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Posted on 3/3/22 at 3:24 pm to AllDayEveryDay
Bought a house in 81 at 14%. Thought I was shrewd since a friend bought in the same area at 16%.
Also had a money market account paying 12%.
Also had a money market account paying 12%.
Posted on 3/3/22 at 3:28 pm to Salmon
I built mine in late '70s. I paid 9.5%.
Thanks to the peanut farmer and his Demoncrap buddies.
Thanks to the peanut farmer and his Demoncrap buddies.
Posted on 3/3/22 at 3:32 pm to Big Scrub TX
quote:
Who sponsored that? The state or the feds?
I really can’t say….that was 41 years ago. I probably knew back then or didn’t care…I just wanted that loan. And yes….I camped out.
Posted on 3/3/22 at 3:33 pm to SalE
i paid 12.5% from 1979 to 1992. the first thing i did after i graduated and got a job was refi. i rolled in some other debt and shortened the payout, and still paid less
Posted on 3/3/22 at 3:35 pm to cheobode
quote:
My father in law said he paid 17% interest on his home he built for $38K back in 1984
i had a sweet VA loan @ 10.5% in 85'...
Posted on 3/3/22 at 3:37 pm to ConfusedHawgInMO
Bought a home in 1976, the interest was above 9%
Posted on 3/3/22 at 3:38 pm to cheobode
When I graduated HS in 86 my parents had a townhome in an upscale subdivision. The old man took a job in Florida and put it up for sale. Couldn’t get a contract on it because condo/townhomes required more money down and most buyers didn’t want to come up with it. They rented it out for probably eight years or so then did an owner finance sale to get rid of it. I recall how happy they were to sell it.
Posted on 3/3/22 at 3:38 pm to cheobode
Yep, 13.96%, ouch.
Posted on 3/3/22 at 3:42 pm to Shexter
quote:
Great, now mortgages are going the way of vehicle financing.
45 and 60 year home loans in the near future.
"Don't care what the house price is. What's my note going to be?"
I think interest-only mortgages have been around for a long time.
Posted on 3/3/22 at 3:49 pm to gumbeaux
quote:I believe it. People love their free gubment money.
really can’t say….that was 41 years ago. I probably knew back then or didn’t care…I just wanted that loan. And yes….I camped out.
Posted on 3/3/22 at 3:56 pm to cheobode
Probably true. I know people who got discount rates because they worked for the banks around then, and they claim the discount rates were 12%. The asking price would've been higher if interest rates were as low as they are now.
Posted on 3/3/22 at 4:10 pm to cheobode
Bought my first home in 1988. Paid 9.9% first time home buyers money.
On another note. Bought my first brand new car in 1981 at 18%.
On another note. Bought my first brand new car in 1981 at 18%.
Posted on 3/3/22 at 4:15 pm to cheobode
Can't remember the top rate we paid but I remember doing a refi to lower our rate to 11%. Doh!
Posted on 3/3/22 at 4:18 pm to cheobode
Amex had a form of checking account, Ready Assets, that was paying 17% interest. A few of my clients were running there business through that account for obvious reasons. Mortgage rates were indeed that high. It’s a different day & age that may be returning sooner than anyone wants.
Posted on 3/3/22 at 4:26 pm to cheobode
quote:
Now I know the reason he had to work 3 jobs. That's insane.
So the boomers paid their dues.
Posted on 3/3/22 at 4:38 pm to cheobode
quote:
My father in law said he paid 17% interest on his home he built for $38K back in 1984. Is he full of shite or is that about correct?
You obviously absolutely have NO idea about the Carter administration and/or
this government/politics during the ‘80s do you? Try 21% interest on a new car loan. This is where we are headed again only much worse if we can’t turn around recent and existing government/political philosophies.
Posted on 3/3/22 at 5:01 pm to 777Tiger
quote:
interest rates got super high during the Carter administration, too high, but back then almost everything was tax deductible too
My dad bitched about Carter my whole life. Said he he 25%interest on his first car in the 70’s. That man had a pure hatred for Jimmy Carter and the Landrieu Family
Posted on 3/3/22 at 5:12 pm to cheobode
We bought a home in Lafayette in 1981. I believe the interest was about 14%. We refinanced twice over the next couple of years as rates dropped.
Posted on 3/3/22 at 7:08 pm to cheobode
I remember folks sleeping out in line for days to get the special first time low interest rates of 8%. Needed full gift letters and 20% down. Took about 2+ months to close the loan.
Good news was I remember CD’s paying 12%….
Good news was I remember CD’s paying 12%….
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