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  1. #1

    Question What is the limit for charging interest until it becomes usury?

    In most states the limit is 21%; a few states have no limit. Once you loan money or sell houses on credit with owner financing, you may have to comply with Federal Regulation Z (Truth-in-Lending), the Real Estate Settlement Procedures Act (R.E.S.P.A.) and other state counterparts. You cannot discriminate against people based on race, religion, sex, age, etc. However, some state and cities have more peculiar restrictions, such New York City, where you can't discriminate against lawyers. To be a part of Real Estate Industry in India you need to learn real estate agent licensing laws. In some cases, your practices as an investor may be treading close that of an agent. Check with your state licensing agency for more information. If you are rehabbing homes, you may need to comply with building regulations and be licensed as a homebuilder or developer. Also, be aware of Consumer Protection laws that regulate high-pressure sales, foreclosure purchases, sale-leasebacks and other distress real estate transactions.

    Many consumers assume that mortgage companies are banks that lend their own money. In fact, a company that you deal with may be either a mortgage banker or a mortgage broker. A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers also known as “direct lenders” sometimes retain servicing rights as well. A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public hence the expression, wholesale lender. A mortgage broker charges a fee for his service, but has access to a wide variety of loan programs. He also may have knowledge of how to present your loan application to different lenders for approval. Some mortgage bankers also broker loans. As an investor it is wise to have both a mortgage broker and a mortgage banker on your team.

  2. #2

    Default Re: What is the limit for charging interest until it becomes usury?

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