Something is rotting in America for this condition to exist, and most homebuyers are blind to the true cost of a mortgage, and that it is far higher than the advertised interest rate. While borrowers are told they’re paying 6%, the real effective rate—based on the total interest amount repaid—is often well over 100%, commonly around 115% over a standard 30-year term.
People understandably wish they were paying 6% or even 15%. Unfortunately, that’s nowhere close to reality.
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