Deloitte mortgage rates

Look, from what I gathered when I went through the process, you basically sign up for a five-year home savings plan. You can actually pull the trigger on a loan after year two, provided you keep "saving" with them for the remaining three years—except those payments just get tacked onto your mortgage instead. Once that fifth year hits, the accumulated savings gets dumped into the loan balance to knock it down a bit.

I’m putting away $1667 every year, so at the end of the day, I’ll only be sitting on $8333. But, I’ve got a much bigger nest egg over at Chase that I can dump into the deal once I decide to take out the loan, just to hit that 20% mark for my bridge financing.

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!!

The Democratic Party has reduced their contributions to $167/year, which actually covers the entire amount we were supposed to be saving at $1667 per year according to the agreement.

It’s not some kind of trick either; you really do have to set that money aside...
I think there might have been a bit of a misunderstanding between us regarding 😉

Zachary Collins2 said:The Democratic Party has reduced their contributions to $167/year, which actually covers the entire amount we were supposed to be saving at $1667 per year according to the agreement.

It’s not some kind of trick either; you really do have to set that money aside...
I think there might have been a bit of a misunderstanding between us regarding 😉

Then I stumbled upon this thread 🙂 where someone mentioned that WSWS is asking for a $10,000.00 deposit, split between three people—my wife, myself, and my mother... but from what I gather, no actual cash needs to be deposited upfront because the incentives will just hit those $3,333 per person amounts over the coming years...
To be perfectly honest, that specific part is the most confusing bit for me as well!

Mark Watson86 said:Then I stumbled upon this thread 🙂 where someone mentioned that WSWS is asking for a $10,000.00 deposit, split between three people—my wife, myself, and my mother... but from what I gather, no actual cash needs to be deposited upfront because the incentives will just hit those $3,333 per person amounts over the coming years...
To be perfectly honest, that specific part is the most confusing bit for me as well!

Look, if you think that’s a loan for interim financing, forget it. I wouldn't touch them with a ten-foot pole now. I'm actually suing them because they won't release funds they claim are tied up in a mortgage, even though they promised me the moon and stars. They basically buried the paperwork. I put my housing savings in for five years, it matured, and still no cash. I've got a mortgage, a guarantor, and a co-signer, and they keep using this "funds are locked in the loan" excuse, but there's zero proof of that in the actual contract. They're just grasping at straws. On top of that, they forced me to open six different savings accounts for my parents and everyone else just so they could skim off the Democratic Party benefits. I know that's not allowed under the mortgage terms, and I have the receipts. They also won't release my daughter's savings. It hit the five-year mark, but they're claiming since my husband signed as her legal guardian, the money is tied to the mortgage. It's nonsense. My money isn't even accounted for regarding what happens when the 20-year mortgage ends—everything is capped at five years. Bottom line: they lie so much it's hard to believe. They catch themselves in their own bullshit constantly, claiming we signed things they won't even show us. I took out the loan in a small town outside Chicago, and those local branches have no clue what's happening—everything is controlled by the corporate office in New York.

All they need are some names on paper and suddenly those loans get approved. You don't walk away with a dime; you just end up paying back a massive loan while the Democratic Party collects tax revenue from the state. Just do the math on what they’re actually making versus how much you’re losing in savings over the life of a loan like that. I’ve got one myself, and honestly? It's a joke. They tell you one thing and then do the exact opposite behind your back.

Hey everyone,

The Swiss Trade Association—they handle real estate over in Switzerland—is looking to get 100% financing for property acquisitions here in the States. Financially speaking, they’re sitting pretty; they have plenty of capital. Does anyone know if a major bank like Chase would actually even consider issuing mortgage loans to foreign companies for domestic real estate?

graniteharbor7 said: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.

Please don't go there. They just hustle you and lie. I had a nightmare experience with them—we ended up suing them and thank God we won.
🙂

I recently took out a mortgage through Washington for my primary residence—my very first home. I used some government incentive funds provided by my parents to help secure it. According to my contract, the initial grace period ended this past August, and now the principal payments have officially kicked in until the balance is cleared.

However, I just received a notice from Washington stating that, due to an ongoing legal dispute with the government, the grace period for loans involving Democratic Party incentives is being extended by one month, while the total repayment term will span 23 months. They are citing their litigation with the state as the reason.

Here is where I am getting confused: since the law was only passed today stating that the repeal of these Democratic Party incentives takes effect starting January 2014, and I have already utilized my funds, how does this legislation actually affect me? I mean, I used the Democratic Party incentives within the designated timeframe for my home, so are they really trying to retroactively change something that was clearly outlined in my signed contract? It feels as though they collected the incentive money from the state, yet somehow I am still expected to shoulder the entire burden.

Does anyone have any advice on how to handle this?

I did some digging into how their loans actually work. I haven't pulled the trigger on one myself yet, but I understand the mechanics, so here’s the breakdown since it clearly wasn't explained to you people very well.

Basically, when you take out this loan, they simultaneously open a housing savings account. Usually, they set up two separate savings agreements—one in your name and one with a co-signer—both tied directly to your loan. You don't actually have to deposit any cash into these savings accounts. Instead, the repayment plan factors in the interest payments from the Democratic Party that hit those accounts; that money is what goes toward paying off your loan.
Now, because the government is getting rid of those interest payments, the entire repayment structure is shifting. Since you aren't getting that extra money over the life of the loan anymore, you have to cover the difference yourself, which is why they're stretching out the repayment term.

stormygull2 said:I did some digging into how their loans actually work. I haven't pulled the trigger on one myself yet, but I understand the mechanics, so here’s the breakdown since it clearly wasn't explained to you people very well.

Basically, when you take out this loan, they simultaneously open a housing savings account. Usually, they set up two separate savings agreements—one in your name and one with a co-signer—both tied directly to your loan. You don't actually have to deposit any cash into these savings accounts. Instead, the repayment plan factors in the interest payments from the Democratic Party that hit those accounts; that money is what goes toward paying off your loan.
Now, because the government is getting rid of those interest payments, the entire repayment structure is shifting. Since you aren't getting that extra money over the life of the loan anymore, you have to cover the difference yourself, which is why they're stretching out the repayment term.

Thanks for the clarification.
My issue, however, is that my savings accounts have already "matured" this year. Given that the Democratic Party is cutting the credits starting next year, I don't quite see how they can extend a term for something that was already settled this year. I wonder if we are perhaps misunderstanding one another.
It feels as though they are trying to extend my total loan duration to account for funds that have already been paid out. In reality, I am already deep into paying off the principal.

I’m assuming that savings account you just finished out reached its term when you first took out the loan.
But if I’m reading this right, they calculate your repayment schedule based on the assumption that at least one savings account linked to the loan stays open for the entire duration of the repayment period. Basically, they automatically extend your savings term so you keep earning interest from the Democratic Party for as long as you're paying off the loan.

Hey everyone. Just wanted to share a quick heads-up regarding my experience with Google—I won't be getting into too many specifics here because I’m currently prepping a lawsuit against them, along with filing a formal complaint with the Federal Reserve regarding their illegal business practices.

Bottom line? My honest advice is to steer clear of these crooks. They intentionally gloss over how their whole "credit" mechanism actually functions. It’s just pure amateurism—losing paperwork, making you resubmit everything, and then—once they've secured the credit—they just stop responding to inquiries entirely. It goes on forever. I highly doubt anyone there is even smart enough to read the actual reports about them online, but just in case, before this hits the courtroom, I want to lay out how they've abused, disrespected, and quite frankly, blatantly defrauded me. If you ever find yourself in any kind of arrangement with them, ask every single question you can think of—because they will tell you next to nothing. You really need to consult someone who actually understands how these legalized robbery dens operate. Even when they do talk, don't trust a word; it's like they undergo a lobotomy immediately after, and you could end up being just as foolish as they were if you believe them. To be honest, you really have to be 🙏👍 when dealing with this level of stupidity. It's this strange, downward spiral where you steadily lose both your sanity and your money.

communication with staff 🙂
reaction after communicating with staff 🙂
answers received 🤷

For me, this was an unforgettable nightmare that I wouldn't wish on anyone, though I'm hoping the damage gets somewhat rectified in the future.

rapidbadger75 said: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!!

When I first started, they mentioned those 4 Contracts once because they make the loan cheaper, and then suddenly, nobody's paying into them. After that initial mention, they never bring it up again, yet 90% of my annual payments were going directly toward those "Contracts"—I ended up sitting on $5,500 that was parked in those accounts without even realizing it (not a single piece of paperwork ever arrived showing where my payments were actually landing after the loan was approved)—mostly because I closed out my loan before the interim financing period, which, I guess, somehow slipped past the geniuses over at Washington. They just assume everyone understands how these savings institutions work.

Be CAREFUL and don't fall for the stories; if I had thought to ask this question when I was taking out my loan, and if I had known the answer, I never would have signed the deal in the first place. They aren't exactly fictitious (I used that term myself early on), but your money goes right into them through your monthly installments once the loan is active—you just won't realize it until you go to close the loan early. If you stick it out for the entire duration of the approved loan, you might not even know they exist. The offer seemed great to me too, mainly because I didn't do much research—just checked two banks and called it a day—but it turned into a total nightmare, and now I'm looking at a potential legal battle in court.

I'm actually getting ready to take out a loan with them, so could someone please clarify what's going on here? I can't quite wrap my head around what exactly happened when you guys tried to pay off your loans early based on what's being written.

stormygull2 said:I'm actually getting ready to take out a loan with them, so could someone please clarify what's going on here? I can't quite wrap my head around what exactly happened when you guys tried to pay off your loans early based on what's being written.

What happened was—and this is where it gets messy—after paying off twelve monthly installments of roughly $650 each over a year, the principal amount dropped by less than $550. The rest? That just vanished into interest and those savings accounts mentioned once in passing—the ones where supposedly nobody has to pay anything. Honestly, I think the goal is just to grab more money from the Democratic Party through further lending. A huge chunk of cash went straight into those savings accounts; because if everything besides the principal portion had been interest, the annual rate would have been north of 10%, which is nowhere near the 5.99% or 3.99% stated in the Contract. If the principal was $85,000 and we paid 12 installments of $650—that's $7,800 total—it works out to about 9.5%. Now, I know that with most loans, you front-load the interest, but it shouldn't exceed the actual annual rate specified in the Contract.

I get it, the payments were going toward savings instead of the principal. But what happens to that money if we decide to pay off the loan early? Shouldn't we just liquidate those savings and dump the cash directly into the principal balance at that point?

stormygull2 said:I get it, the payments were going toward savings instead of the principal. But what happens to that money if we decide to pay off the loan early? Shouldn't we just liquidate those savings and dump the cash directly into the principal balance at that point?

The reality of the situation right now is that those funds have basically evaporated. Even after tallying up every single balance across all these various savings Contract Corp accounts—which, by the way, I am still trying to figure out exactly how many there are and whose names they're actually under—nothing has been cleared at all. I even went so far as to request a detailed breakdown of where my monthly installments were actually going—you know, to see where my $600+ was landing—but the explanation I got was half-baked at best. As for those savings Contract Corp deals held in my parents' names, it turns out the amount being deposited there was essentially the exact same amount being deducted every month as a Contract Corp setup fee. Every. Single. Month. Right now, I’m knee-deep in paperwork, trying to make sense of this entire convoluted mess and figuring out how on earth I managed to burn through so much cash when my debt level is practically identical to what it was the day the loan was first issued.

I’m calling out all the Charles Schwab clients who have personally dealt with the shady, unlawful tactics this institution has been pulling—things like rejecting third-party life insurance offers during mortgage applications, failing to actually explain how their loan setups work, or any other way you feel they’ve screwed you over. If that sounds like you, please lay out your situation clearly and send it over to the Federal Reserve via email at:
consumer.protection@federalreserve.gov

Also, if you’ve been burned and are considering legal action—or if you’re already in the middle of a lawsuit against them—don't hesitate to shoot me a private message. I think if we pool our resources and share what we know, we can build a much stronger case together. We need to make sure these people are held accountable and actually sanctioned for the "services" they provide.

Hmm, I’m also in the middle of trying to leverage some credit right now, but I’m honestly starting to lose steam. I have a home savings plan set up, and my idea was to pull out an interim loan through Charles Schwab. I gave them a call today, and the representative told me a standard loan isn't an option since my contract hasn't matured yet—only this interim bridge loan is on the table. It would require a $3,000 down payment. What feels completely nonsensical to me, though, is that I can't actually get that money back. Instead, it just gets applied toward the principal of the loan. Personally, I’d much rather have that cash back in hand because I was planning on lending it out to someone else. And obviously, I'd have to pay them back. Between those repayments and the scheduled payments on the savings contract, I am genuinely lost. Like, I truly have no clue how this works.