“You have to keep enough cash so that you can pay those required maintenance costs.” In describing the scenarios in which the loan must be repaid – either upon the death of the borrower or at the time.
Most cases of seller financing involve a prospective buyer willing to pay the ask price who does not meet standard qualification requirements. lenders get their money back through foreclosure..
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"A mortgage broker is a contractor who analyzes mortgage loan products and counsels customers on loan availability, qualification requirements, interest rates, and terms," explains finance writer.