“My point is that I was never offered a 15-year mortgage when inquiring about loans, I had to ask to get the information.”
When I almost bought a house last year (it was a new Pardee home), I was asking the Pardee loan guy about their interest rates. He gave me some ARM rates and some 30-year rates. I wanted a 15-year loan, so I asked, “what’s your rate on a 15-year loan?” His response: “Nobody uses a 15-year loan anymore.” I said that’s what I’d be using, and asked him again what the rate was. He said, “I haven’t even seen a 15-year loan used in the last 5 or 6 years.” I said, “that’s fascinating. Now, what’s the rate.” He said, “I don’t know. I’m not even sure I can get you one. I’ll have to find out.”
I don’t know if they get more commission on a longer term loan, or if he actually wasn’t accustomed to people asking about 15-year loans, but he sure seemed to get a bit freaky when I started asking about 15-year loans. He seemed to think I was a bit eccentric. His reaction was similar to what I imagine it’d be if I offerred to pay for the house with some bolts of silk and some pigs and goats.
