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How Rates are set for Mammoth Seller Financing |
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How are the rates set for seller financing?The interest rate on Mammoth seller financing (an owner-carried loan) is negotiable. Ask your Mammoth Lakes California agent to check with a lender or mortgage broker to determine the current rate on institutional first (or second) loans.
Mammoth Seller financing typically costs less than conventional financing because sellers don't charge loan fees (points). Interest rates on a Mammoth seller financing loan will also be influenced by current Treasury bill and certificate of deposit rates. Sellers usually aren't willing to carry a loan for a lower return than they would earn if their money was invested elsewhere. Also, sellers want to see that the borrower has good credit and is not high risk. A typical good credit score (FICO) is 700 or above.
Questions about Mammoth Seller Financing?
Ask below or Call us Now at 760-793-6344
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