🔺 r/personalfinanceuamich0202·73 days ago
30yr mortgage 50% down…
EDIT*** —- maybe it wasn’t a “mistake”. I’ve gotten some heat in a couple responses. I’m just not educated on this stuff or I wouldn’t be on Reddit. Thanks to those that educated and assisted with answers. Hey all. My wife recently inherited her parents home…kinda. It’s in their name, we live in it. Anyway, they built it for $230k, worth anywhere from 850k-950k today. Just in case that matters. We’ve learned it was about 6% interest when it was built and refinanced not too long ago at 2%. It’s been 28 years, and they still owe 115k. That’s only 50% down in 28 WHOLE YEARS!! How does that happen? They never provide an answer and I want to make sure we don’t ever make the same mistake… TIA. submitted by /u/amich0202 to r/personalfinance [link] [comments]