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Do you have any idea on how I can avoid the excessive interest rate the bank charges on my mortgage? :) Yes I checked, other banks loans are just as expensive.
by bjourne 4y ago
Do you have any idea on how I can avoid the excessive interest rate the bank charges on my mortgage? :) Yes I checked, other banks loans are just as expensive. So it seems I'm not able to buy loans at "manufacturing cost" and neither am I able to buy gas or electricity for minimal cost.
- aj7 4y agoNever walk into a BANK and apply for a loan. Use one, or better, a number of mortgage brokers. Make a spreadsheet. Add in all garbage fees. Estimate the life of the loan. Now calculate real APR. Points and garbage fees dominate if you’re going to sell or refinance in a few years.
- briandear 4y agoYou could get a loan at prime rate if you were a bank. You likely aren’t a bank, so a retail loan is what you get. Prime rate is the interest to the bank. Retail rates are higher because there are costs associated with your loan. Those costs also include the degree of risk to the bank.