Originally posted by Quick Mix Ready
It is retarded, however this. if you get a 40 year loan, it's just carrying you and you pay 3/4th towards credit not principle. it's a suckers deal for someone willing to live for 40 years in that house.
but for me, on a cheap house, if I could get a 3 percent per month, 40 year loan (which I dont think exist anymore) then my payments might be like 450 a month including property tax added in. I could easily pay that while saving money to pay it off in like 10 years, rather than save for 10 years and then houses go up and up and up. never catching up.
this will probably be the last time people will get 3 percent interest rates. this was almost created under the Covid19 fiasco
I was just talking with my loan officer daughter yesterday and she told me the best rate has gone up to like 3.2 % or so. When I asked about the ads I still see offering rates below 2%, she said you might have to come up with $25,000 cash or so for fees to be able to get that low rate. Talk with a loan officer for some straight information and options.
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This trick is cheap, easy and worthwhile. Pop the hood in the dark and look to see if you see any sparks from your ignition/spark plug wires going to ground indicating a need to replace the wires. Probably not your problem but an easy check.
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Hopefully, Mattchew is mooching off a hotel that not only has free continental breakfast but also a sauna or at least a hot tub this time of year so he can stay warm.
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