Mortgage Terms / Seller carrying paper

L

littleones

New member
Jan 22, 2014
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Hello,

I have a couple of questions regarding real estate loans:

1) What is the typical terms of a residential loan for a condo? (In other words, how many years are they typically repaid and what is the current interest rate)?

2) Can a loan be specified to be paid in US dollars?

3) Can a seller carry the paper?

Thanks!

Littleones
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
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252
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www.drlawyer.com
littleones said:
Hello,

I have a couple of questions regarding real estate loans:

1) What is the typical terms of a residential loan for a condo? (In other words, how many years are they typically repaid and what is the current interest rate)?

2) Can a loan be specified to be paid in US dollars?

3) Can a seller carry the paper?

Thanks!

Littleones
Click to expand...

1) They vary depending on the bank. Terms are a lot shorter than in the US; rates, a lot higher (12% in pesos, slightly lower in dollars).

2) Yes.

3) Yes.
 
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