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Re: OT Any mortgage smarts people out there?
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Posted by mjbrown on August 11, 2007 at 07:59:19 from (64.179.12.202):
In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:
You need to find a bank that does farm mortgages. I ran into that once when i stopped at a local bank that was advertising mortgages. They "offered" to lend us money on the value of the house and five acres but hold all (157a) as collateral. I already had a mortgage and told him what I had and to make an offer to me to rent their money. He got huffy and said they don't do businees that way. We had to come to them and ask if they would lend us money on their terms. I said have a nice day.
I bought from family and they held the mortgage. we made a down payment and agreed on interest and time, had a lawyer dot the i's and cross the t's. We split the interest between what I would pay for a loan and what they could get for CD's with the money. I paid less than at a bank and they made more. With a good down payment maybe the owners of the farm you're looking at would be interested in such a deal. It would help them on taxes too.
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