- Joined
- Nov 7, 2005
- Messages
- 301
- Reaction score
- 0
dat_student said:McShow2,
Is "principle rate reduction" the same as "interest rate reduction?" I thought B of A reduces your "principal loan amount" without reducing your interest rate (i.e. 1% of your principle after yr #1; 1% after 2nd yr, and 1% after 3rd yr).
Shoot, I have no idea. I just assumed they were both talking about reducing the same rate. I wanna figure all this out!!! AHHHHH!
Edit: Just re-looked at it, and you were right. BofA reduces your principal ammount by up to 3%. K, new question, so which is better in the long run?