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In the fall of 2019 we bought a forested 4 acre property from the owners via “owner finance”. We had exhausted all of the traditional lending options, our terms however required a 31% down payment at a 5% interest rate, which at the time of ZIRP seemed high. A friend had told me that so long as you can have some say in the terms and make the payment that you can get a mortgage that benefits you. We amortized the loan for 30 years to keep the payments low but the owners wanted to be paid off in 10 years. There was no penalty for early payoff and we could make larger payments to decrease interest payments if we chose to. Now we had to decide on what structure to live in.