Deloitte mortgage rates

A few years back, I used to work over at Wüstenrot handling loans—everything from bridge financing to instant credit, all sorts of messy combinations..

Things have shifted lately. I’ve thought about dropping by the office just to see what the latest headache is... but honestly, they’ve made the whole process so complicated it’s almost laughable.

Now, even today, you basically need two rock-solid co-signers, huge incomes, a mortgage already in play, plus that deposit (though that depends on how much you're borrowing and the specific setup)

They used to push these savings plans tied directly to the user to act as sort of "loan insurance." They'd dole out amounts based on those savings, and there were government incentives involved... but I won't ramble too much on that since I haven't seen how they run things these days...

You need nerves of steel, a mountain of paperwork, reliable guarantors... even the loan officer has to pull in some massive salary without being buried in debt or mortgages just to qualify. It's a lot.

And when it finally comes down to it, paying back the loan? That takes forever. Just like everywhere else.

Plus, everyone has to be an American citizen with income sourced right here in the States (at least that was the rule), and they look at your age, too. Like, they make sure you don't cross the 65-year mark before the loan is fully paid off. They've overcomplicated everything to the point where hardly anyone qualifies. Finding co-signers was always the biggest nightmare anyway.

Your best bet is to just walk straight into a branch—if you're in a big city like Chicago, go to the one on Main Street, they usually have the most experienced people there...

.

rapidrider3 said:A few years back, I used to work over at Wüstenrot handling loans—everything from bridge financing to instant credit, all sorts of messy combinations..

Things have shifted lately. I’ve thought about dropping by the office just to see what the latest headache is... but honestly, they’ve made the whole process so complicated it’s almost laughable.

Now, even today, you basically need two rock-solid co-signers, huge incomes, a mortgage already in play, plus that deposit (though that depends on how much you're borrowing and the specific setup)

They used to push these savings plans tied directly to the user to act as sort of "loan insurance." They'd dole out amounts based on those savings, and there were government incentives involved... but I won't ramble too much on that since I haven't seen how they run things these days...

You need nerves of steel, a mountain of paperwork, reliable guarantors... even the loan officer has to pull in some massive salary without being buried in debt or mortgages just to qualify. It's a lot.

And when it finally comes down to it, paying back the loan? That takes forever. Just like everywhere else.

Plus, everyone has to be an American citizen with income sourced right here in the States (at least that was the rule), and they look at your age, too. Like, they make sure you don't cross the 65-year mark before the loan is fully paid off. They've overcomplicated everything to the point where hardly anyone qualifies. Finding co-signers was always the biggest nightmare anyway.

Your best bet is to just walk straight into a branch—if you're in a big city like Chicago, go to the one on Main Street, they usually have the most experienced people there...

.

Looking back over the last four years... seventy-two years in total! 🙂 I can't quite remember when you last went looking for some fresh intel... 🙂

crimsonseal13 said:Looking back over the last four years... seventy-two years in total! 🙂 I can't quite remember when you last went looking for some fresh intel... 🙂

Oh, believe me, I haven't been around here in ages. Last time I checked in was back in September, right around when they moved those last housing savings accounts... 🙂😉

crimsonseal13 said: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.

I was actually looking for $45,000 so the payment is a bit higher... maybe $375.

rapidrider3 said:A few years back, I used to work over at Wüstenrot handling loans—everything from bridge financing to instant credit, all sorts of messy combinations..

Things have shifted lately. I’ve thought about dropping by the office just to see what the latest headache is... but honestly, they’ve made the whole process so complicated it’s almost laughable.

Now, even today, you basically need two rock-solid co-signers, huge incomes, a mortgage already in play, plus that deposit (though that depends on how much you're borrowing and the specific setup)

They used to push these savings plans tied directly to the user to act as sort of "loan insurance." They'd dole out amounts based on those savings, and there were government incentives involved... but I won't ramble too much on that since I haven't seen how they run things these days...

You need nerves of steel, a mountain of paperwork, reliable guarantors... even the loan officer has to pull in some massive salary without being buried in debt or mortgages just to qualify. It's a lot.

And when it finally comes down to it, paying back the loan? That takes forever. Just like everywhere else.

Plus, everyone has to be an American citizen with income sourced right here in the States (at least that was the rule), and they look at your age, too. Like, they make sure you don't cross the 65-year mark before the loan is fully paid off. They've overcomplicated everything to the point where hardly anyone qualifies. Finding co-signers was always the biggest nightmare anyway.

Your best bet is to just walk straight into a branch—if you're in a big city like Chicago, go to the one on Main Street, they usually have the most experienced people there...

.

It seems it hasn't changed. So, the K60 plan. I'm thinking about opening savings accounts for six people (my wife, myself, and my parents twice over)... I don't quite follow that part.
They don't really have to do anything; they just exist so you can collect those federal incentives for six years... 6x$250 = $1.50 per person. If opening an account costs $50, if I recall correctly... that's roughly $1.25 in incentives per policy... meaning $24,000 total across all six policies... does that even work like that?

Any other advice... JPMORGAN or Wue ?!?! 👍

@everyone: Just a quick heads-up for anyone looking to save avoid Wells Fargo at all costs. I’d suggest a wide berth for a few reasons:
- incompetence (the staff seems out of their depth)
- bureaucracy (they demand way more paperwork than others, like JPMorgan Chase)
- poor communication (they drip-feed information during the loan process; it feels like they find something new to tell you every week)
- lack of transparency regarding interim financing for the first 6 years and how the remaining balance is repaid
- predatory tactics (there's a whole saga involving property appraisals that I'll get into later)

I was with them for 9 years...
In the end, I even reached out to the press and dug through legal codes, but they wouldn't budge on their demands...

I'll write more here in a few days once my funds actually clear... 😠

When I took out car loans at Goldman Sachs, I thought that was complicated. Then I switched to JPMorgan Chase for my second car, and it was much smoother...

Wells Fargo is a nightmare... I definitely wouldn't recommend them. But if someone chooses the hard path and goes with them, I guess just don't back down until the very end. 🤷

One final tip: saving is still necessary... 👍

I’m honestly lost on how this deposit calculation is supposed to work. Are you actually planning to use the funds you just received as your own deposit? As far as I understand, you have to use your own personal capital for the deposit, not money pulled from the credit pool itself.

Technically, you could pay out the deposit using the loan itself if you don't have any cash on hand, but that's a different story. It's the same principle as a commercial bank, except this specific bridge financing model is way more expensive.

Those entities don't actually have to lift a finger; they basically just exist so people can claim those six years of federal tax credits... 6x$250 = $1.50 per person. If the cost to open a savings account is around $50—if my memory serves me right—then that's roughly $1.25 in tax credits per policy... which means $24,000 total across all six policies. Is that really how the math works out for them?

You seem to have overlooked the fact that interest accrues on every single housing savings account individually. Plus, even if you dump more than $1667 into one, you won't see anything over $250 in credits. But, if you split it up and fund a second account, you get hit with the credits there too. You're looking at double the tax credits and double the interest!

The formatting got a bit messy on my end, but I’m pretty sure you guys will be able to make sense of it.

@zlato: Calculating the deposit is straightforward... you need to maintain 15% (it was 10% until just a few months ago) of the total credit amount they disburse in their account... so in my case, for $45,000, you'd need $6,750 sitting there.

The trick with this bridge financing is how they calculated it for me based on 6 people, which means 6 people x 6 years x $250 subsidies = 6x $1.50 = $9.00... assuming those subsidies actually stay in place... if they don't scrap them... 🤷

And regarding the extra policies, it’s just about $50 per opening... they aren't even being greedy...
Maximum subsidies are capped at $1.75 per policy... $250...

p.s. @zlato: You can edit any post for a little while... there's an EDIT button down in the bottom right... 🙂

Just one thing I'll say... THIEVES... you Goldman Sachs and Appraisal Pros people

During my home appraisal, the loan officer told me to reach out to Appraisal Pros for the valuation.
I called them. The guy didn't even introduce himself. We set it for the following week. A few minutes later, he calls back saying he can make it today. I tell him I can't, but my wife is home so she can let him in...
The guy shows up, asks for The Wall Street Journal record, snaps some photos of the house, and leaves. Four days later, they send an Offer. I file a dispute immediately because they appraised the wrong property. Why was it wrong? Because Will refuses to acknowledge the deed containing the clause "Pursuant to Section 187 of the UCC (John Doe 91/96), all entries in the land registry are not considered true or complete until the expiration of the period for corrective proceedings"... and apparently, this idiot doing the appraisal doesn't know anything about that...

As soon as that Offer hit my inbox—four days after the guy visited—I filed a dispute with Appraisal Pros within two hours. They said, fine, we'll appraise a different property. A few days later, they come out and appraise a substitute property that doesn't have that specific clause in its title. Again, I get an Offer four days after the visit, and I pay for this second appraisal promptly.

That’s where the saga begins. They REFUSE to release the second appraisal until I pay for the first one... Why? If these are separate services... So, the extortion starts. Pay up or no loan... and then they just walk away $0.50...

And according to the US Uniform Commercial Code:
Offer
Section 253.
(1) An offer is a proposal for entering into a contract made to a specific person that contains all essential elements of the agreement.

Acceptance of an offer
Section 262.
(1) An offer is accepted when the offeror receives a statement from the offeree expressing acceptance.
(2) An offer is also accepted when the offeree sends the goods, pays the price, or performs any other act which, based on the offer, established practice between the parties, or custom, can be considered a statement of acceptance.
(3) An acceptance may only be withdrawn if the offeror receives a notice of withdrawal before or at the same time as the statement of acceptance.

Silence of the offeree
Section 265.
(1) The silence of an offeree does not constitute acceptance.
(2) No provision in an offer shall have effect stating that the silence of the offeree or any other omission (for example, failure to reject an offer within a certain timeframe or failing to return goods offered under a contract within a reasonable time) shall be deemed acceptance.

Fraud
Section 284.
(1) If one party induces error in the other party or maintains such error with the intent to induce them into a contract, the other party may demand rescission of the contract, even if the error was not material.
(2) A party who entered into a contract under fraud has the right to seek damages for losses sustained.
(3) If the fraud was committed by a third party, the fraud affects the contract itself if the other contracting party knew or should have known about the fraud at the time the contract was formed.

Entering contracts electronically
Section 293.
(1) A contract is concluded electronically when the parties have agreed upon the essential elements.
(2) An offer made electronically is considered an offer to the person present if, in the specific case, an immediate counter-statement can be made.

Rights of the buyer
Section 410.
(1) A buyer who has timely and properly notified the seller of a defect may, at their discretion:
1) Demand that the seller remedy the defect,
2) Demand that the seller deliver a substitute item without the defect,
(2) In either case, the buyer is also entitled to damages under general principles of liability, including damage to other assets caused by the defective item.
(3) The costs of remedying the defect and delivering the substitute item are borne by the seller.

It's clear they violated the law here. Not only did they extort me, but I was forced to pay for something that isn't legally required since an Offer is not binding...

If he had just sent the Offer before coming over, I would have realized what was happening immediately and disputed it., so who ends up footing the bill for their theft? The buyer, obviously...

Not to mention I received an Offer from some firm called Ing-expert without any actual details—no company name, no address, no tax ID, no phone number—just a bank account belonging to Will... and an invoice from Will... That kind of thing is unheard of here...

Naturally, they finally cleared my loan after fighting them for a year, even though I could have settled this a year ago using that replacement property... so now I can share my own bad experience. It’s honestly shameful that Will would recommend someone for a new property appraisal. The guy from Ing-expert shows up, clearly has no idea what he's appraising, and to top it off, his valuation is $12,000 lower than the price I'm actually paying—which is clearly market value and explicitly stated in the contract... just a total disaster... So, does that mean the Seller is obligated to pay me back that $12,000? Their square footage valuation is the same for both the new property (my condo) and the replacement one, which is 30 years old...
😂
😁

Bottom line... watch your backs!!!

crimsonseal13 said:.....
I called this guy—he didn't even introduce himself—and we set up an appraisal for next week. Then, just minutes later, he calls back saying he can make it today. I told him I couldn't, but since my wife was home, she could let him in...
The guy shows up, asks for the title deed, snaps some photos of the apartment, and leaves. Four days later, he sends over an offer, which I am openly advertising because he appraised the wrong property, and why was it wrong? Because he refuses to acknowledge the title deed containing the clause "Pursuant to Section 187 of the Land Registry Act (John Doe 91/96), all entries in the land registry are not considered true or complete until the deadline for the correction procedure expires"... and this idiot doing the appraisal doesn't even know what that means...

So, you're saying your wife didn't realize she should tell him he was appraising the wrong place while he was taking pictures?! I honestly don't get it...😕

Besides, you could have easily just gone to a different mortgage lender and asked for the same thing. I don't know why you stuck with them for a whole year.

crimsonseal13 said:So, you're saying your wife didn't realize she should tell him he was appraising the wrong place while he was taking pictures?! I honestly don't get it...😕

Besides, you could have easily just gone to a different mortgage lender and asked for the same thing. I don't know why you stuck with them for a whole year.

Hey everyone... can someone help me out here? I'm selling my apartment to a buyer who's taking out a mortgage through Wells Fargo to pay me. From what I can gather, he's got about $20,000 sitting in two different savings accounts intended for this, and Wells Fargo needs to cover the remaining $30,000. I've been waiting over a month and a half just for his savings to hit the Wells Fargo account. We finalized the contracts a week ago—we haven't notarized them yet because they told us not to bother until the loan actually gets approved. It's been ten days since we handed over all the paperwork, and there's still no sign of approval. Wells Fargo keeps saying things take time and need to pass through various departments. I don't quite understand how they can even consider approving a loan when they haven't even done the appraisal on my place yet. To be honest, after reading some stuff on this forum, I'm starting to think my buyer is being jerked around. It feels pretty sloppy, and I'm worried I'll be stuck waiting forever only for them to deny the loan at the last minute. I'm actually considering canceling the whole deal. I have another buyer ready to go who would give me a $25,000 deposit and handle the rest through a standard bank loan without all this mess—no complicated savings plans involved. Does anyone know how long this agony usually lasts? Like, how long from submitting the application and docs until the money is actually paid out, or even just getting a yes or no? This whole situation is making me pretty nervous. The buyer gave me a $500 deposit, but on my end, I'm losing out on a beach house because Wells Fargo won't get moving.

Look, I’m speaking in broad strokes here... if it’s already been ten days since you submitted that mortgage application, an appraiser should have reached out to you by now to schedule the property inspection. In fact, they really ought to have finished the valuation already...
Honestly? Just grab your buyer and head down to the local Chase branch. Look them in the eye and demand to know exactly what stage the application is in and get a realistic timeline, especially since you’ve got another buyer waiting in the wings. Generally speaking, residential loan processing can drag on for about a month to six weeks, provided the paperwork is airtight and the borrower's credit isn't a total mess.

Kimberly Nguyen said:Look, I’m speaking in broad strokes here... if it’s already been ten days since you submitted that mortgage application, an appraiser should have reached out to you by now to schedule the property inspection. In fact, they really ought to have finished the valuation already...
Honestly? Just grab your buyer and head down to the local Chase branch. Look them in the eye and demand to know exactly what stage the application is in and get a realistic timeline, especially since you’ve got another buyer waiting in the wings. Generally speaking, residential loan processing can drag on for about a month to six weeks, provided the paperwork is airtight and the borrower's credit isn't a total mess.

Hey there... finally, some movement. I called Chase yesterday and basically told them I had another buyer lined up and was ready to pull the deal unless they sped things up. After that, they promised to get it sorted ASAP. Then, somehow, just three hours later, the buyer calls me saying Chase reached out to them and the loan is approved. They even said an appraiser is coming by today to check out the house, so we can go ahead and meet at the notary to finalize the contract. Thank God. I guess I don't know if my little phone call actually nudged them along, but it looks like the nightmare might be ending. We'll see. I'm hoping it won't take more than twenty days to get the funds released, because once that appraisal hits, everything should move pretty quickly.

So, I’m looking at housing savings.
Specifically at some savings institution—maybe Vienna.
I don't care about those measly tax incentives ($250), and I'm not interested in taking out a loan once the
term expires—not when those tiny interest rates, even combined with a 3% incentive, only amount to
about 6% annual return on a sum of roughly $1667 (give or take).

Alright, so what *is* worth my time? Am I losing my mind here, or am I just crazy?

Here is what actually catches my eye:
Some savings outfits offer an 8% APY in the first year on, say, $10,000. Then in year two,
they drop it to 4%, then 3%, and so on through year five.

Well, I’d much rather just save at that 8% for the first year! Those pathetic 4% rates and
that massive tax penalty they slap on you if you decide to withdraw your cash after just one year
can honestly just shove it.
Basically, I'd get that promised 8% APY on $10k—something you won't find at any major bank.
I'd pay a $5 monthly maintenance fee, with no entry or exit penalties.
I'm just constantly worried they'll hide some fine print in size 0.314 font on the
inside of the envelope.
I actually asked them: ARE THERE ANY OTHER FEES BEYOND THE MENTIONED $5 FOR ACCOUNT
MAINTENANCE?
They said no.
Is that actually the case? Has anyone here dealt with this?

Now... if I put my money into a major institution like JPMorgan Chase, Wells Fargo, or Bank of America,
or really any major BANK (not a specialized savings firm), my deposit up to $250,000 is FDIC-insured
by the government, so there's no risk there.
But a private savings firm? That's a different story entirely.
Who am I supposed to sue if they go up in flames, disappear, or go bankrupt????

I’d love to invest more, but frankly, I'm terrified that their "guarantees" are nothing but smoke and mirrors.

Has anything like this ever happened before?

thx

Sophia Fox19 said:So, I’m looking at housing savings.
Specifically at some savings institution—maybe Vienna.
I don't care about those measly tax incentives ($250), and I'm not interested in taking out a loan once the
term expires—not when those tiny interest rates, even combined with a 3% incentive, only amount to
about 6% annual return on a sum of roughly $1667 (give or take).

Alright, so what *is* worth my time? Am I losing my mind here, or am I just crazy?

Here is what actually catches my eye:
Some savings outfits offer an 8% APY in the first year on, say, $10,000. Then in year two,
they drop it to 4%, then 3%, and so on through year five.

Well, I’d much rather just save at that 8% for the first year! Those pathetic 4% rates and
that massive tax penalty they slap on you if you decide to withdraw your cash after just one year
can honestly just shove it.
Basically, I'd get that promised 8% APY on $10k—something you won't find at any major bank.
I'd pay a $5 monthly maintenance fee, with no entry or exit penalties.
I'm just constantly worried they'll hide some fine print in size 0.314 font on the
inside of the envelope.
I actually asked them: ARE THERE ANY OTHER FEES BEYOND THE MENTIONED $5 FOR ACCOUNT
MAINTENANCE?
They said no.
Is that actually the case? Has anyone here dealt with this?

Now... if I put my money into a major institution like JPMorgan Chase, Wells Fargo, or Bank of America,
or really any major BANK (not a specialized savings firm), my deposit up to $250,000 is FDIC-insured
by the government, so there's no risk there.
But a private savings firm? That's a different story entirely.
Who am I supposed to sue if they go up in flames, disappear, or go bankrupt????

I’d love to invest more, but frankly, I'm terrified that their "guarantees" are nothing but smoke and mirrors.

Has anything like this ever happened before?

thx

You're drawing way too many wrong conclusions without actually doing your homework.
Your whole philosophy regarding that $10,000 is just a classic example of that reckless mindset where someone thinks, "Just let me gamble a little, I don't care about the rest." 🙂 But since these housing savings accounts don't allow that, I'm actually glad we aren't in the same camp; I'm looking for secure savings with higher interest rates, and I have zero interest in local speculators trying to pull fast ones. 🙂

The purpose of these housing savings plans is well-defined, as is the effective interest rate—you can even find calculators on their websites. Calling an effective rate of roughly 6% "chicken feed" is... how should I put this... a bit foolish.
Interest rates on standard bank CDs will drop for you too, so why not take that $10,000 to JPMorgan Chase and see what kind of rate they offer you?
And just so you aren't living in fear or ignorance, keep in mind that all deposits in these housing savings associations are government-insured, just like they are in banks. So if either a bank or a savings association fails, you'll be looking to the U.S. government for coverage. 👍

Does anyone happen to know how many days the financial advisor training at Vienna lasts? I'm wondering if they hold those sessions in the evenings. Right now, I've just been invited for an initial interview at their headquarters over on Heidelberg Street, but it's only scheduled for about half an hour. If someone could get back to me quickly, I'd really appreciate it. I'm also considering starting an accounting course that meets at night at Algebra, and I'm honestly a bit worried that the training at Vienna might clash with those evening classes. I actually have to make a call on the accounting course today—I was awarded a scholarship, so I'd get a 30% discount if I jump on it now.

On top of the fact that subsidy funds are super limited, there’s some pretty grim news for anyone actually looking to buy a home right now. Ever since the Government announced their new model, the slide in housing prices has basically hit a wall. It turns out all those critics were right—they warned us that throwing state subsidies at homebuyers would just mess with market dynamics and stop the bubble from finally popping. Now, instead of seeing those overpriced properties cool down, we're stuck in this artificial plateau.

Finally paid off my mortgage. Now they’ve released all those security deposits I had tied up. Here’s the thing: back when I set this up, I actually split my main contract into four separate ones just to maximize my savings plan payouts. So, can the bank just hand over the deposit money to the nominal policyholders, or should they have needed my green light since their contracts were basically just derivatives of my original one? I mean, the folks at Vienna told me straight up that they couldn't pay out without my consent, but then they went ahead and dropped the cash to them anyway without even asking me. Is that even legal?

I swung by my local Chase branch today to check on two savings accounts I’ve had sitting there since 2009. While I was at it, I asked about getting a loan. The advisor ran some numbers for me regarding bridge financing, but looking at the paperwork, they completely glossed over the percentage of the agreed amount or the scoring days.
1. Do those specific parameters actually change my monthly payment?
2. Given that I have 72% of the agreed amount in my account and a 42-day scoring period, which of their loan options is going to be the best deal for me?
3. Is it possible to bump up the total amount now, even though I’ve been steadily saving for 3.5 years?

Hey there,
I have a quick question here.
Since I’m not exactly a disciplined saver when it comes to housing—not my strong suit—I was wondering about refinancing a mortgage. When you go through the process, can you just dump a lump sum of your own cash—say 10% or 20%, depending on what the bank requires—directly into the deal? Or am I forced to prove I've been sitting on those savings for two, five, or ten years—essentially "earning" them through some sort of dedicated savings plan?

To put it simply: I'm not a big saver, but if I refinance a mortgage for, let's say, $180,000, can I just drop $36,000 on the table immediately and then enjoy the perks of a fixed interest rate?
Or does the system not work quite that smoothly?