They are in business to make money. If you have bad credit .
You will not get a mortgage loan to buy period. So to remedy that they charge high interest 10%. I bought home in last recession for low price and cheap monthly mortgage despite repairs needed. Because I figured I would save money monthly by occupying the property over the years .
I also knew that i would completely pay my small principal balance down in a period of a few years . I then refinance with them after 10 yrs for another 15 yrs. By this time I have saved thousands of dollars on not having to rent. Took extra capitol and fixed property up over the years and now I'm almost completely paid off in full with low monthly and 90% of payment goes toward principal because my balance is very low.
My advice dont pay inflated price get inexpensive price home from them so your high interest rate won't eat up all your payment amount. Then pay alot toward principal ea.
month. The less you owe the less you lose in interest.
User's recommendation: You get what you pay for. Recommend them if price is right on property.
Monetary Loss: $11.
Preferred solution: No.
Rose Acceptance Pros: Low down payment owner financing.
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You didn't have to rent. Good.
I never liked papering the walls with cancelled rent checks. But do not forget the costs of taxes, insurance, loan interest, maintenance, equipment, improvement and loss through depreciation due to age and normal wear and tear when buying. And you have to mow the grass. Predatory lenders should naturally be avoided and publicly chastised.
I never understood the ethics of charging the less affluent more for the same thing (higher interest for home loans) as long as the borrower holds up their end and makes timely payments.
All that does is makes it harder for the borrower to stretch the budget to cover the house payment. That seems ugly and unfair and helps keep people in a cycle of scratching and scraping for a decent life.