if you are buying a home owner finance can you still be charged a rent payment on top of the morgage price?

Posted on Feb 4, 2013 in FHA Information

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Fotoloco The Alexandra Condominium Halloween Party by Ortigas and Organization 006
condominium
Image by FOTOLOCO!
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Question by CHRISTINA N: Is it possible to refinance a home equity loan to be able to get a lower rate?
Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, advice how to go about doing that.

Best answer:

Answer by Answer G
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*Competive Rate
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Question by Amanda: if you are buying a home owner finance can you still be charged a rent payment on top of the morgage price?
We are buying a home owner finance and our payment is $ 1600.00 a month but the landlords are keeping 800.00 as (rent) and the other 800.00 to go towards their loan on the house. I thought they had to apply it all to the loan? help

Best answer:

Answer by acermill
You aren’t buying a home ‘owner financed’. You’ve gotten involved with a ‘rent to own’ scheme. The first hint is that the current owners will continue to have a loan, dosage which means that the house will NOT be titled in your names. The house will remain in the names of the current owners until you buy it in a conventional fashion, with a conventional loan. Do NOT continue with this arrangement until you get a professional to clearly explain to you what you are actually doing.

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