| Y'all have seen the TIL where the total amount paid out-of-pocket is a whole lot more than the Loan Amount. Ditto...the Amort. Schedule where the first payment's interest is 'most of the payment'.... meaning, simply, in most cases the interest paid on the first payment or 2 pretty much covers the bank's expenses in getting that loan signed. The other approx. 118, 178, 358 (varied terms 10, 15, 30 years) interest payments keep the banks doors open, pay expenses and produce a profit for the bank. Which is why I don't want to hear the woe-is-us/notaries need to reduce their fees garbage I've been hearing. |
