Quote:
Originally Posted by stevej37
I can tell you what is not a good rate...
In 1981, the best rate I could manage to get was 17.75% on a 3 yr balloon mortgage.
At the end of the 3 years, the rates started backing down and I ended up with 15% till paid off.
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In that same era i got a fantastic deal for my 30 year mortgage, only 12.5%
I ran an amortization tables and after my first payment I paid like four bucks in principal. I was broke and had no money, interest rates were insane high. Later in life I accumulate some money and the interest relates dropped to .5% on a 10K CD.