Has anyone tried alternatives to traditional bank mortgages? Apparently, there are methods to purchasing a property without interest (or what some call, usury) by allowing the bank to buy a property that the end-buyer is interested in and thereafter selling the property to the end-buyer at a premium but with "zero interest". The point is, this is an alternative for those whose beliefs are against buying/selling using interest.
The problem is, I can't find enough reviews about this thing and I don't know anyone who purchased a property using these methods. Can anyone here shed more light on it or share his/her experiences with us regarding traditional mortgage alternatives?
While I realize your question appears to be about religious reasons for avoiding "interest", I noted your side comment about usury. Which is defined as:
An excessive or illegally high rate of interest charged on borrowed money.
Question: Do you actually think 4% on a 30 year FRM fits this definition?
If it helps, consider a fixed rate mortgage to be a lease which only you can break. That's a 30 year lease. I have no doubt, as time goes by, you'll find your property tax bill to be a whole lot more vexing than the interest. Fortunately, you'll get a tax deduction for both.
posted: May. 6, 2012 @ 7:20p
Usury originally meant the charging of any interest at all. It's quite an interesting history, you might research it a bit if interested.
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