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Thread: Private Mortgage Question

  1. #1
    Junior Member
    Join Date
    Jan 2014

    Private Mortgage Question


    About 14 years ago my Grandparents helped me buy a house, the house is in my name and I have a private mortgage with them that I pay monthly. The house is almost paid off (15 year mortgage) and I would like to see what my options are in borrowing money from a bank using the house as collateral. Will the private mortgage be an issue? I plan on using the money on an investment rental property in hopes to acquire some good debt

    Any informative information will be greatly appreciated, thanks.

  2. #2
    Junior Member
    Join Date
    Mar 2014
    Hello Nautique,

    I have the same question. How does it work. My finances are just starting to straighten up.

  3. #3
    Junior Member whitesoul's Avatar
    Join Date
    Jul 2019
    USA, Chicago
    I heard that this is usually no problem. But in my opinion it depends on the state in which you live.

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