If you dad is doing it 100% by himself, then he can charge you no interest. But if he wants to broker it through a third party lender, you might want to check out your local rates.
You can get free mortgage rate quotes from http://www.lionwoods.com
Just type in your zipcode, and then it lets you compare rates from up to four different lenders. Then you can find who offers the lowest rates in your area. Hope that helps. Good luck.
Actions have consequences
on February 8th, 2010 at 3:08 am#
Lowest? He can charge you zero interest if he wants. Heck, he could charge a negative amount if you can figure out how to arrange that.
It’s his money, nobody cares what he does with it.
3 Responses to “What Is The Lowest Legal Rate A Private Party Can Finance A Mortgage For?”
uhhh, 0%. he could charge you negative interest or just buy you the house
If you dad is doing it 100% by himself, then he can charge you no interest. But if he wants to broker it through a third party lender, you might want to check out your local rates.
You can get free mortgage rate quotes from http://www.lionwoods.com
Just type in your zipcode, and then it lets you compare rates from up to four different lenders. Then you can find who offers the lowest rates in your area. Hope that helps. Good luck.
Lowest? He can charge you zero interest if he wants. Heck, he could charge a negative amount if you can figure out how to arrange that.
It’s his money, nobody cares what he does with it.