Posts by graniteharbor7

@Kyle Perez81
You totally missed the part where you have to drop at least a 10% deposit with Vienna on that $60,000 of yours!

Seriously, I was practically begging and pleading with the folks over at Vienna to let me skip the deposit, but Rose Rancic just told me straight up that their corporate office rolled out new rules and that the 10% deposit is mandatory now.

So basically, you need to have $6,000 sitting there as a deposit just to be able to pull that $60,000 out of Vienna.

On the flip side, if you actually have that $6k on hand, you’d only be pulling $54,000 from JPMorgan Chase, which means your principal is smaller and you end up paying less interest overall—and trust me, that's not a small amount of money!

Don't forget that with Vienna, you're essentially paying interest (!!!) on your own cash—specifically that $6,000 you deposited. While they might give you a measly 1.5% return on it, you're stuck paying roughly 5% interest on the total principal the whole time.
The bottom line is that over the entire repayment period, you're effectively paying 3.5% interest (5 minus 1.5) on YOUR OWN MONEY, instead of actually earning interest on it!!

When it all settles, the difference ends up being MASSIVE.

I did the math, and the interest rate at JPMorgan Chase would have to jump up by 2.5% just for it to break even with what you'd pay at Vienna (assuming you put down that 10% deposit).

Do yourself a favor: put everything on paper, run the numbers three different times, and don't let some agent at Vienna try to sell you a bridge.

Honestly, I'm left with a bitter taste in my mouth because I went to Vienna five separate times, and every single time that woman gave me the same headache—no 10% deposit, no conversation.

I heard Donna Chase12 managed to get through without a deposit about a year ago, but things change fast, and the rules at Vienna have shifted since then, so please, watch your step so you don't get caught out.

Good luck!

So I was looking at my numbers over at Wells Fargo, and honestly, what my wife just worked out is absolutely terrifying! After checking with JPMorgan Chase, it turns out if I went with them under the exact same terms, I’d be paying off twenty grand less in the long run.

I tried showing her the article right from their own website, but she just kept making excuses, insisting that management had rolled out these new terms, BUT (get this) she claims she can't even show them to me or print a copy because she isn't sure if she's actually allowed to!

She got me so worked up with all that nonsense that I almost lost it and...

Anyway, I’m going to call Wells Fargo back and try to deal with a different agent to see if I can strike a better deal, just to see how a different person handles the conversation.

My loan-to-value ratio is at least 1:1.2, and I’ve been telling Rose Rancic that, but she keeps insisting that nothing moves forward without a 10% down payment.

I get the feeling there’s some wiggle room here—like she was probably paid based on how close she can push you to the edge—and she clearly doesn't want to stretch things to the limit, but since I already set up a third meeting for Monday, I’m planning to just shove what my colleague found on their official site right under her nose (shoutout to the e-Zara site, by the way!). I've already printed out the whole article.😉

There’s no doubt that their calculations are full of shady variables, because if they weren't, why would she have to duck into another room to run the numbers? And why wouldn't they just put a "calculator" right on their website? Then again, I actually like that the interest rate is fixed and there aren't any prepayment penalties—for those two reasons alone, I’d honestly take a slightly higher rate than what Chase would offer me!

For those of you who actually sat through one of these sessions, does the loan term seem to appear "coincidentally" on those printouts? Maybe I'm using the wrong word when I say "coincidentally," but I just don't understand what factor actually dictates the length of the loan. It really bugs me that she comes back from that other room with these specific calculations where the repayment period is already decided, and I can't even ask her to fix it at, say, 20 years just so I can see what my monthly payment would look like.

Anyway, I’ve lined up about five or six awkward questions for her, so we'll see how things play out this Monday.

If I could somehow get my hands on Zirkels' calculation, it would be absolutely devastating for this lady! Zirkels, I know you mentioned you don't have it saved on your computer, but is there any way you could snap a photo of it and email it to me before Monday? Everything is digital these days, so it should be easy, but if you really can't find the file, maybe just a quick cell phone picture would work? Sorry for being such a pest, I really just think it would be a game-changer.🙂

Is it really fair for this thread to just go dead right when I actually need some help here?! 😕

Donna Chase12 isn't getting back to my PMs, and from what I can see, pretty much everyone else has vanished from the discussion too.

I swung by Winston-Salem earlier, and the lady there was basically telling me that nothing happens unless I have my own cash ready to go. Does anyone know how Donna Chase12 ended up with those specific numbers on her K100 rate? If anyone out there could send over the kind of breakdown you get at Winston-Salem via PM, I’d really appreciate it.

Thanks.