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I mentioned to my Dad that I was lucky to be able to buy a house for the first time just before rates went up. He told me the story of how he bought his first h
by cwp 4y ago
I mentioned to my Dad that I was lucky to be able to buy a house for the first time just before rates went up. He told me the story of how he bought his first house in 1977 - the house I grew up in. The rate was 19%, and he was only able to get a loan because he knew a guy who knew a guy at the bank. He had masters degree and a good job, but all the banks turned him down until he found the right strings to pull.
- lowercased 4y agoOur long term family home, bought in 1981, was done as a land contract at 16%. Apparently was tough to refinance down to 10% - original owner moved across the country, and was dragging their feet on signing papers, pushing back, etc. They were about to lose a 16% return and delayed for close to a year.