Читать книгу Your First Home - Kimberley Marr - Страница 10

Occasionally, a seller is willing to hold a portion of or possibly the entire mortgage. In this case, on closing, the seller secures the mortgage amount (the debt) on the property similar to what a bank or financial institution does (i.e., the home is used as collateral). The interest rate and terms of this type of mortgage are negotiated between the seller and the buyer. This type of mortgage is less common than traditional bank financing; however, in some cases the seller may offer or be willing to hold a mortgage. Some sellers who do not need the equity in their real estate (especially if they have no mortgage) consider this an investment.