Daniel Fisher said:If you were actually in my position, believe me, you might feel differently... I used to say the exact same things, but you know how that old saying goes... never say never!
I was browsing bankrate.com and stumbled upon some information regarding mortgage products at Chase, but one specific section (in BOLD) has left me feeling quite perplexed:
# No co-signers or deposits required # Highly competitive market interest rates starting at 7.68% for CHF or 8.68% for USD # Loan processing fees starting from 0.5% of the total loan amount # No formal creditworthiness assessment (provided there is steady monthly income) # Choice of currency for the loan—CHF or USD # Mortgage serves as collateral at a 1:2.5 ratio # Cash disbursement directly into the borrower's checking or savings account # Interest rate reductions available through specialized banking packages # Maximum loan amounts up to $100,000 USD / $155,000 CHF # Processing fees can be deducted from the approved loan funds # Flexibility to choose your monthly payment date (either the last day of the month or another preferred date) # Property appraisal costs starting from $207 plus tax.
It's written HERE... does this mean that as long as I have a steady monthly income, that's effectively all the proof I need to qualify for the loan???
Also, could someone please explain the concept of a loan with a currency clause in USD or CHF? What is the actual difference between that and a standard cash loan denominated in USD or local currency?
Yeah, you’re absolutely right about that... honestly, I find myself saying the exact same thing more often than I care to admit.
Daniel Fisher said:If you were actually in my position, believe me, you might feel differently... I used to say the exact same things, but you know how that old saying goes... never say never!
I was browsing bankrate.com and stumbled upon some information regarding mortgage products at Chase, but one specific section (in BOLD) has left me feeling quite perplexed:
# No co-signers or deposits required # Highly competitive market interest rates starting at 7.68% for CHF or 8.68% for USD # Loan processing fees starting from 0.5% of the total loan amount # No formal creditworthiness assessment (provided there is steady monthly income) # Choice of currency for the loan—CHF or USD # Mortgage serves as collateral at a 1:2.5 ratio # Cash disbursement directly into the borrower's checking or savings account # Interest rate reductions available through specialized banking packages # Maximum loan amounts up to $100,000 USD / $155,000 CHF # Processing fees can be deducted from the approved loan funds # Flexibility to choose your monthly payment date (either the last day of the month or another preferred date) # Property appraisal costs starting from $207 plus tax.
It's written HERE... does this mean that as long as I have a steady monthly income, that's effectively all the proof I need to qualify for the loan???
Also, could someone please explain the concept of a loan with a currency clause in USD or CHF? What is the actual difference between that and a standard cash loan denominated in USD or local currency?
We started hashing this out on the previous page, but honestly, nobody has actually stepped up to confirm or deny anything. We’re still stuck without any real, concrete information about what’s actually happening here. I mean, let’s be logical for a second—if they aren't even running a proper credit check or calculating your debt-to-income ratio, then what on earth is the point of them asking for your pay stubs? It makes zero sense. If you aren't verifying my ability to pay, why am I jumping through hoops to prove my income? It’s just ridiculous. 🤷
Look, you won't find any classic mortgage products in America that don't require a full credit check. And even if they did exist? If I were in your shoes, I wouldn't touch it. Seriously, never. I would absolutely never, under any circumstances, put a lien on a property just to secure a measly $15,000 loan. It makes zero sense.
Look, this whole situation is such a massive, bureaucratic nightmare... it’s honestly exhausting. Basically, the bank is supposed to reach out to the person who accidentally received the funds, let them know what happened, and then beg for their written consent or authorization so the bank can just pull the money back and return it to the company... But if that individual decides to be difficult and refuses to cooperate? Then the bank has to hand over that person's details to the company so they can go ahead and file a lawsuit... It is just an incredibly convoluted, messy process from start to finish. I swear, it's a total disaster.
northernraven49 said:Things are pretty much status quo over here—nothing new to report, still struggling with those breathing issues. We're just sitting tight, praying this round of antibiotics actually does the trick. She's back on steroids again, so she’s acting a bit hyper; her appetite is up, and she's finally zooming all over the room. If we can just get that breathing under control, we might actually be able to say things are looking up, well, as much as you can say that right now.
Sending out special greetings and a huge virtual high-five from Leon today! From Chicago (and shoutout to any other parents out there if they're lurking).
Look, you absolutely need to get down to the bank in person. Don't just call them—walk in and tell them exactly what's going on. There might be a way to cover the loan using your savings, or maybe you can negotiate a moratorium to give yourself some breathing room...
rapidcobra72 said:Hypo is easily the worst, most shady bank in America.
Check out what happened to me:
I was overdrawn at Chase, and Hypo was running this promotion where if you switched over, they’d cover your overdraft with a loan or something similar... sounded great.
So I go in, they approve my line of credit $5667 and I immediately transfer it over to Zaba. Since I stopped being a client, Zaba (which just pulls all those Mastercard and GoCard payments straight from the checking account—about $13333) put me on a blacklist, while Hypo promised me they'd ignore it and still give me the loan to refinance the debt at Zaba.
In the end, when I actually applied, everyone just washed their hands of it and claimed there's no credit available due to the economy.
Now I'm just stuck between two banks (them and Zaba).
Eventually had to use an Erste Bank loan to cover it all...
Honestly, stay far away from Hypo, people!!!
Honestly, that just doesn't hold water... I know plenty of people who don't even have their paychecks routed through Zaba, yet they still maintain their checking accounts, cards, and loans through them without a hitch... If memory serves, banks only trigger those immediate repayments on card debt if a client is being legitimately reckless with their finances... you don't just end up in that mess overnight because of the reasons you're spinning. And you don't just suddenly find yourself stuck in a hub situation either. The whole story you're telling me? It just doesn't add up.
Look, we’re talking about making a domestic transfer within the States into an American bank account... what your dad was sending you from the Netherlands has absolutely nothing to do with this specific issue... honestly, if your mom hadn't had her ID on hand, they probably would have processed the payment anyway
Look, I’m telling you right now, there is absolutely no need to dig up your driver's license, your passport, or any other form of ID just to make a payment 😉
It doesn't even have to be documented... honestly, at some local credit unions, you just walk up, hand over an account number on a scrap of paper, tell the teller the amount, and she processes the transfer... there’s absolutely zero record of who actually made the deposit...
As for getting your money back... we had a massive debate about this ages ago... let me dig through my history and see if I can pull it together for you.
@brisk tinker15 ... look, things might be different with commercial business accounts, but even then, I don't think they require any actual ID verification.
EDIT: I managed to find one thread about this, though there was a much better one out there somewhere... I just can't seem to track it down right now...
This thread might already exist somewhere, but I’m asking for a little grace here—this is incredibly urgent for me and I really don't have the luxury of scrolling through the entire forum to search.
I need to know: when setting up an LLC, am I required to hire a lawyer, or can I handle the whole process myself? And if I actually do need one, what kind of costs are we talking about?
Please, I’m in a serious rush...
Thanks in advance.
I can see why you'd say there's an existing thread buried on page 25, but let's be real—that thing is nothing more than a topical mess
northernraven49 said:Nothing major happening, just a lot of coughing. They took lung scans and everything looks fine.
Yesterday this rash popped up out of nowhere, and then vanished before we could even figure out what caused it. Today? It’s back again... They stopped the skin therapy, so now we’re just sitting here waiting to see if things take a turn for the worse or if we can actually manage without it. Everything else is pretty much the same, except all her fingernails have fallen off. And honestly, it looks absolutely horrific. The doctors warned us this might happen, but I really didn't expect it this soon—I thought it would be later, maybe after chemo, not on day 55...
Even though she's on slightly fewer medications than at the start, it's still an overwhelming amount of drugs being pumped into her every single day. Next week marks three months since we arrived, and right now we're drowning in paperwork trying to get our visas approved. Of course they're making it as complicated and difficult as possible, but we'll deal with it.
Even though we've been here three months, it feels like a lifetime. I can't even remember what our "normal" life used to feel like anymore. For most of our neighbors in the oncology ward, we seem pretty "fresh." Last week, a 12-year-old boy finally got discharged after seven months... Discharged! That means he’s sleeping in his own bed at home again while still heading to the hospital for checkups every day. And who knows how much longer he'll be stuck here. I really hope our stay is a bit shorter.
It's gotten quite chilly here, and you can smell autumn in the air. The weather is just like in a typical Midwest fall—slightly colder, with those annoying, dreary autumn rains making everything look gray and gloomy. It's the perfect setup for falling into a depression. But hey, as long as the medical expertise remains steady, we'll push through the rest. Love,
northernraven49 said:Everything here is just status quo—or as the doctors love to say, "stable condition." Not better, not worse. The only real update is she’s started coughing a little bit, so they handed her an inhaler. Next week, they're going to try pausing the skin therapy to see how she reacts. As for the rest of the meds? We still have a massive mountain of them left. Every single afternoon, we spend two hours outside, though our mobility is pretty limited since we have to steer clear of other kids, playgrounds, and crowds... so we mostly just wander around feeding the ducks. Honestly, that’s become our main source of joy and our ultimate bargaining chip when trying to convince the "experts" to let her nap in the afternoon. It’s like, "Hey, if you take a nap, maybe we'll let you go outside and feed the ducks later." And hey, it works like a charm. The only real headache is having to head back to the hospital in the evening. She doesn't get why she has to go back now when she was doing so well, and she definitely doesn't understand why the rest of us get to sleep together in the parent suite while she can't...
Other than that, she's in high spirits and everything is great. Finally, those three and a half books we keep in the sterile room have been "read" by heart because we know them by memory. I am honestly losing my mind over the Strawberry book, so now our main entertainment is the Malisani. You seriously have to see the choreography! Watching a tiny two-year-old attempt to dance on those little legs that can barely hold her up—all while tripping over tubes sticking out everywhere and trying to keep rhythm with an IV pole that has zero sense of tempo! But the little one is nothing if not determined; she already knows all the lyrics by heart. Zlatko Stricek is going to be thrilled to have some new recruits for his choir. Speaking of which, our older "Malisanka," who really should know every lyric by heart even in the middle of the night, still insists on singing certain lines her own way. There’s this one verse that goes "...waves crashing against the shore..." but she stubbornly sings " Zak" instead of "shore." When I asked, "What on earth is a Zak?" Lana just looked at me like I was crazy: " How do you not know?! He's the big guy who sings children's songs!" That’s all from us for today. Sending lots of kisses to everyone!
Big congrats to Auntie Sandra from The Evening News for suddenly becoming a double aunt (to both Mom and Dad, obviously!), and tons of kisses to the little experts (send us a photo via email when you can, I just adore those little babies!)
And please, keep the good news coming. Even if I don't ask, because I'm such a worrier and terrified of hearing anything bad. We’re thinking of all of you—the girls from Mall of America and Pamona, William Murphy7's nephews, our buddies from Klaiceva... and everyone else too. So please, send us some good vibes! Kisses
Maybe we’re all just being a little paranoid here... thinking this is some massive conspiracy orchestrated by big bank owners who hang out on this forum just to tear you down... and honestly, I’m one of them, so I’ve been scrubbing your posts... no comment.
I reckon you pretty much laid it all out in this PDF.
Look, I’m asking you all—please, just please—keep the heavy insults and the nasty language out of this thread. We are talking about one tiny, precious life here, a little soul fighting with everything it has just to stay with us... Let’s focus on helping however we can, in whatever way we can. Please, let's not spend our energy judging one another instead of being kind.
@Jacob Miller2 ... you are constantly trolling and making it impossible to have a decent conversation ... honestly, people just don't want to engage in discussions like this when you're involved ... believe it or not, when someone is dealing with an interlocutor like you, they just walk away ... most folks come here to actually gain or share some useful information ... if they need to know how accurate something is, of course they'll just head down to Chase or Wells Fargo to verify it themselves ....
@tiliw ... did you actually go through with that loan using your savings balance, or was it more of a bridge loan setup?
@markos ... look, the total amount is strictly capped based on what's laid out in your savings agreement—basically, they designate a specific target amount there—unless, of course, the bank is running some special promotion at the time.
Gregory Williams7 said:Greetings. I have spent some time crunching the numbers on paper, and an idea has occurred to me:
My home savings plan is set to mature in about a month or two. The target amount we agreed upon was $12,000. To date, I have contributed roughly $5,200, which means I am eligible for an additional $6,800 in credit. I handled all the fees and administrative costs upfront.
According to my signed agreement, the interest rate on that loan would be 5.5% APR.
Currently, the interest rate on my fixed-term savings account—including bonuses and everything else—is approximately 7%.
My question is this: will the bank approve my mortgage loan if I intend to immediately move those funds into a fixed-term deposit with them? They are aware of the math, aren't they? If they grant the loan, won't they essentially be paying out more than they are taking from me?
To me, the calculation is simple. No matter how you look at it, a profit is guaranteed.
Has anyone here attempted this strategy before? Did it work? 😉 Perhaps it would be more prudent to tell them the funds are intended for home renovations? Should I provide them with a fabricated estimate? My intention was to pay off the loan within a single year—the shortest possible term.
Are you absolutely certain the contract specifies the effective interest rate?
Gregory Williams7 said:No, the funds go directly to the vendors unless you provide an invoice dated prior to the loan approval. If you submit a pro forma invoice instead, the money hits your own account, but you are required to use it within 24 months. That was my reasoning for suggesting you withdraw the cash. Why not move those funds into a high-yield savings account at another bank with great rates? You could then simply pay your monthly installments as usual. I receive my benefit, they get their payout, and everyone wins. 😁
I actually think you've got that backwards... if you have an invoice you already paid before the loan was even disbursed, then you can get that amount in cash... but they approve the credit and pay the seller directly based on a pro forma or a pending invoice...
We dealt with a small loan through Wells Fargo about two years ago, and getting any kind of cash payout wasn't even an option back then—and honestly, I highly doubt they've changed their policy since...
northernraven49 said:I've finally managed to get back on my feet. Yesterday, I was absolutely wrecked by some stomach issues—diarrhea, vomiting, the whole works. Had a fever of 100, my head was throbbing, and the room wouldn't stop spinning. Feeling a bit better today. I sent those photos over to you again; fingers crossed they actually make it through this time.
The doctors seem happy with the progress. She’s still on skin treatments and a mountain of other medications, but we're staying positive. Every afternoon she gets to go outside, and it's wonderful. Her skin is improving, albeit at a snail's pace, along with everything else. They are slowly tapering off the meds, but honestly, her room still looks like a damn pharmacy. Anyway, let's hope for the best—we won't count our chickens before they hatch.