In the US experience, I've often heard or read of people "writing their own mortgage", I mean to say when selling a house.
You'll hear of a "doctor or attorney" writing their own mortgage on a sale, or, you'll read in one of those be-crafty-with-real-estate books about how you can convince a sellor to write the mortgage themselves. (Assuming I have this generally correct.)
So, say party A is a friend or perhaps tenant of party B, party outright owns house H which would sell for $200,000 say.
In general how can party B write the mortgage and thus sell the house to party A?
Is it basically a matter of party A getting an ordinary mortgage (from ordinary megabank M), but A guarantees the mortgage to M?
Or does A literally create a legal mortgage agreement (perhaps using some ready-to-go system or consultants available for this purpose?)
Is this sometimes done so that A does not have to have a deposit, or, if A has plenty of income (as known personally to B) but has no deposit, is a Drummer, no credit or whatever?
What about critical issues like PMI?
Has anyone here ever done anything like this on either end?
Indeed (surprisingly) I couldn't immediately google any info or QA here on the topic: perhaps because of my lack of terminology.
(I just naturally assumed there'd be web sites ("write your own mortgage.com"), self-help books ("Mortgage America! The write-your-own-mortgage revolution and what it means to your family's future."), and consultants that do it for $49.99 on an 800 number - you know, hey this is America!)
In short to make my question more specific, (1) where the heck do I gain information on this idea of party B "writing a mortgage", (2) has anyone done this sort of thing and/or could the steps be outlined in a few words?