage note necessary. There is a market out there where someone can sell their mortgage notes for a fair price. If the mortgage note owner needs to reduce their debt, seek a new investment opportunity, or pay for a major life event, selling the mortgage note may make a lot of sense.
If you are the owner of a mortgage note, you may wonder whether you can get top dollar for your note. Here are some factors that may influence your sale:
Interested in seeing what you can get for your private mortgage note? Please click here to begin the sales process with a reputable buyer, and you may be able to receive a lump sum payment for your private mortgage note in as little as 30 days!
Homeowners who are looking to sell their home and own their home outright may consider financing the sale of their home to a prospective buyer, like a millennial who may not qualify for newer, stricter mortgage qualifications. If this is a viable option, it could be a good investment for the seller as he or she will earn interest over an agreed upon term. Basically, the seller becomes the bank and holds the note until the loan is paid back.
However, things can change, which might make a sale of the mortgage note necessary. There is a market out there where someone can sell their mortgage notes for a fair price. If the mortgage note owner needs to reduce their debt, seek a new investment opportunity, or pay for a major life event, selling the mortgage note may make a lot of sense.
If you are the owner of a mortgage note, you may wonder whether you can get top dollar for your note. Here are some factors that may influence your sale:
- The amount of money that was put down as a down payment
- The credit history and score of the borrower
- The payment history of the borrower
- Whether the note is a recourse note
- How long the payback period is
- The interest rate of the loan
Interested in seeing what you can get for your private mortgage note? Please click here to begin the sales process with a reputable buyer, and you may be able to receive a lump sum payment for your private mortgage note in as little as 30 days!