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Does anyone know anything about private mortgages?
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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Does anyone know anything about private mortgages?
Here is what I know...
The person lending you the money can charge up to 2% lower than the current interest rate, or the lowest rate over the past 2 to 3 months.
As the "lendee", you still get the tax benefits of the mortgage-- even if the mortgage is not recorded. Not sure how this works though.
The mortgage can be recorded at any time, so it saves you the recording fees at closing as well.
Anyone knowledgeable about this, or know where I can find out more info?
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Posted 6/2/10 8:18 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: Does anyone know anything about private mortgages?
We had a private mortgage for our first home. We bought the home from my FIL and he held the mortgage. We had it recorded at closing since it was easier.
We had no problem claiming the money at tax time. I believe my accountant developed an ammozation (sp?) chart which we used to determine tax benefits. Let me look at my paperwork since it has been a while.
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| Posted 6/2/10 11:16 AM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: Does anyone know anything about private mortgages?
FM !
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| Posted 6/2/10 10:31 PM |
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