Owner Financing

[Lawrence Robertson]

Hello everyone. Could someone please explain owner financing to me. I think it means that the owner charges a certain amount to let you move into the house, but the mortgage remains in his name. Example: I pay the mortgage on the house and maybe some extra fee to the owner. The best scenario would be for me to send the mortgage payment to the mortgage company and send what ever extra to the owner. If it's more to it... please explain. Thanks!