Do you understand Spanish?
YES
What is owner financing?
Owner financing is a loan from the seller of the property rather than a bank or mortgage lender.
Can the interest rate in owner financing be negotiated?
Yes, like the interest rates on traditional mortgage financing, buyers and sellers can negotiate the rate until they reach a deal.
How does owner financing work?
Owner financing works a lot like traditional financing, the buyer needs a down payment and then makes monthly payments as agreed upon.
What are the benefits of owner financing for buyers?
- More flexible qualifying requirements.
- May have fewer closing costs because there aren’t bank processing fees, inspections, and potential appraisals.
- Seller financing usually closes faster, sometimes within a matter of days, versus traditional financing.
- Buyers and sellers can negotiate the terms, including the down payment, monthly payment requirements, and interest costs.