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Re: Re: Re: Re: Re: new car purchases
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Posted by Burrhead on February 17, 2004 at 21:49:51 from (22.214.171.124):
In Reply to: Re: Re: Re: Re: new car purchases posted by big fred on February 17, 2004 at 21:04:58:
If he's talking about the same renewals as the banks around here use it's like this.
You borrow whatever $ for a loan. They loan you the money and you pay back with 59 low monthly and then a huge final.
If you can't pay at least 50% of original amount borrowed as the final ballon payment they roll the final payment amount over for another 5 more years.
When they roll it over for you another 5 years then you pay the normal interest rate at the time plus another closing cost, land surveys, title % insurances, deed work, and legal fees that run from 5% to 10% of the final amount.
It is a fixed rate loan during each term, however the rate will adjust to current trends at each renewal.
If you live long enough to pay mortgae payments for 100-125 years then your all set with a renewable mortgage plan.
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