Finance
Onwer Finance
You might be thinking, “Hey, could I just make payments directly to the seller instead of getting a mortgage? Then I wouldn’t have to qualify for the mortgage.” That indeed could be a good deal, except that owner-financed deals like this are rare, and are usually available only when the seller is unusually desperate, generous, or stupid.
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The truth of the matter is applying for a mortgage is tough and it is slow. It isn’t the interest rate that is unappealing. It is the loan application process, administrative, and closing hassles that make conventional financng through a bank or mortgage company very unappealing and difficult. Banks and other traditional lenders are very conservative. Over 50% of the people in the U.S. are unable to qualify to buy a house conventionally depriving them of the American Dream IF you played by the bankers rules. Are you one of those people? Owner-financing may be your answer.
