One name represents my 1st real estate transaction; the former President, Jimmy Carter.
For anyone that purchased a home in the time when Jimmy Carter was President, you know just hearing the name what it represented to you as a home buyer; through the proverbial roof high interest rates! 18% APR! Yikes! It hurts just thinking back at that rate. Of course, the home prices were much more reasonable.
I found our first home in a very small ad in the back of a newspaper. Remember those days? No real estate agent to guide us through the process. Actually, it was the only house we looked at. We were easy to please, and basically tired of making those dreaded trips to the Laundromat. It was close to work and had a spot for a washer & dryer. A refrigerator for the kitchen was secondary for us.
I laugh now at the financing process; it was a non-qualifying, assumable first loan at 4.5% and a 2nd mortgage of 18%. Yes, NON-QUALIFYING! That means anyone could assume the loan! In those days, you could buy a house with this type of loan without any documentation with just a 15 minute phone call.
I didn't learn that this easy money came with a even bigger price tag than the 18% interest on the 2nd mortgage until we went to sell our home. Without an agent to give us any advice, I found out the 2nd mortgage had NEGATIVE AMORTIZATION! I almost dropped the phone when I called the mortgage company for a payoff amount, and then called back the following month to find the payoff had gone up, not down. What? Moral of the story, it pays to have an agent give you some guidance.
It was our 1st home and our castle, but it was an expensive learning experience.