Whether an intra-family mortgage is being used for a new home purchase or to refinance an existing mortgage, the key is to set it up right. Craig Venezia points out that in addition to drawing up standard Fannie Mae mortgage documentation and handling the recording, CircleLending will structure a payment schedule based on the terms provided and manage the entire repayment process including keeping track of interest and principal payments. The company also provides year-end summary reports for tax purposes. This enables lenders to accurately declare interest income while borrowers can benefit from the federal deduction for mortgage interest paid.
For more information on intra-family mortgages, CircleLending offers a free guide at www.circlelending.com/pmm . You can also call 800.805.2472.
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