Get loan to buy property from family
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enrique
Apprentice
Joined: 21 Dec 2003
Posts: 6
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 Posted: 01/05/08 - 09:28 Post subject: |
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| Hi there! After many years of renting, my wife and I decided that it’s the right time to buy a place of our own. We carefully considered all of our options and we came to a conclusion that we would rather get loan to buy property from family than from an institutional lender. So, can anybody tell us something more about private home loans? Thank you all. |
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winona
Apprentice
Joined: 22 Oct 2006
Posts: 7
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| Posted: 02/04/08 - 02:08 Post subject: |
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| Hello! Nowadays, when house prices are rising over and over again, and reaching record levels, more and more people are turning to their friends and relatives for the money. About 25% of all home buyers get their money this way. Now it’s more institutionalized and is called private home loan, private mortgage or intrafamily mortgage. Basically, it is not much different from getting a usual loan or mortgage. In case of private loan you also make a contract and a payment schedule with your lender. Lender will hold a lien on the property you buy. In case you do not follow payment schedule, he can ask for a full payment or even foreclose on your property. But, you also have a legal protection which means that, for example, your father can’t take your house from you just because you got into a fight with him. Like I’ve said in the beginning, it is a convenient way for buying property so go for it. All the best! |
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