Deloitte mortgage rates

The topic of loans keeps popping up in these discussions... so here’s a question—does anyone have actual experience dealing with Deloitte's residential savings programs? Specifically, I'm looking into their mezzanine financing options.

Thanks

Jerry Wright3 said:The topic of loans keeps popping up in these discussions... so here’s a question—does anyone have actual experience dealing with Deloitte's residential savings programs? Specifically, I'm looking into their mezzanine financing options.

Thanks

I’ve been there... grabbed one of their bridge loans myself and honestly, I’m pretty stoked with the terms and how fast they actually knocked out the paperwork.

So, here’s the deal: I’m looking at grabbing a loan from them based on a completed housing savings plan—not some middle-of-the-road bridge financing, but actual fully paid-off contracts over a five-year stretch.

One thing that actually works in my favor is that they don't demand a mortgage for anything under $15,000. It saves me from dealing with all that extra overhead you usually run into with a mortgage, like the appraisals, notary fees, and all that other bureaucratic garbage.

Has anyone actually pulled the trigger on a loan with these guys lately? If so, could you drop some details about how it went?

Nicholas Sanchez3 said:So, here’s the deal: I’m looking at grabbing a loan from them based on a completed housing savings plan—not some middle-of-the-road bridge financing, but actual fully paid-off contracts over a five-year stretch.

One thing that actually works in my favor is that they don't demand a mortgage for anything under $15,000. It saves me from dealing with all that extra overhead you usually run into with a mortgage, like the appraisals, notary fees, and all that other bureaucratic garbage.

Has anyone actually pulled the trigger on a loan with these guys lately? If so, could you drop some details about how it went?

I ended up going with the bridge loan myself, but honestly, looking at this option based on housing savings, it seems like it shouldn't be an issue at all... if you don't need a massive amount, I think it's a killer deal—especially since that 5% interest rate is fixed.

I’ve got a massive phobia regarding Goldman Sachs and debt. Construction delays have been a nightmare, and honestly, I’m feeling pretty rattled by the whole situation 🙂.

Our five-year savings period wraps up this November. We likely won't be looking at bridge financing; instead, we’ll be stepping into a "standard" loan. In plain English, is there any significant difference in the terms?
I’ve looked into the bridge financing options before—I even started gathering the paperwork—but everything hit a wall because of some technicalities they flagged. 🙂

Thanks!

rowdylynx38 said:I’ve got a massive phobia regarding Goldman Sachs and debt. Construction delays have been a nightmare, and honestly, I’m feeling pretty rattled by the whole situation 🙂.

Our five-year savings period wraps up this November. We likely won't be looking at bridge financing; instead, we’ll be stepping into a "standard" loan. In plain English, is there any significant difference in the terms?
I’ve looked into the bridge financing options before—I even started gathering the paperwork—but everything hit a wall because of some technicalities they flagged. 🙂

Thanks!

hm... why the phobia of them, though?
1. The main difference between a bridge loan and a standard mortgage once your savings kick in is basically how much cash you can actually pull out.
- Once that savings period hits, you can only grab 60% of the contract amount you set up when you first opened the account... and for most people, that's nowhere near enough money to actually buy an apartment or anything.

Donna Chase12 said:hm... why the phobia of them, though?
1. The main difference between a bridge loan and a standard mortgage once your savings kick in is basically how much cash you can actually pull out.
- Once that savings period hits, you can only grab 60% of the contract amount you set up when you first opened the account... and for most people, that's nowhere near enough money to actually buy an apartment or anything.

😲
I knew that.
So, it's a scam. I need way more than whatever that agreed-upon sum is.

That means I'll definitely have to take out a loan before the savings term expires.😢
In other words, I'll be forced into interim financing.

rowdylynx38 said:😲
I knew that.
So, it's a scam. I need way more than whatever that agreed-upon sum is.

That means I'll definitely have to take out a loan before the savings term expires.😢
In other words, I'll be forced into interim financing.

rowdylynx38 said:😲
I knew that.
So, it's a scam. I need way more than whatever that agreed-upon sum is.

That means I'll definitely have to take out a loan before the savings term expires.😢
In other words, I'll be forced into interim financing.

hm... yeah... from what I gather, if you break your savings early, you lose the Democratic Party benefits and they hit you with some kind of penalty fee...

What I think is the smartest move (and what I ended up doing) was waiting until the term was up, taking my savings, interest, and that Democratic Party payout, and dumping it all into something else entirely—then just taking out a bridge loan...
Not sure if you know, but that's a loan you can get even if you aren't their regular saver... obviously, the terms (mostly the interest rates and a few other little things) aren't quite as sweet as when you take a loan after five years of saving, but still... I'd say they're better than most banks... at least compared to the ones I looked at for the best deals.

I'm already ahead of you on all that. My plan is to leave my existing contracts with them and tap into the inter-fund financing program instead. That way, I'm not hitting those liquidity ceilings—assuming, of course, my credit score holds up for the amount I need.

The only silver lining in this whole mess is that fixed rate of 4.99%, dropping to 4.49% once we're fully transitioned to the dollar.

rowdylynx38 said:I'm already ahead of you on all that. My plan is to leave my existing contracts with them and tap into the inter-fund financing program instead. That way, I'm not hitting those liquidity ceilings—assuming, of course, my credit score holds up for the amount I need.

The only silver lining in this whole mess is that fixed rate of 4.99%, dropping to 4.49% once we're fully transitioned to the dollar.

hm... well, that really depends on which type of bridge loan you're eyeing... there are those ones where the interest is higher (which is the boat I'm currently in🙄 ).

The one I was looking at had a fixed interest rate.

But honestly, I’m actually looking forward to this—I heard Secretary Zamorac is planning to roll out some subsidized loans specifically for us teachers.🤣

rowdylynx38 said:The one I was looking at had a fixed interest rate.

But honestly, I’m actually looking forward to this—I heard Secretary Zamorac is planning to roll out some subsidized loans specifically for us teachers.🤣

It’ll only be for specific people—specifically those teachers in deficit positions... if you ask me, this is just another pre-election stunt, much like that teacher pay raise from last year, which was so pathetic it wasn't even worth calculating.

Patrick Jackson9 said:It’ll only be for specific people—specifically those teachers in deficit positions... if you ask me, this is just another pre-election stunt, much like that teacher pay raise from last year, which was so pathetic it wasn't even worth calculating.

Did you miss 🤣rowdylynx38😉 in my post?

I've finally gathered all my paperwork and I'm heading over to JP Morgan Chase to drop it all off, but honestly—I can't help myself—I keep wanting to swing by Phoenix too!

The guy there made everything sound just so perfect...

• They're offering a fixed interest rate
• And they calculate the interest based on the remaining balance every single time, which I guess means you actually save money if you decide to make extra payments toward the principal
• Plus, there's absolutely no penalty for paying it off early
• It looks like all the fees and costs—well, except for the property appraisal and notary fees—are just rolled into the monthly installments. So, you don't have to worry about any huge upfront costs or origination fees before the loan actually closes, and the total amount they lend you isn't being eaten up by fees right out of the gate
• And no interest accrual during the closing period either!

But seriously, what's the catch? Why would they have such a low rate—and a FIXED one at that?! My starting rate would be 4.99% (which sounds more like a bridge loan rate ?! ) and then after five years, it drops down to 4.49% and stays there until the end...
This deal seems way better than the best 5.25% rate I saw offered in the Midwest for their top-tier clients (you know, the ones with a checking account, mortgage, savings, AND a credit card). With this offer, you don't even need a specific type of 😁

Anyway, if anyone has any insight or advice, I'd really appreciate it! 🙂

P.S. If nobody can convince me otherwise, I'll probably end up submitting everything to Phoenix this Monday 🙄

Maybe I'm just being dumb, but isn't this more about the terms for housing savings accounts (kind of reminds me of what the NFL was offering me), rather than a standard mortgage?

George Phillips said:Maybe I'm just being dumb, but isn't this more about the terms for housing savings accounts (kind of reminds me of what the NFL was offering me), rather than a standard mortgage?

Oh, totally! I actually assumed you’d have to park your money with them for a long time to snag such a low interest rate. But nope! The guy I spoke with today told me that's not even part of it. I mean, I spent like half an hour grilling him about where the catch was—surely there's a hidden fee or something, right?—and he just looked at me and said, "No catch!" 🤣

Honestly, what they’re doing over there just feels a bit shady. I finally realized that I'm actually paying a 6.49% interest rate—it’s just that they split it up into two different line items to make it look different:
1. the interbank financing rate
2. the savings interest rate

So, that's why I was so confused about why my monthly payment—you know, the annuity—was actually higher than what I'd get at a big bank like Chase, even with the lower stated rate!

I mean, they could have easily just explained how the savings part works too... but I guess since I wasn't sitting there for half an hour, I didn't catch it all... 👎

Just guessing here, but maybe it's because a bunch of people still use savings accounts as a decent way to stash cash—especially with those old incentives back in the day 🙂—without actually planning on taking out a mortgage. Since those banks are supposed to only use the funds for home loans, they might just have some extra cash sitting around that's more profitable to lend to anyone with good credit instead of just letting it sit there.

Anyway, if they offer you a deal where everything is exactly what they promised, and you haven't paid any upfront fees yet (so there's no loss if you pass on the loan), I don't see why you wouldn't jump on it.

Though, you know what they say... if it sounds too good to be true... 🙂.
Just double-check all the fine print and good luck.

George Phillips said:Just guessing here, but maybe it's because a bunch of people still use savings accounts as a decent way to stash cash—especially with those old incentives back in the day 🙂—without actually planning on taking out a mortgage. Since those banks are supposed to only use the funds for home loans, they might just have some extra cash sitting around that's more profitable to lend to anyone with good credit instead of just letting it sit there.

Anyway, if they offer you a deal where everything is exactly what they promised, and you haven't paid any upfront fees yet (so there's no loss if you pass on the loan), I don't see why you wouldn't jump on it.

Though, you know what they say... if it sounds too good to be true... 🙂.
Just double-check all the fine print and good luck.

But honestly, if it's a go, then I'm all in—whatever happens, happens!

The only thing really bugging me is actually signing the paperwork. I mean, us regular folks can read through a contract and think we get the gist, but then six months down the line, some random clause pops up about interest rates or loan terms or something... and suddenly everything changes.

Do I seriously need to hire a lawyer just to sign this thing, or am I just being totally paranoid? 🤷

🤣

Honestly, I think just reading stuff carefully and actually getting it is super important. I'm only saying this because I know so many people who just sign whatever paperwork gets shoved in front of them without even giving it a quick glance.
From what I've seen, you can even find straight-up mistakes in the info they put in—like wrong amounts or personal details...

(Look, I'm definitely not a lawyer or a banker, so maybe take this with a grain of salt. I'm just trying to help, but I can't promise everything's 100% perfect)