Deloitte mortgage rates

Donna Chase12 said:look, he’s probably sticking to the K60 just because of the term length—you can only go up to 17 years with a K100... so if you mentioned wanting 18 or 19 years, that's why he's pivoting.
try telling him tomorrow to just set it at 17 instead—but then your monthly payment jumps, so you'll have to check if you even qualify for that... I don't know how much you're actually pulling in.

They updated the site right before the New Year, and now it says for the K100 tier, you can actually get up to 20 years of credit.

So that basically means they bumped up the terms even more, which is a win for >... honestly, if I were in her shoes, I’d try to pay off the loan as fast as my budget allows... and obviously, I'd go for this specific rate... instead of the K60 one (I mean, just run the numbers on both and see which one actually makes sense)

A buddy of mine is stuck with a K60 over 24 years—took out the same amount I did... but his setup isn't nearly as good as mine (though, to be fair... once he actually sat down and compared the math with other big banks, this one ended up being the better deal)

Donna Chase12 said:I'm not sure if that first sentence was aimed at me or crax, but honestly? You clearly don't know the first thing about bridge loans...
it's a loan you can snag right away without having saved a dime...and you don't have to be some hardcore saver before you even apply...
And it makes tons of sense for anyone who isn't a saver, because there are a bunch of perks (which I've already mentioned, so I won't bore you again) compared to big banks like Chase or Wells Fargo (personally, the biggest win for me is a decent FIXED interest rate—I don't need the monthly headache of wondering if variable rates are gonna spike and ruin my life), though they do have strict approval rules (mortgages, co-signers... depends on how much you're pulling... but there are a few ways to make it work)

When I took out my loan, I crunched the numbers and compared costs across several different banks, and this was hands-down the most cost-effective option...

Whether that holds true in the long run? Honestly, who knows—but nobody knows that any better, especially someone taking out a 20 or 30-year loan with a variable rate.

That was definitely aimed at Michelle Foster13.
Let me fix that: the bridge loan was originally offered...

Since I spent five years with Chase, back when interest rates were hitting 25% annually $4167/year, and I wasn't even looking to take out a loan—just trying to save at a rate equivalent to 10.95%—I guess I might not know every single little detail.

I’ve been through the Wells Fargo grind myself. Back then I was playing it safe with a savings account, but once that matured a couple of years ago, I just pulled the cash out... didn't even think about anything else until a few months later when I ended up taking out a loan for međufinanciranje.

Donna Chase12 said:So that basically means they bumped up the terms even more, which is a win for >... honestly, if I were in her shoes, I’d try to pay off the loan as fast as my budget allows... and obviously, I'd go for this specific rate... instead of the K60 one (I mean, just run the numbers on both and see which one actually makes sense)

A buddy of mine is stuck with a K60 over 24 years—took out the same amount I did... but his setup isn't nearly as good as mine (though, to be fair... once he actually sat down and compared the math with other big banks, this one ended up being the better deal)

Do you happen to know exactly why the K100 ends up being a better deal than the K60?

Also, Zvrx, does the monthly payment actually drop after that međufinanciranje period ends? (Since the interest rate supposedly dips from 4.99% down to 4.49% at that point?) Or is that interest rate change already baked into the calculations for all the years of the loan?

The monthly payment stays exactly the same
Your only real shot at lowering that number is if you drop a chunk of extra cash toward the principal while you're paying it off—then you can hit them up to either scale back the monthly amount or just shorten the overall term of the loan

Because let's be real, the longer you're stuck with that credit, the more interest you end up bleeding out to them
And honestly, just go ask them directly... there might be some fine print differences depending on your deal

Donna Chase12 said:The monthly payment stays exactly the same
Your only real shot at lowering that number is if you drop a chunk of extra cash toward the principal while you're paying it off—then you can hit them up to either scale back the monthly amount or just shorten the overall term of the loan

Because let's be real, the longer you're stuck with that credit, the more interest you end up bleeding out to them
And honestly, just go ask them directly... there might be some fine print differences depending on your deal

If the payment is always the same, then what was the point of the guy telling me the interest rate starts at 4.99% and then drops to 4.49% once that međufinanciranje period ends?
I mean, if my monthly bill doesn't actually change, does it even matter if the interest rates are rising or falling?! It's all just so confusing... 🙄

As for the stuff about deposits, overdrafts, and final payouts—I totally get how that works. That’s actually the part that sounds most appealing to me.

Donna Chase12 said:Look, I pulled the trigger... and honestly? I’m beyond happy with how it turned out. And mind you, I only did it based on my own contract...

You really need to dig a little deeper into everything I told you... I’m telling you, Hypo isn't even in the same league when it comes to mortgage rates. I spent months hitting up different banks and even stopped by Deutsche Bank just to grill them. I actually badgered one guy there at least five times—staying an hour each time—until he finally laid it all out and answered every single annoying question I had...
I even managed to prove to him that handing over a deposit was a total waste of money (he eventually admitted I was right, bless his heart), but with those five contracts you're sitting on, you could definitely score big there...

I was actually there today. That security deposit thing is eating at me too; I’m supposed to put down 10% to lock in that 1:1.2 property ratio option, which would give me four contracts total. How on earth did you convince him to waive the deposit? Who should I even talk to about this? It’s the only hurdle left because I meet every other requirement they have.🤷

Angela Cox6 said:I was actually there today. That security deposit thing is eating at me too; I’m supposed to put down 10% to lock in that 1:1.2 property ratio option, which would give me four contracts total. How on earth did you convince him to waive the deposit? Who should I even talk to about this? It’s the only hurdle left because I meet every other requirement they have.🤷

I can't say for certain right this second, but I'm pretty sure I ran some actual numbers on this earlier...
So, here’s the deal... I was crunching some numbers on an $80,000 loan—basically looking at whether I should shell out $8,000 upfront to clear things or just take a smaller $72,000 loan and keep that $8k in my pocket as liquid cash. After running the math, the second option definitely looks like the smarter move for me. And keep in mind—I was only dealing with a single contract on this one.
Honestly, that whole deposit option is pretty decent if you’re working with a tighter budget or if your property value isn't quite hitting the mark for what they're looking for—it's basically a lifeline for people who don't have all the leverage. But, let's be real—if you actually have options on the table, it's just not worth the hassle. It's definitely not the most profitable move when you can just walk away to something better.

Just head back there and keep bugging them to run the numbers again—keep asking questions until they finally explain it in a way that actually makes sense.

Why wouldn't you just take that 1:1.3 option? Honestly, looking at the property value, it doesn't even seem like it would cover your bases... or am I missing something?

Michelle Foster13 said:If the payment is always the same, then what was the point of the guy telling me the interest rate starts at 4.99% and then drops to 4.49% once that međufinanciranje period ends?
I mean, if my monthly bill doesn't actually change, does it even matter if the interest rates are rising or falling?! It's all just so confusing... 🙄

As for the stuff about deposits, overdrafts, and final payouts—I totally get how that works. That’s actually the part that sounds most appealing to me.

Come on, let me know if you went there today so we can hear exactly what he told you...

Donna Chase12 said:I can't say for certain right this second, but I'm pretty sure I ran some actual numbers on this earlier...
So, here’s the deal... I was crunching some numbers on an $80,000 loan—basically looking at whether I should shell out $8,000 upfront to clear things or just take a smaller $72,000 loan and keep that $8k in my pocket as liquid cash. After running the math, the second option definitely looks like the smarter move for me. And keep in mind—I was only dealing with a single contract on this one.
Honestly, that whole deposit option is pretty decent if you’re working with a tighter budget or if your property value isn't quite hitting the mark for what they're looking for—it's basically a lifeline for people who don't have all the leverage. But, let's be real—if you actually have options on the table, it's just not worth the hassle. It's definitely not the most profitable move when you can just walk away to something better.

Just head back there and keep bugging them to run the numbers again—keep asking questions until they finally explain it in a way that actually makes sense.

Why wouldn't you just take that 1:1.3 option? Honestly, looking at the property value, it doesn't even seem like it would cover your bases... or am I missing something?

If the loan-to-value ratio is at least 1:1.3, you're required to bring in an accomplice or a joint guarantor who, alongside the borrower, has to meet the combined credit requirements.—can I pull this off without a guarantor??
The property value and my income are fine, but since I don't have a guarantor, I'm stuck looking at repayment insurance options that don't require one, and this specific model fits best—if the loan-to-value ratio is at least 1:1.2, a creditworthy borrower can qualify by using their Fannie Mae savings account for 10% of the loan amount.
I'd need to pull $80k, which means an $8k deposit. If I can't make that work with the deposit, I'll have to take out a mortgage through JPMorgan Chase. Right now, interest rates for USD are 4.78% as of Feb 1st, rising to 5.78%. It looks like the Chase loan might be better, though Fannie Mae offers some other perks.

Look, I’ve seen the terms... honestly, that 1:1 setup worked fine for me, 3
But regarding the Chase offer—is that interest rate fixed or variable?
If it’s floating, I’d definitely sleep on it a bit more before jumping in...

I have to admit, I’m still feeling pretty confused after visiting them—and I’ve actually been there twice now, once on Monday and again today. Honestly, the more I go in there, the less sense it all makes to me! 😲

...but hey, I finally made my choice. I think what really tipped the scales was the fact that they’ll give me a little extra cash upfront to help with some new windows and furniture. Other banks just aren't offering that. I guess those other places assume that since I've been working at Resolute for 20 years, I'm perfectly happy sleeping on a beach towel until my loan is paid off before I can afford anything nice 😕

Oh, and one more thing—I don't really need a deposit. I'd much rather go with a co-signer option (or maybe two if I decide to ask for a bit more to cover the renovations).

variable interest rates

Angela Cox6 said:variable interest rates

I mean, almost every bank uses variable rates these days—so I'm not quite sure what you're getting at there... 😕

Donna Chase12 said:Look, I’ve seen the terms... honestly, that 1:1 setup worked fine for me, 3
But regarding the Chase offer—is that interest rate fixed or variable?
If it’s floating, I’d definitely sleep on it a bit more before jumping in...

I was simply answering the question asked.

Angela Cox6 said:variable interest rates

And I was thinking that...
Maybe you should sleep on it—is that shaky variable rate really worth walking away from the WUST deal? Look, I’m not trying to push you toward them or anything... you know what's best for your own wallet... but since those rates can just spike out of nowhere, you might want to crunch the numbers one more time before deciding.

Michelle Foster13 said:I have to admit, I’m still feeling pretty confused after visiting them—and I’ve actually been there twice now, once on Monday and again today. Honestly, the more I go in there, the less sense it all makes to me! 😲

...but hey, I finally made my choice. I think what really tipped the scales was the fact that they’ll give me a little extra cash upfront to help with some new windows and furniture. Other banks just aren't offering that. I guess those other places assume that since I've been working at Resolute for 20 years, I'm perfectly happy sleeping on a beach towel until my loan is paid off before I can afford anything nice 😕

Oh, and one more thing—I don't really need a deposit. I'd much rather go with a co-signer option (or maybe two if I decide to ask for a bit more to cover the renovations).

So what part isn't clicking for you now?

I’ve been following this thread because I’m looking into mortgage options myself, so I gave Wells Fargo a call directly. For a $100,000 loan over a 24-year term, they quoted me a monthly payment of $690 at an AT&T rate of 4.99%.

Meanwhile, at Bank of America, for that same amount with an AT&T rate of 5.70% on a 20-year repayment plan, the monthly payment comes out to $699.

That means you're paying it off four years sooner, which ends up saving about $33,120 in total (48 x $690 = $33,120).

You can verify these numbers on the Bank of America website; this specific loan is tied to USD for people under 40.

I got pretty much the same results over at Chase... so, there you have it... 😉

Ashley Barnes9 said:I’ve been following this thread because I’m looking into mortgage options myself, so I gave Wells Fargo a call directly. For a $100,000 loan over a 24-year term, they quoted me a monthly payment of $690 at an AT&T rate of 4.99%.

Meanwhile, at Bank of America, for that same amount with an AT&T rate of 5.70% on a 20-year repayment plan, the monthly payment comes out to $699.

That means you're paying it off four years sooner, which ends up saving about $33,120 in total (48 x $690 = $33,120).

You can verify these numbers on the Bank of America website; this specific loan is tied to USD for people under 40.

I got pretty much the same results over at Chase... so, there you have it... 😉

I’m guessing you called about that bridge loan—the one from Wells Fargo? Assuming you don't have any cash sitting around, you're looking at paying 40% more on a $100,000 loan because they end up covering the rest of those housing savings contracts for you. But honestly, let redmaker382 break it down for you; they'll explain it way better.
Here are a few of their calculations—I’m pretty sure I’ve already posted these somewhere else:
If you’ve got nothing and they bump you up to, say, $75,000, that just means they're footing the bill for the difference.
So you’re looking at a 40% down payment, which means you're essentially borrowing about $125,000. At that rate, your monthly payment hits $565 for a term of roughly 20 years. But, if you’ve got an extra $800 tucked away to throw at it? Your payment drops to $555 and you shave six months off the loan. Not a bad way to play it.

Since the banks just announced they're hiking interest rates by another full percent, I guess I'm officially broke.
He'll just weigh his options and go wherever he thinks he'll get a better deal.

Check out this interesting link.

Check out this link on how to get funding for home renovations. It’s basically a guide to navigating all those different loan options and grants available right now.