Quote:
Originally Posted by GH85Carrera
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.
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You were fortunate to get that rate!
Before signing the 3 yr balloon, I went to a different bank.
The best that they could do was something called a "home title purchase loan?"
Had to pay $500/month for a year. At the end of the year, they would re-evaluate the loan.
I asked the loan rep, "how much of the $500 monthly would go towards the principal after renewing the loan. His answer...."None"
