Is the Ballon loan a good loan?
I bought a house six months ago. The price was 465,000. Anyways my real estate agent hooked me up with two mortgages. My first mortgage is fixed for 5 years and is interest only, i got it for 6.62% interest rate, my second mortgage is a balloon loan and i got that one at 9.15% interest rate. So i pay 2,031.39 for my first mortgage and 749.80 for my second mortgage. So do you think i got a good deal or my real estate agent screwed me over. I don’t know anything about real estate so any help or advise would be appreciated. Thank you.