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Video instructions and help with filling out and completing Trec third party financing addendum
Instructions and Help about Trec third party financing addendum
Okay guys on this one we will go through the form for the third party financing so again here is the contracts one two four that we put together and now we're gonna deal with the third party financing and did them so I'll come over here to my forms and click on the third party financing addendum again remember I set this template up myself if you needed to go to the forum and find it you come over here and start typing in the information you will have to come down here and click all and then you'll see these pop-up here third party financing addendum which is this one right here and you would click it and it would pop up in this section excuse me okay so this third party financing addendum is a conventional loan I know that by the percent that they're putting down of course you would know that in the process when you're dealing with the lender and the buyer you would know what they would be doing so I would click this button here the and this one here this is for folks that are doing just one loan if they're doing two loans then you would utilize both a and B here generally you'll just be using a so the first mortgage on the principle amount of and that is the coming back here you'll find the amount on the contract here that you're financing the 380 they're not financing the 475 total price because they're putting ninety five thousand dollars down in cash so this 380 is what you will use I do in full this would be 30 years if they're doing a 30 year note if they're doing a 15 year note then you'd put 15 they're not to exceed percent wise so this is where you're going to be putting their the interest rate so in the current market that we're in if I put something like four point five four point seven five that is just a protection for the buyer that if the interest rates rose any higher than that let's say I had five percent here let's say for some reason the interest rates went up to five point two five if my client possibly based on on their financial situation would not be qualified to purchase at five point two five so this just protects them with interest not to exceed five percent in the first thirty years so that right there is just a protection piece it does not mean that that is what their interest rate is it just is a protection piece for them so if you have any other questions on that let me know but that is sometimes the buyer will ask that question is that my interest rate no their interest rate may be four point seven five that the lender is quoting them but that's in a sense of built-in protection piece for them.