Are Owners Carrying Back Notes?

“Are many owners carrying back notes nowadays? I almost never see it offered. With savings interest rates in the 1% range, you’d think it would be very common.” Answer: Good question. I agree with you that many owners would benefit by “being the bank” and letting the buyer make payments on a first or second
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How Big Your Down Payment Should Be

“Is it wise to put down a large down payment or put down the smallest amount possible? We have a lot of cash from the home we sold in Boston and can put down almost 50%. Or should we go 10% down and borrow the rest?” Answer: Simple question, not as simple to answer. Regarding
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How Banks Approve a Short Sale

“What do banks look at when they decide if they’ll approve a short sale?” Answer: Banks look at: 1. The owner’s “hardship” or reason for having to sell. 2. Whether they think the owner can keep making mortgage payments, based on their income relative to expenses, including the mortgage. 3. The owner’s cash, stocks, bonds,
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Learning More About Home Refinancing

“Dear Mr. Kent, do you have some kind of reading material about home refinancing? We would appreciate it if you can send us some materials on this matter because we are seriously thinking of refinancing our San Diego home before our adjustable loan gets mature.” Answer: Thanks for your email. Since I don’t handle mortgages
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FHA Loans on Du-, Tri- & Fourplexes

Is it possible to get an FHA loan on a duplex, triplex, or fourplex? Answer: I was recently discussing that topic with my favorite lender, Robert Geiler of Rancho Financial. Here are the relevant bullet points of our conversation: – All FHA loans are for owner-occupants – The typical FHA loan is 3.5% down –
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