When mortgage interest rates were 17%

1 12 2023

I’ve been purging old paperwork from the storage boxes in the shed. And I found this gem today. The struggle was real folks, with the bank saying you will no longer be able to pay your mortgage in the original time frame and offering suggestions for what you could do.

In my case, I got someone in to share my house (and made a lifelong friend as a result!), which certainly took some pressure off. And yes, that mortgage interest rate was 17%!!!! I’d taken out the loan 12 months earlier when it was 13.25% and had budgeted for 15%, but by the time it got to 17%, everything was hurting because my teaching salary was fixed and going nowhere.


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4 12 2023
plymouthknits

Hello, Rhonda! I enjoy your posts. Today’s is a doozy. I remember looking for a house when my husband had a job change. I remember those interest rates! We passed on a new house and kept our old house (in another state). I remember those long days with young children and Daddy only came home Friday and weekends. It was hard on all of us and we persevered. Bought a house near new job whenever those rates fell. My children don’t really believe we all experienced those high interest rates. Have a wonderful holiday season!

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