|
Another
occasional
request
is
to
have
the
seller
"carry
back"
a
second
mortgage
to
help
facilitate
your
purchase
of
their
home.
In
cases
when
the
seller
does
not
need
all
the
proceeds
from
their
sale
in
order
to
purchase
their
next
home,
this
is
an
option.
The
advantage
to
the
buyer
is
that
by
combining
your
down
payment
and
the
second
mortgage
from
the
seller,
you
may
be
able
to
avoid
paying
mortgage
insurance
and
save
yourself
some
money.
If
such
a
carry-back
is
part
of
your
offer,
you
should
include
the
terms
you
wish
to
pay
on
such
a
second
mortgage.
Keep
in
mind
that
your
first
trust
deed
lender
needs
to
know
this
information
so
they
can
underwrite
your
loan,
and
they
have
certain
minimum
requirements.
The
minimum
term
of
the
second
mortgage
can
be
five
years.
The
minimum
payment
can
be
"interest
only."
Longer
mortgage
terms
and
payments
that
also
include
principle
are
also
acceptable. |
