Is this a new type of 30 mortgage???? (loan, fixed rate, 30 year)
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Have been offered a 30 year fixed rate that begins amortizing to the tune of a couple hundred dollars starting from the first payment? Is this something new?? Anyone heard of these???
Have no idea what you are talking about. The way a mortgage amortizes is you pay more interest at the beginning of the loan and less toward the end. For example, a $200,000 mortgage at 4.25%, the first payment is $708 interest and $275 principle. The 25th payment is $683 interest and $299 principle. The 100th payment is $592 interest and $391 principle.