Q: How much is my real estate note worth?

A: The value of a note is based on the type of property, location, down payment, interest rate, payment amount, term, as well as the borrower's credit and payment history.

Q: Will I incur any out of pocket expenses?

A: No. Mackinac Savings Bank pays all costs associated with selling your mortgage or note, including title and recording fees, appraisal, credit reports, etc.

Q: What are the steps involved in selling my note?

A: The following is an overview of the steps involved in selling your mortgage or note:

• QUOTE - We first provide you with a free, no obligation cash quote, which may include a number of purchase options to suit your individual needs.
• DOCUMENT REVIEW - Upon your acceptance of the quote we will ask for COPIES of your loan documents (mortgage/deed of trust, note, closing statement, etc.). The documents may be sent via fax, e-mail, or regular mail.
• DUE DILIGENCE - Upon receipt of the documents we will perform our due diligence including title search, appraisal, etc.
• CLOSING - Closings are typically set up with a title company agent conveniently located to you.

Q: Can this be done through the mail?

A: Yes. The sale can be completed confidentially by mail, express courier such as Federal Express or in person.

Q: Can I sell just a portion of my note?

A: Yes. Example: Let's say you have a 20 year loan (240 total monthly payments). You can choose to sell just the next 48 payments (4 years). After 4 years the remaining payments would be paid directly to you.

Q: Will the sale of my note affect my borrowers?

A: No changes are made to your note and mortgage. The only change is to whom future payments are made.