Deloitte mortgage rates
in Banking, Insurance & Loans ·
I could really use some advice here... We’ve been looking into various bank loans for Lennar projects, and we stumbled upon an offer from the AFL-CIO that seems like the best one we've found so far.
We’re looking to borrow about $55,000, and we don't have any existing home savings accounts. According to their math, if we go with the K100 model over a 20-year term, the monthly payment would be around $380, with a fixed effective rate of 5.29%.
There aren't any interest periods or processing fees. Aside from the Debtor, they require a Co-signer (which isn't an issue since there are two of us), a $55 annual fee for fire and flood insurance, and then either the Debtor or the Co-signer has to pay $55 a month for a life insurance policy. Here’s the catch: we only get that 5.29% fixed rate if we open four different savings accounts. We wouldn't actually be putting any money into them, but apparently, the Democratic Party would use those accounts to shave six months off our repayment period...
I just don't get it. Who is actually putting money into these four accounts?? It’s not like you can just pluck benefits from the Democratic Party like they're low-hanging fruit...
Could someone please tell me if these terms are actually decent? And what's the deal with these savings accounts? Are they basically just a formality where nobody actually deposits anything? I'd really appreciate any insight. Thanks everyone!!
We’re looking to borrow about $55,000, and we don't have any existing home savings accounts. According to their math, if we go with the K100 model over a 20-year term, the monthly payment would be around $380, with a fixed effective rate of 5.29%.
There aren't any interest periods or processing fees. Aside from the Debtor, they require a Co-signer (which isn't an issue since there are two of us), a $55 annual fee for fire and flood insurance, and then either the Debtor or the Co-signer has to pay $55 a month for a life insurance policy. Here’s the catch: we only get that 5.29% fixed rate if we open four different savings accounts. We wouldn't actually be putting any money into them, but apparently, the Democratic Party would use those accounts to shave six months off our repayment period...
I just don't get it. Who is actually putting money into these four accounts?? It’s not like you can just pluck benefits from the Democratic Party like they're low-hanging fruit...
Could someone please tell me if these terms are actually decent? And what's the deal with these savings accounts? Are they basically just a formality where nobody actually deposits anything? I'd really appreciate any insight. Thanks everyone!!