...mortgage is through you? If you are the lender, you can set any rate you want, it doesn't have to be based on AFR . You could do 1% if you wanted to. If you mean you ...
4 Answers · Business & Finance · 03/06/2012
...so you need add notarized paperwork to the original contract. The new rate would need to meet or exceed the AFR in place at the present time.
1 Answers · Business & Finance · 16/08/2011
In the US, the rule is you have to charge at least the AFR . The AFR on a 6 year note is currently 2%, so 6% would be acceptable...
3 Answers · Business & Finance · 27/08/2010
Have a lawyer draw up the contract, set up an automatic withdrawal from your check to grandparents account. Yes they must claim interest as income and yes you can deduct it.
9 Answers · Business & Finance · 21/10/2010
They should charge you something close to what you could get a commercial loan for. Otherwise, the IRS could make an argument that the difference is a gift to you. So, in this case, they would get a hight tax bill than they were expecting.
3 Answers · Business & Finance · 19/03/2009
The 2% interest rate would because that rate is too low. You would need to find the AFR at the time the note was created--because if the AFR was...
1 Answers · Business & Finance · 25/10/2008
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