Primerica - simple interest mortgage confusion
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Posted by Sue (68.99.86.62) on November 03, 2002 at 13:43:04:

I am at a loss to figure out what in the world one of Primerica's agents is trying to tell me...
The agent keeps telling me that Primerica is the ONLY company that offers simple interest loans - what?????? As far as I understand - every mortgage I've ever had has been simple interest and every car loan as well - meaining I only pay interest on the principal sum (not compound interest - like a credit card). She tried to tell me that since they are the ONLY company to offer this special type of loan, people have to pay a higher rate, but of course it pays off. WHAT????

Am I wrong here???? The agent is unable to actually tell me what in the world is so different about her loan, since she has no background in finance, nor has the agent ever attended a college course. Obviously I would never give her any control over my finances, but I am unable to even figure out what she's trying to sell me. I have a standard 30-yr fixed rate mortgage. Isn't it a simple interest loan?



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