Quote:
Originally Posted by lo6xzm
I bought a 169K house near Memphis TN in Jan 05. I agreed to a split mortgage to avoid PMI. The 1st loan is at 132K and 5.5% and will reset in 2013. The 2nd loan is down to 13K at 8.35. I plan to pay off the smaller loan by September 08. My monthly mortgage is just under $1200 and I bring home about 5K a month. Did I get screwed? Thanks for any good advice.
PS: I have a paid off -160 acre farm in MO, and 10 yrs to go before "retirement". I will be 47 in May. I am an out-of-state landlord and so far it's been going well.
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Not unless you were having personal relationships with your banker, but somehow, I dont think that was the question you were asking..
January 2005, and January 2008 is 2 different economies, so unless you could get a better rate in Jan 2005, no you didnt. if you could get a better rate at that time, then yes, yes you did, but it would have been a choice of your to not go get the better rate.
overall, the interest rates seem very reasonable even in todays economy.