Posted by Buck on July 22, 2002 at 09:56:48:
This may be a sub-category of Contract for Deed, but owner financing may also include a wrap mortgage. This is where, for example, you want to buy my house. I finance to you $100,000 @10% for 30 years, but I have a mortgage for $80,000 @6% for 22 years.
You’ll may me $878 for 30 years. I’ll pay the bank $547 per month and pocket $331 for 22 years, and then pocket $547 for 8 years.
Of course, I have to be young enough to last that long
Have a good one