Question : 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?
- asked by mary75862
All Answers:
Answer #1
Take a look at your loan contract. Is there apayoff penalty? The owner may not want to sell thecontract.
- answered by bonnie s
Answer #2
can it be; yes. visit your bank or any mortbroker. Whilesome carrybacks run a minimum periodof time, I can't imagineany seller not wanting tobe cashed out
- answered by kemperk
Answer #3
You'll have to look at the terms of your contract.If there is no prepayment penalty, then I'd say gofor it. If there is, weigh out the difference insaved/lost. You should have had a term length forpayment in full when you set up your contract,usually 2 year or more. If the person holding themortgage currently is doing owner financing forprofit, then they might want you to live out theterm of the note. If they did it as an additionaloption to sell there home, they might love theidea of you refinancing and taking full legalpossession of the property.
- answered by Tikalian
Answer #4
Yes, you will definitely refinance. I know oneonline site which is best for all refinance.Ithink it will help you more.Just visit at once youwill get more ideas form there and which will helpyou to solve your problem.
- answered by Niks
Answer #5
Yes, the company you refi thru will pay off theindividual who currently holds your mortgage. Ijust closed on my refinance. Went from a 30 yearfixed to a 15 year fixed. I'm now paying roughly$190 more each month, but will pay of my mortgagein half the time. I'm saving over $200,000 ininterest cost!Just be sure to do your homework onrates and programs, especially if you have specialcircumstances such as poor credit or incomechallenges.
http://www.low-cost-loan-secrets.com/finding-the-best-refinance-rates
- answered by JD Bell
Answer #6
There are some decent tips at
http://www.arizonamortgagerefinance.com/
- answered by Dubs
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