There was a story on the radio of a person in employment who had a mortgage at 11% interest and was unable to make the 24K annual repayment on a loan of circa 270 as they had lost their job. It was unclear if they had made any payment at all ever or could ever have afforded it. Purchase price was circa 340 and current value 240.
Everybody was on the side of the family versus the bad sub prime lender.
How does someone agree to pay 11% house mortgage interest, why would you need a sub prime lender, is it because all other banks would refuse you as too risky? I'm trying to understand how anyone would pay 11% when mortgage rates are 2 to 3%.
Everybody was on the side of the family versus the bad sub prime lender.
How does someone agree to pay 11% house mortgage interest, why would you need a sub prime lender, is it because all other banks would refuse you as too risky? I'm trying to understand how anyone would pay 11% when mortgage rates are 2 to 3%.