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Owner financed property, looking to refinance. How easy/hard is this to accomplish?

by candy_199 from Taconic, Connecticut. Dec 18th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

So long as you have been on title for at least 6 months, then it shouldn't be a problem so long as you meet all other eligibility requirements.. Try contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 18th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

It's all in the details, lots of good information above but your credit, income and asset information will factor into the options. The most important thing is selecting a reputable/knowledgable lender who will evaluate your alternatives. I'm a former Berkshires resident - chilly there right now!

Dec 18th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

There is nothing special about getting a regular loan to pay off your contract-for-deed. About the only thing "different" that we need is a third party 12 month payment history on your contract. Something like cancelled checks works fine, and this is only because your payment history would not be on a credit report. I do contract-for-deed payoff's all the time. Learn more at http://joemetzler.com/refinance-contract-for-deed.htm

Dec 22nd 2015
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