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3 Responses to “What Would Be A Good Interest Rate For Someone Holding A Note On A Mortgage For Someone Without A Credit Check?”

1. Jeanbug says:

   July 29, 2010 at 1:54 am

   I wouldn’t hold a note on a mortgage without a credit check unless they were willing to put down 30%. And, even at that, I’d be more inclined to charge higher interest because of the incredible risk involved. I think your investor is either highly inexperienced and doesn’t realize what can go wrong with this OR is a relative who trusts you explicitly.
   The fact that someone is willing to do it at all AND at 7.5% interest is amazing. So yes, it’s a good rate.
2. Expert Realtor says:

   July 29, 2010 at 8:37 am

   There is no such thing as “not wanting a credit check for business reasons”…if you have THAT much to hide, then you need to take a look at how you are doing business.
   Honestly? 7.5% would be a steal..I have private investors, but none of them will touch someone with no credit check for under 15%.
3. Iffy says:

   July 29, 2010 at 9:32 am

   I would want 10% interest and insist on a credit check. Take the 7.5 but pay a lawyer to review the contract before you sign.