Posts by Angela Cox6

Donna Chase12 said:Look, I’ve seen the terms... honestly, that 1:1 setup worked fine for me, 3
But regarding the Chase offer—is that interest rate fixed or variable?
If it’s floating, I’d definitely sleep on it a bit more before jumping in...

I was simply answering the question asked.

variable interest rates

Donna Chase12 said:I can't say for certain right this second, but I'm pretty sure I ran some actual numbers on this earlier...
So, here’s the deal... I was crunching some numbers on an $80,000 loan—basically looking at whether I should shell out $8,000 upfront to clear things or just take a smaller $72,000 loan and keep that $8k in my pocket as liquid cash. After running the math, the second option definitely looks like the smarter move for me. And keep in mind—I was only dealing with a single contract on this one.
Honestly, that whole deposit option is pretty decent if you’re working with a tighter budget or if your property value isn't quite hitting the mark for what they're looking for—it's basically a lifeline for people who don't have all the leverage. But, let's be real—if you actually have options on the table, it's just not worth the hassle. It's definitely not the most profitable move when you can just walk away to something better.

Just head back there and keep bugging them to run the numbers again—keep asking questions until they finally explain it in a way that actually makes sense.

Why wouldn't you just take that 1:1.3 option? Honestly, looking at the property value, it doesn't even seem like it would cover your bases... or am I missing something?

If the loan-to-value ratio is at least 1:1.3, you're required to bring in an accomplice or a joint guarantor who, alongside the borrower, has to meet the combined credit requirements.—can I pull this off without a guarantor??
The property value and my income are fine, but since I don't have a guarantor, I'm stuck looking at repayment insurance options that don't require one, and this specific model fits best—if the loan-to-value ratio is at least 1:1.2, a creditworthy borrower can qualify by using their Fannie Mae savings account for 10% of the loan amount.
I'd need to pull $80k, which means an $8k deposit. If I can't make that work with the deposit, I'll have to take out a mortgage through JPMorgan Chase. Right now, interest rates for USD are 4.78% as of Feb 1st, rising to 5.78%. It looks like the Chase loan might be better, though Fannie Mae offers some other perks.

Donna Chase12 said:Look, I pulled the trigger... and honestly? I’m beyond happy with how it turned out. And mind you, I only did it based on my own contract...

You really need to dig a little deeper into everything I told you... I’m telling you, Hypo isn't even in the same league when it comes to mortgage rates. I spent months hitting up different banks and even stopped by Deutsche Bank just to grill them. I actually badgered one guy there at least five times—staying an hour each time—until he finally laid it all out and answered every single annoying question I had...
I even managed to prove to him that handing over a deposit was a total waste of money (he eventually admitted I was right, bless his heart), but with those five contracts you're sitting on, you could definitely score big there...

I was actually there today. That security deposit thing is eating at me too; I’m supposed to put down 10% to lock in that 1:1.2 property ratio option, which would give me four contracts total. How on earth did you convince him to waive the deposit? Who should I even talk to about this? It’s the only hurdle left because I meet every other requirement they have.🤷

I haven't given much thought to credit unions before now, but it looks like they're actually offering better rates since they're desperate to snag more customers. I'm heading over to Wells Fargo this Monday while they still have the cash on hand to pay out.🙂

While you're paying off those loans backed by your WSJ deposits, they're actually hitting you with a fixed annual interest rate of 1.5% to 2% on the deposit itself, all while adding in those Democratic Party incentive funds

The way I see it, they’re essentially handing you the Democratic Party funds on top of the interest earned on the deposit, unless I've completely missed the mark here.

Michelle Foster13 said:Honestly, the terms seem pretty much identical to what the big banks offer—all the paperwork I was getting ready to submit to JP Morgan Chase could easily be handed over to these guys instead. My credit is solid, so that's not a concern at all; plus, my employer is a government agency, 😁so I can basically take out a loan wherever I want!

What I really want to figure out is this 1.5% interest rate on the savings part! What does that actually mean?? Am I actually getting that back or what?
Because if not, then their interest rate is effectively 6.5% rather than the 4.99% they're advertising. 👎

I'm pretty sure they're only applying that rate to the specific amounts you deposit incrementally.
Let me know what happens on Monday since I might head down to Chase myself.

pbz

Thanks for the input.
They even had the nerve to ask me to bring in my employment contract just so they could figure out my overdraft limit, which was a total joke since I was only on a temporary contract anyway. They aren't seeing that document ever again, that's for damn sure. Cheers!

Will being on a probationary period hold up my mortgage application even if I have a permanent contract? My official status doesn't kick in until November 1st, so I’m trying to figure out how much time needs to pass before I can actually pull the trigger on a loan. From what I can see, they only require my most recent certified pay stub. I currently bank with Wells Fargo, but they turned me down when I was on a fixed-term contract, so I’m hoping they won't give me the runaround just because of this trial period. I'm considering switching to try Bank of America instead just to be safe. My main priority is getting this loan approved as quickly as possible.
Thanks in advance.
Best!

Thanks for the help. We’re going to go pay them a visit. It’s honestly pathetic how much trouble two little letters in a contract can cause, though if someone actually wants to quit, they'll walk away regardless of whether they're on a fixed-term or permanent contract, unless there's some other legal loophole designed to make it harder for temporary staff to leave. The whole thing is just incredibly frustrating.

Best,

Hey there. Is it actually possible to get a mortgage without a co-signer if I’m just on a fixed-term contract? Right now I'm dealing with Chase, and they're telling me it's a non-starter even if I bring someone on board. How are things looking at other big banks? Also, what's the limit on monthly payments—can I go beyond a third of my paycheck? Thanks in advance.