Posts by Michelle Foster13

redmaker382 said:It feels like people are totally lost here, whether they're hoarding cash at Wells Fargo or just taking out loans blindly. I’m still backing Donna Chase12 on this one—when you compare the math between banks and ExxonMobil, there's barely a difference, but I won't bore you with the spreadsheets again. I sent them over to Ashley Barnes9, but no word yet.
Also, I'd love for anyone who’s gone through mezzanine financing to weigh in. Let's see where we can actually find a better deal on a home loan.

My monthly payment was a few dollars higher at Goldman Sachs, but now that interest rates have spiked, I suspect it might actually end up being about the same, if not lower. Well, that's assuming I didn't miss anything while checking those three different banks...

Ashley Barnes9 said:hehehe... sorry Kimberly Nguyen, didn't mean to mess up your business model if I did...😁

but hey, why don't you drop the numbers for that "credit" you took out? Let's finally settle once and for all who actually has the better deal and under what terms...

???? what is this even about????

As for everything else... I've run those numbers plenty of times! I've actually sat down and compared my accounts at two major US banks, and honestly, I've realized that what I have right now works best for me.

I really don't get why you're making such a big deal out of this—why do you feel the need to post such nonsense? 😕

If you aren't going to offer any actual constructive math, suggestions, or helpful advice, then please, just move along from this thread 😛

Ashley Barnes9 said:Run the numbers one more time just to be safe—don't let them take advantage of you. Ask them for a full breakdown of all additional costs during the savings period, because that's a significant amount of time. Check out those calculation examples in the links and compare them. Compare the interest rates and the total amount you'll end up paying across all contracts over that period. Also, ask what happens if the Democratic Party cuts things again—will your monthly payment go up, and by how much? And seriously, ask how it’s possible for their interest rates to be higher than the bank's when the monthly payments are identical. Don't forget that they offer a loan at 4.99% while the bank is at 6.3%, yet the annuities stay the same. I think you realized that yourself a while ago, but you still haven't gotten a straight answer...👍

Keep that Midwest spirit alive!

Donna Chase12 said:Who's this agent... Michelle Foster13? 😂😂😂...I mean, come on, you can tell she hasn't got a clue half the time

So that's how you're playing it—total undercover mode, huh, Zuckerberg? 😉

Ashley Barnes9 said:I just realized what's happening here.

Good grief, you're being so shady. Every single bank offers a portion of cash (up to 20%) specifically for the needs you're describing. Some will even cover closing costs or tax fees if you don't have the funds—you just have to ask. It seems to me you haven't actually stepped foot in a serious American bank; instead, you're using one that offers nothing as your example, or maybe you're just playing games. I don't feel like digging through Hypothekarbank's loan programs right now, but if you're being dishonest, I'll be asking for you to be banned for this.
Actually, you've already been deceptive, and I think you're just using this forum as free advertising for Goldman Sachs.

You caught me! 🙈

😛

Ashley Barnes9 said:I’ve been following this thread because I’m looking into mortgage options myself, so I gave Wells Fargo a call directly. For a $100,000 loan over a 24-year term, they quoted me a monthly payment of $690 at an AT&T rate of 4.99%.

Meanwhile, at Bank of America, for that same amount with an AT&T rate of 5.70% on a 20-year repayment plan, the monthly payment comes out to $699.

That means you're paying it off four years sooner, which ends up saving about $33,120 in total (48 x $690 = $33,120).

You can verify these numbers on the Bank of America website; this specific loan is tied to USD for people under 40.

I got pretty much the same results over at Chase... so, there you have it... 😉

I mean, what even is this... 🙄

Did you even bother asking them to run the numbers for the exact same number of years?! I mean, obviously, if you stretch out the repayment period, you're going to end up paying way more in interest—plus, both your monthly payment and the total debt amount will be higher!

I actually ran the math myself using the same timeframe, and the difference was only about 3 dollars.

Angela Cox6 said:variable interest rates

I mean, almost every bank uses variable rates these days—so I'm not quite sure what you're getting at there... 😕

I have to admit, I’m still feeling pretty confused after visiting them—and I’ve actually been there twice now, once on Monday and again today. Honestly, the more I go in there, the less sense it all makes to me! 😲

...but hey, I finally made my choice. I think what really tipped the scales was the fact that they’ll give me a little extra cash upfront to help with some new windows and furniture. Other banks just aren't offering that. I guess those other places assume that since I've been working at Resolute for 20 years, I'm perfectly happy sleeping on a beach towel until my loan is paid off before I can afford anything nice 😕

Oh, and one more thing—I don't really need a deposit. I'd much rather go with a co-signer option (or maybe two if I decide to ask for a bit more to cover the renovations).

Donna Chase12 said:The monthly payment stays exactly the same
Your only real shot at lowering that number is if you drop a chunk of extra cash toward the principal while you're paying it off—then you can hit them up to either scale back the monthly amount or just shorten the overall term of the loan

Because let's be real, the longer you're stuck with that credit, the more interest you end up bleeding out to them
And honestly, just go ask them directly... there might be some fine print differences depending on your deal

If the payment is always the same, then what was the point of the guy telling me the interest rate starts at 4.99% and then drops to 4.49% once that međufinanciranje period ends?
I mean, if my monthly bill doesn't actually change, does it even matter if the interest rates are rising or falling?! It's all just so confusing... 🙄

As for the stuff about deposits, overdrafts, and final payouts—I totally get how that works. That’s actually the part that sounds most appealing to me.

Donna Chase12 said:So that basically means they bumped up the terms even more, which is a win for >... honestly, if I were in her shoes, I’d try to pay off the loan as fast as my budget allows... and obviously, I'd go for this specific rate... instead of the K60 one (I mean, just run the numbers on both and see which one actually makes sense)

A buddy of mine is stuck with a K60 over 24 years—took out the same amount I did... but his setup isn't nearly as good as mine (though, to be fair... once he actually sat down and compared the math with other big banks, this one ended up being the better deal)

Do you happen to know exactly why the K100 ends up being a better deal than the K60?

Also, Zvrx, does the monthly payment actually drop after that međufinanciranje period ends? (Since the interest rate supposedly dips from 4.99% down to 4.49% at that point?) Or is that interest rate change already baked into the calculations for all the years of the loan?

So, based on all my math—which I actually had five different people run for me—it looks like my best bet is definitely splitting the contract among five different people. I honestly can't quite wrap my head around why it wouldn't be profitable for you 😕

I'll make sure to bring up your example when I talk to him tomorrow 🙂

Donna Chase12 said:hmm... if you can swing it, try to grab that K100 plan over a 17-year term. (I mean, you could stretch it out to 17 years and maybe some months—basically as long as you actually need)—it’s just way easier on the wallet...
just have them run the numbers for you first, then sit with it for a bit...
honestly, I’d suggest waiting until Monday to really sit down, compare everything, and wrap your head around it before you actually go in to sign anything...
don't rush into a call like this.

night

And yeah, that K100 plan is meant for loans over $40,000, but they keep trying to push the K60 on me.
Well, I guess I'm a bit wiser now after all that—I'll just reset things on Monday and handle it then😂

Thanks again and goodnight!😉

Donna Chase12 said:Want me to DM you a guy who actually knows his stuff?

See, that 1.5% is just the interest on your savings that hits your account at Deutsche Bank once the term is up...
It’s not some shady scam... just a weirdly over-complicated setup... this guy can walk you through the whole thing clearly.

No need to recommend him—I'm not from New York City, so I should be fine just talking to the folks working at our local branch here🙂

Wait, what exactly do you mean by MY savings? I haven't even opened an account with them yet!

Anyway, it doesn't really matter—I'll head down there and they'll walk me through it. If they seem a bit lost, maybe you can just give me his number? Then I can pass it along to them so they can reach out, get the details, and then finally make sense of it all for me. 😬

Donna Chase12 said:Honestly, if they were being all sweet to you at Hypo, it’s only because you happen to know someone there... otherwise, they aren't exactly known for being warm and fuzzy.

Have you tried asking them if you can just drop larger payments whenever you want? Like, what actually happens to the cash if you pay extra?
And what's the deal with the early payoff terms?
If you haven't asked yet, just go for it—I really didn't love what I heard from my end.

Unfortunately, it seems like it’s the same story with every single bank out there—it’s just how things work. That’s why I think Stambetal really rules; there's honestly no doubt about that! 👍

Donna Chase12 said:So, you actually thinking about taking out that 24-year loan?

Look, at the end of the day, it’s your call...
But I've already made my move... and honestly, if I had to do it all over again, I'd make the exact same choice.
Just because you've got "connections" who can shave a bit off the interest rate or fast-track the paperwork doesn't mean they're going to be standing there holding your hand when those variable rates start climbing...

For me, having that fixed rate was the whole game...
+ Plus everything else I mentioned earlier... I'm dead certain I picked the best option on the table back then—and honestly, I don't think anything better has come along since. If anything, things have just gotten worse now that rates are spiking.

Not quite 24 years—more like maybe 18 or 19... 🙂

To make a long story short, I'm just kind of over it. I actually REALLY love that bridge loan option, and I think I’ve pretty much made up my mind already! It's just that there are still a few little details I'm trying to wrap my head around—things they've sort of buried in the fine print that make everything seem a bit more suspicious than it probably even is. 😁

Thanks, Donna, and have a good night!

P.S. If you have more to share tomorrow, I'll definitely be following along!😬

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...

Oh, I totally get it! I was pretty thrilled with the terms too, but the guy just wouldn't give me a straight answer—it was all so vague. He wouldn't even touch on that 1.5% interest rate thing. When I asked if the rate was lower than what a big bank would offer, even if the monthly payment ended up being higher, he just brushed me off saying he didn't want to comment on the competition.👎

It’s almost like I was asking him something silly or something? Like, does he think I haven't finished middle school or something? I can definitely spot an extra interest charge when I see one! I guess the only thing bothering me is how secretive they all act. Back at Hypo, I chatted with three different personal bankers and, honestly, I couldn't tell you which one I liked more—they were all pretty much the same. And all(you know, the whole deal, haha) they even gave me some helpful tips on what to watch out for.

Anyway, I’m planning to head back to Deutsche Bank this Monday, but I’ll try to talk to the most experienced lady there—I noticed one older woman working there who seemed like she really knew her stuff.

Donna Chase12 said:i honestly, Donna Chase12... would you really jump on a mortgage just to save maybe $10 bucks? (and who even knows if that's still worth anything a year from now)😲
besides, does the deal actually make sense? what’s the interest rate looking like—is there some hidden interest period involved? did they factor in all the fees for the life of the loan, or the cost of an appraisal, or any other random junk charges? and can you even pay it off early without getting slapped with a penalty?
when I went digging for answers myself, they basically gave me the brush-off on everything

I think I can probably sort out the interim period just by chatting with my personal banker—it seems doable! My monthly costs are already baked right into my loan payments, and since my place isn't exactly a brand-new build, I’m paying for appraisals here and there too. Other than that, my crew actually works over at Hypo! 😍

By the way—it's kind of funny—Deutsche Bank keeps pushing this whole "zero processing fees" thing for their loans, but if you look closely, they actually have some of the highest costs out there! I guess it's all just part of the marketing, right? Maybe they just hope we won't notice the fine print—who knows! 2,5% And they call that a follow-up for finalizing the inter-financing agreement—which, by the way, would put my rate at 1.4% over at Hypo!

Donna Chase12 said:I can't be bothered to dig that up right now... I'll look into it later today and let you know.

That interest rate depends on how many years the loan runs for—plus whether you add family members to the agreement or if you put down a decent down payment...

I know, I've actually asked around about all of this already—but honestly, it doesn't seem like anyone on here has even touched a cent at Deutsche Bank! 😢

I’m planning to set up contracts for five family members—that’s really the limit for me—but even then, the monthly payments are going to end up being higher than if I had just gone with the same term at Hypo. I’ve tried to factor in everything possible... well, almost everything! I haven't accounted for a security deposit, since, you know, that's just not in the budget right now. ☕

Donna Chase12 said:Michelle Foster13, how much higher is that war tax actually hitting us in dollars?

It’s about 10 bucks. I mean—it’s not exactly breaking the bank or anything—but it really bugs me that they advertise a 4.99% APR when it’s actually closer to 6.49%! 😕

I don't think anyone actually knows what the savings interest rate is, or where that extra 1.5% is even going!

Maybe check your contract to see exactly how it's laid out for you and what the fine print says.

Donna Chase12 said:So, I see you guys are losing sleep over that West credit line...
I’m no financial expert or anything, but seriously—don't kill yourselves stressing over those interest rates... 4.49%... 4.99%... 6.49%...
Just head down there, walk in, and ask them exactly what the monthly payment would look like for a specific amount over X years. Ask for a full list of the paperwork they need. Once you have the actual numbers in front of you, everything gets way clearer, and then you can decide if it’s actually worth your while.

I pulled the trigger on one of their loans about 8 months ago... back when banks hadn't started hiking up those variable rates yet. For me, after crunching all the numbers, West ended up being the best deal by far...
Sure, they're pretty strict with their requirements, but honestly, they offer a ton of perks compared to the big commercial banks...
The reality is you don't pay for an appraisal on new builds, the rate is fixed, they process everything incredibly fast, and you can pay it off early without getting hit by any crazy prepayment penalties...

Donna Chase12, please be a pal and explain it! If it makes any sense to you... I mean, surely it should be clear once you actually have a loan with them, right? 😲

I actually went down to their office myself, and they ran the numbers for me across a few different terms. No matter how I crunch it, my monthly payment always ends up being higher than what Hypo offers. So now I'm asking you—do they actually give any money back once the loan is paid off? Like, do they return that 1.5% savings interest? (whatever that entails!) Because, from what I can see, that 1.5% is basically the exact difference in the monthly payment.

If they aren't returning it at the end or whenever it happens—meaning, if this isn't actually a form of savings—then I'm not crazy for thinking I shouldn't take a loan from them just to face a 6.5% rate disguised as two separate pieces (4.99% + 1.5%).

P.S. Now that I think about it, I know there are more questions I should be asking, but it would be so helpful if someone here could walk us through it before I have to go back and listen to an official representative try to explain it all over again!