Finance - Seller Financing Flashcards
Seller finances are often referred to as ___ ___ because their involvement in real estate financing was never their goal when they initiated the sale of their property.
When it is difficult to get money, buyers often ask sellers to finance or “___ ___” part of the purchase price in the form of a (usually) ___-___ ___. This technique has caused this type of loan to be a major force in the primary market.
Unintentional Investors
“carry-back”
short-term loan
Sellers are usually able to charge slightly ___ than market interest rates for agreeing to finance buyer purchases.
higher
Mortgages Bankers ___ and ___ mortgage loans for the ___ and ___ of housing.
They may use their ___ funds, ___ funds, or act as a loan ___ for a particular out-of-town investor, such as an insurance company or pension fund.
They often specialist in ___-insured and ___-guaranteed loans.
Chase Mortgage is a mortgage banker.
Mortgages Bankers originate and service mortgage loans for the construction and purchase of housing.
They may use their own funds, borrow funds, or act as a loan correspondent for a particular out-of-town investor, such as an insurance company or pension fund.
They often specialize in FHA-insured and VA-guaranteed loans.
Mortgage Brokers do ___ lend money nor service loans. Rather, they ___ ___ a lender and a borrower for a fee paid by the ___ institution.
They generally work with and represent many ___ institutions.
Mortgage Brokers do not lend money nor service loans. Rather, they bring together a lender and a borrower for a fee paid by the lending institution.
They generally work with and represent many lending institutions.
