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helfire752 · Joined: 02 Dec 2007 Posts: 1 1.45 Dollars($)

zero percent interest morrtgage loans

jenkin7 · Posted: Mon Dec 03, 2007 2:13 am Post subject:

Hello Helfire,

The zero percent interest mortgage stays at zero percent at the beginning of the loan, usually for 1-2 months and then gets converted in to an adjustable rate mortgage.

There are many lenders in this community who participate in the forums regularly, you may talk to them and also ask for the mortgage quotes.

livinginnky · Posted: Mon Dec 03, 2007 1:25 pm Post subject:

I want one that pays me for using their money. How great would that be.

evolovik26 · Posted: Mon Dec 03, 2007 8:04 pm Post subject:

both of these are possible
zero interest mortgage is out there and is practiced among Muslim community. According to Muslim religion it is prohibited to pay interest. So to avoid this some Muslim run credit unions and community banks offer a 0% interest mortgage.
What they do is calculate how much you would have to pay for your home over next 30 years and sell you the home for that price. So now you have a 500k interest free loan on a 200k home. (simple)
Now as far as paying for your home with their money that is also possible Eric Smile

There are "investment clubs". They sell you the property at, say 100k higher, then what seller wants for it in a selected community. The extra 100k minus the generous commissions go to the investment club which invests that money and pays your mortgage for you. And you are encouraged to find more suckers ( oops i meant "investors") to join your community.
The only problem arises when the community fills up and the invested money disappears along with the investment guru that started the whole thing.

So all things are possible but there are no free lunches.

kpatrick · Posted: Mon Dec 03, 2007 9:17 pm Post subject:

Wow Eugene,

That is some crazy stuff!!! Laughing

shane · Posted: Tue Dec 04, 2007 2:11 am Post subject:

Islamic Mortgages are widely popular in the UK. A good book about such type of mortgages is "Pious Property: Islamic Mortgages in the United States" by Bill Maurer.

jenkin7 · Posted: Tue Dec 04, 2007 2:24 am Post subject:

Hello Shane,

Welcome to the forums.

Thanks for sharing the information.

shane · Posted: Tue Dec 04, 2007 2:25 am Post subject:

Thank you and you are welcome, now only if I could get my signature to appear correctly...

livinginnky · Posted: Tue Dec 04, 2007 9:21 am Post subject:

Yeah, I sell cheap property in Florida too. Did I mention it is waterfront. LOL

sagarthakar · Joined: 15 May 2007 Posts: 71 27.67 Dollars($)

Eugene's last sentence is important

So all things are possible but there are no free lunches.

Well Said and explained.

Sagar

candid_kris · Joined: 21 Dec 2007 Posts: 6 2.57 Dollars($)

yeah i agree to that "No free Lunches" thing...

There is nothing FREE nowadays...(maybe there are free things but not like the things that we're discussing... Very Happy

)

scherzeroni · Joined: 05 Jan 2008 Posts: 51 18.77 Dollars($)

You have a zero percent chance of finding a zero percent loan. If you do by chance find it, let me know, I would like one of those too.

shane · Posted: Mon Jan 07, 2008 3:39 am Post subject:

Irene, read Eugene's response... 4th from the top, and you'll find out what a zero interest loan is.

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