Intrest Rate

I am selling a house , Owner Finance on a wrap.
Buyer has no credit history . He has a down payment of 5000.00. What would be a fair intrest rate to charge in texas. (Bell County)

Comments(2)

  • samedwin2nd March, 2004

    Howdy there.
    Take you current morgage rate, add a few points and viola...that's their interest rate.
    If your current rate is 6.5%, charge 9%... Or whatever is fair. Your buyer doesn't care what the interest rate is, just what thier monthly payment is going to be. You make a couple bucks every month, and just as important, when they eventually refinance, you don't end up owing more than them...
    Hope this helps.
    Sam

  • triplem002nd March, 2004

    Thanks for the help, God Bless.

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