Carter had interest rates at 20 some percent just for housing. I never thought I would get a house. Certainly had to jump through hoops to get qualified and some mortgages had to be adjustable rate mortgages just to afford them. Then you could either pay them off by a certain time (7 years sounds familiar to me) or you could refinance--hoping the rates would be lower. I did a lot of refinancing, so much I thought I my wife and I were in the banking industry.
Carter had interest rates at 20 some percent just for housing. I never thought I would get a house. Certainly had to jump through hoops to get qualified and some mortgages had to be adjustable rate mortgages just to afford them. Then you could either pay them off by a certain time (7 years sounds familiar to me) or you could refinance--hoping the rates would be lower. I did a lot of refinancing, so much I thought I my wife and I were in the banking industry.