Woodside or premier ??

Reviving an old thread but want to make sure folks aren't getting bad info. The 8% with Woodside is not over 12 years, its 8% PER YEAR on the balance. On a $200,000 loan that's approximately $91,183 in interest. Almost 50% of your initial loan amount.

 

It's nice that you're looking out for the community, but I don't think anyone needs it explained to them that the interest charge isn't applied to the amortization period for the loan, but rather the interest is charged PER YEAR... that's kinda, like, how interest works.

But can you imagine if such a product existed? Like sign me up for a 30 year jumbo mortgage @ 3%... Based on the above, 3% over 30 YEARS... .1% per year

 

I understand where you are coming from but some of the wording in above posts can be ambiguous. Also, you can never assume someone just knows something because you do. The thread turned into one about affordability and loans and knowing the sheer amount of interest you might pay taking a long term like that is something that should be taken into account.

 

I want to clarify a few things since I am a current Woodside loan holder. They eliminated pre-payment penalties. Also, I would hope most know what the term APR means at this age and I don’t think any of this threads info was ambiguous. My investment portfolio is up over 20 % already this year. The yearly percent I pay on my Ferrari for pleasure is really nothing in comparison.