Glasgow, Ky | Shouldn't create much of a problem for a majority. Say you roll a $1m loan into a 15 yr fixed, at 4% interest the payment would be $89,900 per year vs $124,000 for a 9% 15 yr fixed. Not an earthshaking increase. If that puts a person in financial trouble they haven't done a good job managing their money in the good times we just had.
Edit to add: Exception to that would be area's of drought, etc.
Edited by barren 3/1/2024 06:14
|
Doesn't sound good if this is true.
