Best Interest Rates
What is the interest rate spread that most of you would chose if you could create a mortgage note with a buyer? The buyer has a FICO score of about 500, which is in pretty bad shape right now. He wants to purchase the property, and our interest rate is fixed at 5.75% What interest rate would you charge the buyer in order to make your profit?
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If you're selling a property this way, do you hold the deed until the whole mortgage is paid off?
The buyer mentioned they will refinance when their credit is better, in about 6 months or so.