- Mortgage Lenders Plus.com Asks: Should Home Buyers be Financing with Mortgage Relics?

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Mortgage Lenders Plus.com Asks: Should Home Buyers be Financing with Mortgage Relics?
Added: 10/03/2006 Type: Summary Viewed: 244 time(s) [ Not Rated Yet ]

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Mortgage Lenders Plus.com Asks: Should Home Buyers be Financing with Mortgage Relics?

Mortgage Lenders Plus.com announces a new mortgage financing column that targets the age-old question: How do home owners sell in a buyers' market without lowering the price? With home sale inventories at levels not seen since the mid-1990s, many owners are turning to a trusted marketing tool -- the owner take-back. To get the best possible prices, these owners are financing part of the transaction, even for buyers with weak credit.

An owner take-back may have been a great way to hold the line on sale prices in the past

"An owner take-back may have been a great way to hold the line on sale prices in the past," says Peter G. Miller, author of "The Common-Sense Mortgage" and a columnist syndicated in more than 80 newspapers. "But with so much mortgage financing available with little or nothing down, owner take-backs are unnecessary relics and inappropriate for most buyers today."

Miller says buyers need to ask: "Do I need a loan from the seller to make this deal work? Or, am I better off getting financing from a regular mortgage lender and then holding out for the lowest possible purchase price?"

In his latest column for Mortgage Lenders Plus.com, Miller says buyers should check seller financing offers for such matters as the interest rate, the length of the loan, balloon payments, how the loan can be paid off, rules for late payments and "gotcha" clauses -- hidden terms that can turn dream financing into a disaster.

About Mortgage Lenders Plus.com:
Established in 2000, Mortgage Lenders Plus.com provides a unique online destination for borrowers seeking information about mortgage financing or re-financing real estate. Loan requests worth nearly $10 billion have been processed on the site, and that number grows each day. The company is not a mortgage lender, broker or escrow agent; instead it provides an unequaled marketplace where you can match your needs and wants with nearly 200 competing mortgage lenders.

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