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I feel like there should be a difference between "rent" and "mortgage rent" (programming.dev)

submitted 10 months ago by danhab99@programming.dev to c/chat

28 comments fedilink hide all child comments

Since the housing market looks like a crowd of people just signing mortgages as fast as possible just to then turn around and charge that mortgage plus a little bit.

I shouldn't pay someone's mortgage like seriously this is just adding an unnecessary problem to the real problem of "living somewhere"

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[–] originalucifer@moist.catsweat.com 3 points 10 months ago (2 children)

you can buy on a contract that would achieve something like this. kinda like the "rent to own" model

[–] danhab99@programming.dev 2 points 10 months ago (2 children)

Wait isn't that exactly what a mortgage is?

[–] originalucifer@moist.catsweat.com 6 points 10 months ago* (last edited 10 months ago)

no. in a mortgage you technically own the property and the bank has it as collateral against the loan.

a contracted home purchase the 'lender' retains the ownership of the home until you finish paying off the contract. if you dont, they keep the home and the money youve paid to that point.

[–] Nemo@midwest.social 5 points 10 months ago

Not quite, because you can pay off a mortgage early to save overall.

[–] confusedwiseman 2 points 10 months ago

Wouldn’t that be known as a land contract?