Mortgage Glossary
Owner Financing
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Owner financing is a sale in which the seller extends credit to the buyer directly, instead of a bank or mortgage lender.
What Owner Financing means
The buyer pays the seller per a promissory note and mortgage. It suits unique properties or buyers who can't get traditional financing, often at negotiated terms.
Florida example
A Florida seller of a rural property offers owner financing to a buyer who can't qualify conventionally, taking monthly payments at an agreed rate with a balloon due in a few years.
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