Deloitte mortgage rates

Another week down the drain and my application still hasn't even been touched. 😠
"Give us a call on Monday." And when I do, they'll probably just tell me to check back Tuesday, then Wednesday...

It feels like I'm waiting for a Congressional hearing just to get a loan approved. Pathetic.

Finally, it’s settled. 🙂

It’s worth getting a little stressed out about that loan at first...🙂

Just a quick little update...

rowdylynx38 went into labor yesterday and had her little baby boy, Viti, 😍 ... huge congratulations to her! 😘

Everything is finally sorted out... both the loan and Vito 🙂

Well, thanks everyone. I just caught this 😍

Everything unraveled in forty-eight hours: the loan and Vito 😍

The contracts arrived. We’re heading to the notary on Monday, then the county recorder, and finally, the payout 👋

I honestly have to ask => how is everyone doing out there? 😍

Hello everyone,

Lately, I have also been looking into loan options at AFL, though I am exploring several other banks as well.
I have read through this entire thread from start to finish, and I find that we haven't actually reached a definitive conclusion on several key points. Opinions seem to be split; one person argues one side while another insists on the opposite. It feels as though there is still a significant amount of ambiguity left to resolve.

I haven't quite been able to reach a definitive conclusion regarding the required insurance instruments. From what I can gather, it seems only a standard homeowners policy covering fire and other property risks is necessary. Curiously, there hasn't been any mention—not even as a potential future requirement—of needing a term life insurance policy to cover the duration of the mortgage.
Does anyone have accurate data regarding this specific insurance instrument? I’ve noticed some inconsistencies in how major commercial banks handle it. Some institutions don't seem to offer it at all to their "high-net-worth clients," whereas others have integrated it quite readily—specifically referring to risk policies or accidental death and dismemberment coverage.

I would like to express my gratitude to everyone who has provided more definitive and concrete information. For those of you who have already navigated the process of securing loans, could you please clarify if that specific clause was included in your contracts? Furthermore, if such a provision exists, under what specific circumstances would one be required to carry a life insurance policy to cover those risks?

And what would the cost look like, roughly speaking? If we were looking at a round figure—say, for a loan amount of $50,000 or $100,000—what kind of numbers are we talking about?

Thank you in advance.

http://www.chase.com/default.aspx?id=134

look, it isn't exactly rocket science... 😉

silverbison293 said:http://www.chase.com/default.aspx?id=134

look, it isn't exactly rocket science... 😉

I reviewed those terms previously
but the following point remains unclear (though, I suspect these terms are somewhat outdated and may no longer be fully applicable today):

What specific type of life insurance coverage are we discussing here: is it a standard whole life or annuity policy, or is it an accidental death policy (death resulting from an accident)?😉

Hey everyone, sorry if I'm repeating stuff, I haven't had a chance to read this thread from the jump.

So, I started saving with Charles Schwab about two years ago—well, almost two years now—and I'm wondering if it's even worth sticking with USD savings given how crazy things are right now. I guess I'm not sure if they have some kind of clause regarding currency conversions or whatever.

Service has been fine so far, I guess, but I was pretty blindsided when I went in to sign my contract and they hit me with a $100 fee. They told me I'd eventually get it back, but I assume that's just part of that annual interest bonus thing.
Then the lady handling the paperwork tells me straight up that if I had just gone through her directly, I wouldn't have had to pay that $100. Yeah, I really messed that one up.🙄

And why wouldn't it be worth saving in dollars? The WSJ even has contracts featuring currency clauses. Plus, charging 1% of the agreed amount is just standard procedure for any savings bank to cover costs, so she's really just stalling you...

A 1% fee is standard when setting up a home savings plan—but there are ways to get anywhere from 20% to 100% of that fee refunded directly back into your account... It really just depends on your payment method, how many contracts you hold, and whatever specific promotion a particular Savings Bank is running at the time. Right now, one bank actually has an offer like this active.

I guess I put way too much faith in Charles Schwab and have been saving with them for 7 years now, spread across two accounts... to this day, I haven't even hit the max, maybe around $5,500 total across both.

My place was supposed to be ready by January 1st, 2009, but... predictably, it was late.
Trying to stay ahead of things, I started gathering paperwork on January 17th, 2009. I managed to get everything except the Title Deed, which kept getting delayed—tomorrow, the day after—and so on, all the way until September 15th, 2009.

I moved into the apartment in mid-June 2009, even though the whole house wasn't actually finished. I had already sold my old place on February 15th, a deal I made before the New Year (because I’m a man of my word, or rather, a fool).

So, I’m living in the apartment, waiting for that day, September 15th, 2009, to hand over the Title Deed to Charles Schwab. I finally turn it in, but it contains that infamous sentence: "Pursuant to Section 187 of the Land Registry Act, all entries in the land registry are not considered true or complete until the period for corrective proceedings has expired."
That’s just a standard disclaimer added by the District Court—basically the government—because they're busy updating the books and all that... so...
Charles Schwab's legal department rejects the Title Deed because of that specific sentence. I go to the District Court to get a document proving it’s standard procedure since they are currently reconciling the records... I send that over to Charles Schwab...

An email from Charles Schwab dated October 15th, 2009.

Dear Mr. xxxx,

I would like to inform you that the Credit Committee will re-examine your request at its next meeting scheduled for next week, taking into account the new documents you provided. I expect to have the Credit Committee's position by the middle of next week, at which point I will notify you via email.

Sincerely,

Charles Schwab Savings
Margareta Maričić Mišić
Account Manager

And they reject it anyway... here is the email from October 20th, 2009....

Dear Mr. xxxxx,

At today's meeting, the Credit Committee re-evaluated the possibility of recording a lien on the property, given that the land registry for this property is currently undergoing corrective proceedings. Regrettably, I must inform you that the Credit Committee's position is that the Savings Bank cannot accept the subject property as collateral until these proceedings are finalized.

If you are able to provide an alternative property as collateral, we can waive the costs associated with changing the insurance instruments and drafting a Contract Amendment ($250) when we eventually record the lien on your property and release the mortgage from the substitute property.

If this proposal is not acceptable to you and you decide to terminate your housing savings agreement, you may sign the Request at our branch in Chicago.

We remain at your disposal for any further questions or clarifications!

Sincerely,

Charles Schwab Savings
Margareta Maričić Mišić
Account Manager

I went to go inspect the terms at ZABA for their housing program... it's 12 years, though it could be 15. Fixed interest is around 6%, but the down payment is 30% of the loan amount (whereas Charles Schwab was 15%). So, on a $60,000 loan, instead of $6,000, I’d need a $18,000 deposit.

To try and complicate things, I suggested to my seller that since he's late with the paperwork and causing all this trouble, he should drop the price by $10,000. He's late, his garage isn't even done, it's a mess... but he just replied, "I won't comment on that."

Now I'm in a real bind. I could move out, but I've already put down $25,000 in deposits, so the question is when I'll ever see that money. The seller is also in a bind, and even if I pay him what he wants, who knows when he'll finish the garage or address my complaints!

I also heard from that same seller that Charles Schwab hasn't been issuing loans for months now. I asked the lady at Charles Schwab about it, and she just said, "No, that's not true, who told you that?"

What do you suggest? An alternative property that doesn't have that famous disclaimer, or moving to ZABA? ... I need a maximum of $60,000, maybe less.

Thanks for the advice. 🙏

Andrew Gomez8 said:I guess I put way too much faith in Charles Schwab and have been saving with them for 7 years now, spread across two accounts... to this day, I haven't even hit the max, maybe around $5,500 total across both.

My place was supposed to be ready by January 1st, 2009, but... predictably, it was late.
Trying to stay ahead of things, I started gathering paperwork on January 17th, 2009. I managed to get everything except the Title Deed, which kept getting delayed—tomorrow, the day after—and so on, all the way until September 15th, 2009.

I moved into the apartment in mid-June 2009, even though the whole house wasn't actually finished. I had already sold my old place on February 15th, a deal I made before the New Year (because I’m a man of my word, or rather, a fool).

So, I’m living in the apartment, waiting for that day, September 15th, 2009, to hand over the Title Deed to Charles Schwab. I finally turn it in, but it contains that infamous sentence: "Pursuant to Section 187 of the Land Registry Act, all entries in the land registry are not considered true or complete until the period for corrective proceedings has expired."
That’s just a standard disclaimer added by the District Court—basically the government—because they're busy updating the books and all that... so...
Charles Schwab's legal department rejects the Title Deed because of that specific sentence. I go to the District Court to get a document proving it’s standard procedure since they are currently reconciling the records... I send that over to Charles Schwab...

An email from Charles Schwab dated October 15th, 2009.

Dear Mr. xxxx,

I would like to inform you that the Credit Committee will re-examine your request at its next meeting scheduled for next week, taking into account the new documents you provided. I expect to have the Credit Committee's position by the middle of next week, at which point I will notify you via email.

Sincerely,

Charles Schwab Savings
Margareta Maričić Mišić
Account Manager

And they reject it anyway... here is the email from October 20th, 2009....

Dear Mr. xxxxx,

At today's meeting, the Credit Committee re-evaluated the possibility of recording a lien on the property, given that the land registry for this property is currently undergoing corrective proceedings. Regrettably, I must inform you that the Credit Committee's position is that the Savings Bank cannot accept the subject property as collateral until these proceedings are finalized.

If you are able to provide an alternative property as collateral, we can waive the costs associated with changing the insurance instruments and drafting a Contract Amendment ($250) when we eventually record the lien on your property and release the mortgage from the substitute property.

If this proposal is not acceptable to you and you decide to terminate your housing savings agreement, you may sign the Request at our branch in Chicago.

We remain at your disposal for any further questions or clarifications!

Sincerely,

Charles Schwab Savings
Margareta Maričić Mišić
Account Manager

I went to go inspect the terms at ZABA for their housing program... it's 12 years, though it could be 15. Fixed interest is around 6%, but the down payment is 30% of the loan amount (whereas Charles Schwab was 15%). So, on a $60,000 loan, instead of $6,000, I’d need a $18,000 deposit.

To try and complicate things, I suggested to my seller that since he's late with the paperwork and causing all this trouble, he should drop the price by $10,000. He's late, his garage isn't even done, it's a mess... but he just replied, "I won't comment on that."

Now I'm in a real bind. I could move out, but I've already put down $25,000 in deposits, so the question is when I'll ever see that money. The seller is also in a bind, and even if I pay him what he wants, who knows when he'll finish the garage or address my complaints!

I also heard from that same seller that Charles Schwab hasn't been issuing loans for months now. I asked the lady at Charles Schwab about it, and she just said, "No, that's not true, who told you that?"

What do you suggest? An alternative property that doesn't have that famous disclaimer, or moving to ZABA? ... I need a maximum of $60,000, maybe less.

Thanks for the advice. 🙏

Since your seller didn't keep their word, it’s probably no surprise this guy is talking nonsense about Vienna.
As for ZABA, who’s to say they won't demand a different property? If some salesperson told you otherwise, I wouldn't take their word for it—they'll just end up saying the Credit Committee rejected it.
Usually, the committee is right; they can't approve a property unless everything is perfectly clear, and they aren't allowed to. You have to remember that the money they lend you actually belongs to other savers. If they aren't careful about lending conditions, they risk hurting other depositors, which is why the Federal Reserve keeps such a tight leash on them since they aren't a standard commercial bank. If they issued a loan without a clean mortgage and Title Deed situation, the Fed could flag those as problematic loans.
A Savings Bank has to act as a responsible steward because that money belongs to everyone else. Similarly, they took your savings to lend to someone else, so they have to be certain that the loan will be repaid with solid collateral, which protects all the savers. In a Savings Bank, the pool for new loans comes from current depositors and repayments, rather than the institution borrowing at 3% to lend at 6% like a regular bank might.
I hope that helps explain why they have to be so cautious, especially with the Fed watching them closely since DAB guarantees roles up to $133 and DPS is involved too.
If you have an alternative property, that’s probably your best bet. But personally, I’d look into getting a lawyer to deal with the seller. You likely weren't aware that the paperwork was being sorted out or that the title couldn't be recorded yet, and if anything pops up—which it always does—it won't be accepted. It sounds like the seller might have misled you.

@ help1: Thanks for the reply. Just clean up my post by removing my part and write to 😉@ Andrew Gomez8... I don't want it to be too long... mine is enough once

. I stand behind everything you said; personally, I think that's how it is...
I have an appointment with my lawyer today... 😁

ZABA isn't going to ask me for another property because I already handed them the same Title Deed and told them to let the legal department review it... they got back to me after a few days saying it was fine.
To make matters better, my neighbor actually received notice the other day that his loan was approved at ZABA.

But the biggest issue, as usual, is the government allowing this kind of theft... mostly because the state has to process all these papers (Title Deeds) and it takes forever... They say it takes about a year... but if it's under a couple of years, nothing happens... 🤷

Think of this refusal as a necessary safety net. You don't want to end up in a mess where you've already wired the funds, only to find out some other buyer paid the seller at the exact same time. Until that Title Deed is completely clear, it's better to wait for everything to be in writing rather than risking both your apartment and your cash. This country is just built this way... nobody ever wants to change anything, so I guess we're stuck with this 🙂

You need to "shadow" that seller constantly... I get that he’s dragging his feet, but being 11 months late on things like claiming the garage is a total wreck? That's just ridiculous... especially right now when sellers should be practically begging for buyers... honestly, my gut tells me something is definitely off here.

@ everyone: Can someone walk me through which option actually makes more sense here...

I haven't finalized everything yet—don't plan on paying just yet—but I'm getting the paperwork ready. I need $40,000, excluding the down payment.

Option A: JPMorgan Chase via a savings association
- max 15 years,
- 30% down,
- 5.99% fixed interest,
- 6.16% APR
...which means I'd need $60,000 total.
For the first 2 years, the monthly payment is $506; for the remaining 13 years, it's $342:
So:
24mo x $506 = $12,144
157mo x $342 = $53,694
Total paid = $65,836
Actual amount borrowed (after 30% down on $60k) = $42,000
Difference (interest paid) = $65,836 - $42,000 = $23,838

Option B: Charles Schwab (Equity from another property)
- max 16 years, 11 months,
- 15% down,
- 5.49% fixed during bridge financing (6 years), then 4.49% for the remainder,
- 5.83% APR
...which means I'd need $45,000 total.
The monthly payment stays at $375 for all 17 years:
So:
203mo x $375 = $76,125
Total paid = $76,125
Actual amount borrowed (after 15% down on $45k) = $38,250
Difference (interest paid) = $76,125 - $38,250 = $37,875 ??? I guess I'm not entirely sure if that math holds up.

Is it even possible that by paying longer (2 extra years) and taking a loan that's $15,000 smaller, I end up paying $14,000 more in interest (the difference between $37,875 and $23,838)?
I can't quite wrap my head around how Charles Schwab calculates this. ☕

Could someone help me figure out what the monthly payment would be if I shortened the term to 15 years, just so I have a direct comparison with JPMorgan Chase?
I know I should probably just ask at Charles Schwab, but they aren't open until Monday. Maybe I'll get an answer here sooner...

Thanks for the help... 🙏

I’m a bit confused about how you're calculating this deposit. Are you planning on using the funds you just received as part of the deposit? As far as I understand, you have to use your own capital, not money from the credit pool.

Also, how did you come up with that $375 monthly payment figure?
Check out this link http://www.charlesschwab.com/default.aspx?id=159 which shows that the monthly installment for a $40,000 amount would be $332.50—assuming we're looking at the K60 rate tier.