To: where's_the_Outrage?
Hard to believe the owner thought going from a 5.14% interest rate to a 7.9% interest rate was a good idea.
As the owner says he owes $450,000, assume the loan was for that amount. The difference, 2.76% a year, amounts to $12,420 more a year in interest payments.
4 posted on
03/02/2024 4:23:28 AM PST by
marktwain
(The Republic is at risk. Resistance to the Democratic Party is Resistance to Tyranny. )
To: marktwain
Yes. Refinancing and taking 2 points up the pooper was about the stupidest thing I’ve ever heard. This person should sell his house, have a huge yard sale, buy a cheap house for cash and then take some real estate classes. He done screwed the pooch.
11 posted on
03/02/2024 4:32:26 AM PST by
Bloody Sam Roberts
(The Truth is like a lion. You don't need to defend it. Let it loose and it will defend itself.)
To: marktwain
“Hard to believe the owner thought going from a 5.14% interest rate to a 7.9% interest rate was a good idea.”
Maybe he had a variable rate loan. If prevailing interest rates went up, his rate would go up also.
22 posted on
03/02/2024 4:57:53 AM PST by
ChessExpert
(Required for informed consent: "We have a new, experimental vaccine.")
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