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Wow..did you see the rates in the 80's?? That is nuts!
Those high rates [relative to now] in the 1980s went on for many, many years as you can see. What a lot of people do not understand is that the housing market did just fine back then. When rates jumped into double-digits sales dropped, but for the most part sales were good. These low rates now are a gift. With inflation coming sooner or later real estate is one of the best, if not the best, method to offset higher prices in the near future.
I remember getting really good interest in the bank from savings in those days. Of course houses were less expensive too, it was just hard to be qualified for a loan.
My husbands parents bought their first house back in 1986 after they divorced she remained and continued making the payments
In 2004 after hubby & I were married a few months being the "credit geek" as he lovingly calls me I casually asked her "what is your interest rate on the house" She didn't know so she called the next day gasp 9.5 %
Needless to say she was refinanced into a 5% rate 30 days later
My husbands parents bought their first house back in 1986 after they divorced she remained and continued making the payments
In 2004 after hubby & I were married a few months being the "credit geek" as he lovingly calls me I casually asked her "what is your interest rate on the house" She didn't know so she called the next day gasp 9.5 %
Needless to say she was refinanced into a 5% rate 30 days later
I applaud your 'forwardness'. If more people were less afraid to ask their in-laws about financial matters there would probably a heckuva lot less older folks overpaying for mortgages!
I still here stories from my mortgage broker friends of people in exactly the same situation: some family member finally 'helps out' when mom or dad needs something reviewed (often when a spouse dies or some cryptic letter comes in the mail) and interest rates can be cut pretty much IN HALF!
Good Work!
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You are a good daughter-in-law!!!
