– Your second home is waiting. Where have you been dreaming to call home? Are you looking for an ocean front view, a place to ski, or something adjacent to the green? Whatever your dream, your second home is a special place, with special home finance considerations. Let’s get you there. Second homes have unique financial and lending requirements.
Seller Financing: How It Works in Home Sales | Nolo – The Mechanics of Seller Financing. In seller financing, the seller takes on the role of the lender. Instead of giving cash to the buyer, the seller extends enough credit to the buyer for the purchase price of the home, minus any down payment. The buyer and seller sign a promissory note (which contains the terms of the loan).
How Do You Get A Second Mortgage When you get a second mortgage as part of your home purchase, your first mortgage lender will handle all of your paperwork and, to you, the work will be transparent save for additional disclosures.