What is my mortgage note worth?
So you’ve sold a home or property or business and financed the sale. In order to put the sale together you decided to owner finance it. Now, you are wondering what is my mortgage note worth? In this blog post we cover four key factors in determining what your mortgage note is worth.
1) How long has your note been in place?
Generally, your mortgage note worth will be higher the longer the note has been in place. I do have a program where I can buy with one payment made… and that payment can be made at the closing table of the property sale. So in reality, we can buy notes with no seasoning…. but you will receive more money with six or 12 months of payment history.
2) What is the credit of the borrowers?
Credit plays a major role in determining what a note is worth, as this is a risk-reward business. Your mortgage note worth will be higher with better credit. The better the credit, generally the more we will pay. We do buy notes with credit scores in the 500’s but the note has to have some good points (for example, perfect pay history, large equity position, short amortization period, etc.).
3) How much equity does the borrower have?
How much does he/she have at risk? What will the payer lose in event of default? Generally, your mortgage note worth will be higher if the buyers have a strong equity position. So, we will determine property value to determine property value with a property evaluation done at our expense. We use property evaluation firms, drive-by appraisals and sometimes BPO’s.
4) To make a fast and fair offer, we need the note details.
The easiest and fast way to find out your mortgage note worth, is to fill out the below form. Or you may call us at 772-232-2383.
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We buy mortgage notes in all states.
And we specialize in buying notes that other note buyers aren’t able to purchase. Check out what some of our note sellers have had to say about us.
Primary States in Which We Buy: |Alaska| Arkansas| Alabama | Arizona |California | Connecticut |Colorado| Georgia |Hawaii| Florida | Idaho| Iowa | Illinois |Indiana | Kansas | Kentucky |Louisiana| Maine | Maryland |Michigan | Minnesota | Mississippi | Missouri| Montana| Nevada| New Hampshire | New Jersey | New Mexico | New York |North Carolina |North Dakota | Ohio |Oklahoma | Oregon| Pennsylvania| South Carolina |Tennessee| Texas | Utah| Virginia | Washington | Wisconsin |West Virginia | Wyoming|