Home Sweet Home
You know what I just realized? No matter how rough my credit might be, I always end up with a place to call my own. It’s a comforting reminder that home is more than just a score it's where I belong.
u/ActualVampire — 3 days ago
▲ 1 r/financeonloans
Origination fees almost wiped out the benefit of lower rate
Refinanced a personal loan to drop my rate from 14% to 9.5%. Felt like a win. Then I actually read the closing documents. The origination fee was 6% of the loan amount. On a $14,000 loan that was $840 taken off the top before I saw a dollar. The lower rate was still worth it over the full term but only barely. I should have calculated the total cost of both loans before signing anything.
u/ActualVampire — 14 days ago
▲ 3 r/financeonloans
Nobody told me the APR and the interest rate are different numbers
Spent months comparing loans by different rate and wondering why the actual cost kept coming out higher than I expected. The APR includes fees. The interest rate does not. A loan at 9% interest with heavy origination fees can cost more than a 10.5% loan with none.
Always compare APR to APR. Never interest rate to interest rate.
u/ActualVampire — 16 days ago