AstroKitty
Former Member
- Joined
- Aug 12, 2012
- Messages
- 2,864
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- 51
Sounds like a "balloon" mortgage - initial payments start off lower and increase over time. Does anyone know the purchase price of the house? The figures - even $4000 a month - don't seem unreasonable for a house that was $500,000+. I'm sure that there are folks in my sub whose mortgage payments are that high, especially for those who bought their homes when the market skyrocketed. :moo:
There's a website that you can plug in any property address and find out this info. I thought too that it sounded like a balloon mortgage. Given when he purchased the home it made sense.