Personal Loan Rates, What to expect
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re: Personal Loan Rates, What to expect
Posted by TheWiz on 11/14 at 2:10 pm to yellowfin
So they came back with a 4.25% balloon for 24 months, and converts to a fixed term for 5 years after that. I told them that would absolutely kill me. I asked them to see about working something more along the lines of a 5/10 or 5/15 balloon, but it doesn't seem likely.


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Posted by TheWiz on 11/15 at 4:22 pm to TheWiz
So the lender came back again. We're definitely getting a good ole boy deal. Offered a 4.25% 24 month interest only, and instead of going into term they're going to re-issue the remainder for another 24 months interest only. Then they'll issue one more 12 month interest only note, which will then balloon to a 5yr term at the end of that. (Rate then TBD). The interest only will be low enough that we won't hit our monthly budget, and we'll still be able to apply several $100 towards principle for the next five years. Every little bit counts, in that aspect, and we should be able to chip away about $24,000 worth of principle over those five years.


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Posted by yellowfin on 11/15 at 4:28 pm to TheWiz
(no message)

This post was edited on 11/15 at 7:49 pm

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Posted by TheWiz on 11/15 at 5:02 pm to yellowfin
Haha. It's going to save me exponentially, but I'm dreading that $4800/month note come 5 years from now, but it will only be for five years.


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Posted by lnomm34 on 11/15 at 8:08 pm to TheWiz
quote:

$4800/month note





OUCH! That hurts me just thinking about it.


But, I'm glad you got it worked out.



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