Hello,
Just last week we noticed our principal was going UP on our online statement from our lender. I was sick to my stomach. We were mislead by Chuck Sherburne at Epic Mortgage that we would be paying 1.25 % for the first year and then it could only go up $70.00 a year thereafter. And inaddition, he even told us the dollar amount of $1500.00 a month is what we would be paying.
However, after reviewing our statement in more detail did we realize that we were paying interest only and inorder to payoff the loan in 30 years we would have to pay. 00 a month. Now mind you, we were originally set at 5.25% fixed for 30 years (a total monthly bill of $2000.00) with a small homeequity note of 30,000.00. We were assured by Mr. Sherburne at Epic that we were getting a much better deal and would be saving money in the long run. I don't think throwing $500.00 a month away is a better deal.
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