what are the highest mortgage rates?
Question: I apologize if this is not the proper forum…
I was wondering if there was a maximum legal interest rate that mortgage companies are allowed to offer, and maybe an example of a very high interest rate, as opposed to a “good” one. (I’m completely new at this mortgage stuff and just gathering some intel…
Answer: I once paid 17% on a 15 year >100% 2nd (for people with bad credit). Painful. VERY painful 
When I bought my first house we qualified at 18%, with excellent credit. Fortunately, the rates dropped to the amazingly low rate of 14.5% by the time we closed. President Carter just had everything under control.
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