Susan
This City,#2Consumer Comment
Fri, June 15, 2007
"Yes I know the interest rate thing is on me but after being badgered by them and my wife for months What Do You Do?" Not your wifes fault. Was this really a stick built home or a mobile home put on your land? 12.9% is outrageous and sound like you signed on a credit card rate or bad credit car loan rate. Mobile homes you don't mortgages you get auto loans. Never be late on a payment, if the company did get you to sign on what is basically a credit card rate, that 12.9% introductory rate will sky rocket if you are late by a day or maybe even after so many months the loan isn't paid off in full. A regular bank would have loaned you the $100,000 for plus or minus 6%, based on the land and the length of the loan. Make your payments on time and go to your bank for a real loan. Even if you have a horrible credit rating, the 4 acres you own free and clear, used as a down payment, will get you right around 6% interest rate.