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To set up a private mortgage, you need to create a legal agreement between you and the borrower outlining the terms of the loan, including the loan amount, interest rate, repayment schedule, and consequences for default. It's important to consult with a lawyer to ensure the agreement complies with all relevant laws and regulations.

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6mo ago

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Related Questions

Can a private mortgage lender get pmi?

Of course. Lenders can set the terms of lending their money out.


Is private mortgage insurance available in Pennsylvania?

Yes private mortgage insurance is available in Pennsylvania. Private mortgage inusrance is available in all states you just need to look around and find a place that deals in private insurance.


What are capped rate mortgages?

A capped rate mortgage is a mortgage arranged for a set period of time to either go up or down with a variable rate. The mortgage is allowed to fluctuate but cannot surpass a set cap.


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With a private mortgage, one does not borrow money from a bank. One borrows money from an individual or a business. There are risks involved with a private mortgage so one should be well prepared before getting a private mortgage.


Where is an application for an ING mortgage?

Contact your local ING branch or a Mortgage specialist to set up a meeting and complete and application.


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You cannot.


Is mortgage protection insurance necessary to have?

Yes and no, mortgage protection insurance is necessary to have. According to the Private Mortgage Insurance Law lenders who put less than a 20 percent down payment on there loans are required to pay private mortgage insurance or mortgage protection insurance.


Is private mortgage insurance tax deductible?

NO


When can you request PMI to be removed from your mortgage?

You can request to have Private Mortgage Insurance (PMI) removed from your mortgage when you have reached 20 equity in your home.


How does private mortgage insurance protect borrowers in the event that they are unable to make their mortgage payments?

Private mortgage insurance (PMI) protects borrowers by covering the lender's losses if the borrower defaults on their mortgage payments. This insurance allows borrowers to qualify for a mortgage with a lower down payment, but it does not protect the borrower directly.


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Depends.. it can be and it cant be depends on the set up of the mortage but mike garofalo at ihaveaplanusa.com can help you with that and many other retirement solutions