Quote:
Originally Posted by retiredguy123
I agree. In 1980, I had a $35K mortgage with an interest rate of 7.75 percent, which was considered a bargain at the time. I couldn't sleep at night, so I paid it off in 3 years. I offered the bank a discounted cash payoff, but they refused. That is the only loan I have ever had. To me, borrowing money has never been a good financial decision.
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That was a deal. In 1981 we had a land contract for 20 acres with a small home, rate was 18% and we negotiated to pay only the interest on the loan of $75,000. purchase price until our home sold. Our home at the time was under contract, contingent on the rezoning permission from county on the buyers home. It ended up taking a year for their home to rezone and then close on our home. That was painful but when we sold the home in 2000 for close to $300,000., we felt much better.