What are the key factors when looking for a Florida Mortgage Note Buyer?
The most important factor is how much experience does your Florida mortgage note buyer have.
In order for you to get the best advice when you want to sell a mortgage note, make sure you’re dealing with someone with at least five years of note buying experience. And you’ll actually be better off with a note buyer who has many years of experience… one who has proven that he/she can solve problems, overcome difficulties and provide you with the best offers.
The more informed you are, the better position you’ll be in to choose the best Florida mortgage note buyer.
So what are the most important factors?
The first group of factors all pertain to your borrower… what is a his/her credit? Your Florida mortgage note buyer will look at the payer’s credit report. And how has the payer performed on your note. As this is a risk reward business, the better the credit, the better the performance of the borrower, the better the purchase price.
Second, what type of property which is securing your mortgage note? The most desirable note is on the borrower’s home. If a payer develops financial problems and doesn’t have enough money to pay all his bills, the house payment generally will be the last to go… as the he needs a place to live. With a land mortgage note or a note on a commercial property, if a payer defaults, his credit score may be impacted but his lifestyle won’t be.
What’s the equity position of your Florida note? The more equity in the transaction…. the more money the borrower will lose in the event of a default… the more likely the payer will find a way to solve his financial problem if he’s in a financial pinch or has developed financial problems.
How long has the mortgage note been in existence? The longer the payer has been making payments is an indication of how committed the payer is to making the payments… a major factor in determining how much your Florida mortgage note buyer will pay for your note.
And finally what are the terms of the note? All things being equal your Florida mortgage note buyer will pay more for a note with payments with a higher interest rate than he will for a note with payments with a lower interest rate.
In summary, when you looking to sell your Florida note, be sure to evaluate as many companies as you can.
And of course, with our 30+ years’ experience in the business, we would love an opportunity to help and serve you when you are considering selling your mortgage note.
To move forward just fill out the form on www.buymortgage.com or call us at 772-232-2323. We look forward to serving you in any way that we can.
