Deloitte mortgage rates

George Phillips said: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)

Thanks for the advice! 😉

Michelle Foster13 said: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? 🤷

🤣

If you're talking about signing for a home savings plan (interim financing), you can sign without worrying. The savings agreement itself doesn't bind you to anything—under US law, these types of savings products are entirely voluntary.
Just don't hand over a single cent until you are absolutely certain you qualify for the specific loan you want. 😉
Specialized housing savings institutions often have different lending requirements—things like credit score thresholds, mortgage amounts, or guarantor needs—compared to major banks like JP Morgan Chase. So, check your creditworthiness, see if they'll demand a co-signer, and figure out the required mortgage ratio before you pay anything. 😉

Steven Reed said:If you're talking about signing for a home savings plan (interim financing), you can sign without worrying. The savings agreement itself doesn't bind you to anything—under US law, these types of savings products are entirely voluntary.
Just don't hand over a single cent until you are absolutely certain you qualify for the specific loan you want. 😉
Specialized housing savings institutions often have different lending requirements—things like credit score thresholds, mortgage amounts, or guarantor needs—compared to major banks like JP Morgan Chase. So, check your creditworthiness, see if they'll demand a co-signer, and figure out the required mortgage ratio before you pay anything. 😉

Honestly, the terms seem pretty much identical to what the big banks offer—all the paperwork I was getting ready to submit to JP Morgan Chase could easily be handed over to these guys instead. My credit is solid, so that's not a concern at all; plus, my employer is a government agency, 😁so I can basically take out a loan wherever I want!

What I really want to figure out is this 1.5% interest rate on the savings part! What does that actually mean?? Am I actually getting that back or what?
Because if not, then their interest rate is effectively 6.5% rather than the 4.99% they're advertising. 👎

Michelle Foster13 said:Honestly, the terms seem pretty much identical to what the big banks offer—all the paperwork I was getting ready to submit to JP Morgan Chase could easily be handed over to these guys instead. My credit is solid, so that's not a concern at all; plus, my employer is a government agency, 😁so I can basically take out a loan wherever I want!

What I really want to figure out is this 1.5% interest rate on the savings part! What does that actually mean?? Am I actually getting that back or what?
Because if not, then their interest rate is effectively 6.5% rather than the 4.99% they're advertising. 👎

Just because you have a government job doesn't automatically mean you're creditworthy... your ability to get a loan depends on your actual income and how much debt you're already carrying.

From what I’ve gathered—and I could be wrong here—this is basically a savings plan. After two years, you use those savings to pay down a chunk of the loan principal. At least, that’s how it used to work 🤷
Does anyone from Fannie Mae care to clarify this? 😉

edit: reading their official site now:
A creditworthy debtor (if the debtor isn't creditworthy, one or more creditworthy co-defendants/joint guarantors must step in) can apply alongside a creditworthy co-defendant or joint guarantor, provided there's a lien placed on a property with a value equal to the loan amount at a 1:1 ratio. Alternatively, a creditworthy co-defendant or joint guarantor can be replaced by using Fannie Mae savings totaling 20% of the loan amount.

If the ratio of the loan amount to the property's appraised value is at least 1:1.2, then just a creditworthy debtor combined with Fannie Mae savings equaling 10% of the loan amount will suffice.

If the ratio of the loan amount to the property's appraised value is at least 1:1.3, a co-defendant or joint guarantor must join the debtor to meet the joint creditworthiness requirement.

In cases where the ratio of the loan amount to the property's appraised value is at least 1:1.5, a creditworthy debtor can satisfy requirements via a life insurance policy covering at least 50% of the loan amount—with a cash surrender value of at least 15%—assigned in favor of Fannie Mae.

If Fannie Mae savings amounting to 50% of the loan can be offered as security alongside a creditworthy debtor, a property lien won't be required to secure the loan.
c/p from the official Fannie Mae website

Based on what I’ve read from them, those insurance instrument terms are 🙂

edit: Michelle Foster13, just how much credit are you looking to pull?

Michelle Foster13 said:Honestly, the terms seem pretty much identical to what the big banks offer—all the paperwork I was getting ready to submit to JP Morgan Chase could easily be handed over to these guys instead. My credit is solid, so that's not a concern at all; plus, my employer is a government agency, 😁so I can basically take out a loan wherever I want!

What I really want to figure out is this 1.5% interest rate on the savings part! What does that actually mean?? Am I actually getting that back or what?
Because if not, then their interest rate is effectively 6.5% rather than the 4.99% they're advertising. 👎

I'm pretty sure they're only applying that rate to the specific amounts you deposit incrementally.
Let me know what happens on Monday since I might head down to Chase myself.

While you're paying off those loans backed by your WSJ deposits, they're actually hitting you with a fixed annual interest rate of 1.5% to 2% on the deposit itself, all while adding in those Democratic Party incentive funds

The way I see it, they’re essentially handing you the Democratic Party funds on top of the interest earned on the deposit, unless I've completely missed the mark here.

You make a fair point—since the deposit is tied directly to the housing savings contract, you end up pulling both the Democratic Party's influence and interest on those funds

I haven't given much thought to credit unions before now, but it looks like they're actually offering better rates since they're desperate to snag more customers. I'm heading over to Wells Fargo this Monday while they still have the cash on hand to pay out.🙂

Kimberly Nguyen said:Just because you have a government job doesn't automatically mean you're creditworthy... your ability to get a loan depends on your actual income and how much debt you're already carrying.

My income is totally fine, and I don't have any debt at all—checked and double-checked! Kimberly, 😉

Steven Reed said:Based on what I’ve read from them, those insurance instrument terms are 🙂

edit: Michelle Foster13, just how much credit are you looking to pull?

what does this even mean? 🙂
is it good or bad? 😕

and why do you care about my numbers? I won't have anything left to celebrate anyway, so don't worry about it! 😂

Michelle Foster13 said:My income is totally fine, and I don't have any debt at all—checked and double-checked! Kimberly, 😉

Well, if that's the case, then fine 😍

So, I see you guys are losing sleep over that West credit line...
I’m no financial expert or anything, but seriously—don't kill yourselves stressing over those interest rates... 4.49%... 4.99%... 6.49%...
Just head down there, walk in, and ask them exactly what the monthly payment would look like for a specific amount over X years. Ask for a full list of the paperwork they need. Once you have the actual numbers in front of you, everything gets way clearer, and then you can decide if it’s actually worth your while.

I pulled the trigger on one of their loans about 8 months ago... back when banks hadn't started hiking up those variable rates yet. For me, after crunching all the numbers, West ended up being the best deal by far...
Sure, they're pretty strict with their requirements, but honestly, they offer a ton of perks compared to the big commercial banks...
The reality is you don't pay for an appraisal on new builds, the rate is fixed, they process everything incredibly fast, and you can pay it off early without getting hit by any crazy prepayment penalties...

Donna Chase12 said:So, I see you guys are losing sleep over that West credit line...
I’m no financial expert or anything, but seriously—don't kill yourselves stressing over those interest rates... 4.49%... 4.99%... 6.49%...
Just head down there, walk in, and ask them exactly what the monthly payment would look like for a specific amount over X years. Ask for a full list of the paperwork they need. Once you have the actual numbers in front of you, everything gets way clearer, and then you can decide if it’s actually worth your while.

I pulled the trigger on one of their loans about 8 months ago... back when banks hadn't started hiking up those variable rates yet. For me, after crunching all the numbers, West ended up being the best deal by far...
Sure, they're pretty strict with their requirements, but honestly, they offer a ton of perks compared to the big commercial banks...
The reality is you don't pay for an appraisal on new builds, the rate is fixed, they process everything incredibly fast, and you can pay it off early without getting hit by any crazy prepayment penalties...

Donna Chase12, please be a pal and explain it! If it makes any sense to you... I mean, surely it should be clear once you actually have a loan with them, right? 😲

I actually went down to their office myself, and they ran the numbers for me across a few different terms. No matter how I crunch it, my monthly payment always ends up being higher than what Hypo offers. So now I'm asking you—do they actually give any money back once the loan is paid off? Like, do they return that 1.5% savings interest? (whatever that entails!) Because, from what I can see, that 1.5% is basically the exact difference in the monthly payment.

If they aren't returning it at the end or whenever it happens—meaning, if this isn't actually a form of savings—then I'm not crazy for thinking I shouldn't take a loan from them just to face a 6.5% rate disguised as two separate pieces (4.99% + 1.5%).

P.S. Now that I think about it, I know there are more questions I should be asking, but it would be so helpful if someone here could walk us through it before I have to go back and listen to an official representative try to explain it all over again!

As far as I know... they don't pay back a dime...
but back when I was dealing with Hypo—and honestly, I forgot all about their monthly payments, which had variable rates lower than West—their fixed rates were actually slightly cheaper than what West was offering.
Also... with them, you really have to check if you're being charged for an appraisal (back then, you definitely were) and whether they've baked every single fee and surcharge into the mortgage payment (with West, they have).
Plus... West doesn't mess with those interim interest charges that banks love to use to squeeze a decent chunk of cash out of you.
And one more thing—especially now that variable rates are spiking—you should probably be thinking about how that Hypo payment could jump significantly as early as next month... not to even mention what might happen over the next few years... you’ve gotta look ahead a bit, instead of just living for right this second.

Michelle Foster13, how much higher is that war tax actually hitting us in dollars?

Donna Chase12 said:Michelle Foster13, how much higher is that war tax actually hitting us in dollars?

It’s about 10 bucks. I mean—it’s not exactly breaking the bank or anything—but it really bugs me that they advertise a 4.99% APR when it’s actually closer to 6.49%! 😕

I don't think anyone actually knows what the savings interest rate is, or where that extra 1.5% is even going!

Maybe check your contract to see exactly how it's laid out for you and what the fine print says.

I can't be bothered to dig that up right now... I'll look into it later today and let you know.

That interest rate depends on how many years the loan runs for—plus whether you add family members to the agreement or if you put down a decent down payment...

i honestly, Donna Chase12... would you really jump on a mortgage just to save maybe $10 bucks? (and who even knows if that's still worth anything a year from now)😲
besides, does the deal actually make sense? what’s the interest rate looking like—is there some hidden interest period involved? did they factor in all the fees for the life of the loan, or the cost of an appraisal, or any other random junk charges? and can you even pay it off early without getting slapped with a penalty?
when I went digging for answers myself, they basically gave me the brush-off on everything