Deloitte mortgage rates

If you take the time to properly structure your insurance premiums alongside your compensation over a twenty-four-year span, you’ll likely find that a bank loan ends up being the more cost-effective route. However, determining which option actually leaves more money in your pocket ultimately boils down to two things: your personal appetite for risk—specifically regarding variable interest rates—and whether or not you have any intention of paying off that debt ahead of schedule.

I guess I agree, it really just comes down to the individual.
The difference is roughly $33
100*12*24=28800/7.3=about $4,000
With Vienna, there’s this option—maybe taking out a new loan from any bank after, say, 12 years to pay off the old one, assuming the new rate is better. I don't really have that flexibility with a standard bank loan, where my principal might actually be higher than what I'd owe at Vienna, plus there are those early payoff fees.
I'll concede that once you factor everything in, Vienna's bridge loans end up being more expensive.
I'm curious, though—how are you all reading the direction of the country over the next decade? Is it worth making the "sacrifice"
A $4,000 difference?

I’ve already laid out my thoughts on this a few times now...
To me, it just makes more sense to pay a bit extra if it means actual peace of mind. And honestly, it’s not even a guarantee that a Vienna loan ends up being more expensive in the long run—that JPMorgan Chase variable rate could absolutely skyrocket over a 24-year stretch. I mean, just look at what happened to mortgage rates over the last year; that should be enough proof for anyone. It feels kind of ridiculous when people who specifically signed up for a variable rate start whining about how "unfair" everything is or how banks are out to get them... like, you chose this path yourself.
At the end of the day, you have to decide if you're actually willing to stomach that kind of risk and if the math works better for you. Like we've already established, everyone has different priorities. Mine? Security. At least some semblance of it, when we're talking about long-term debt.

@Kyle Perez81
You totally missed the part where you have to drop at least a 10% deposit with Vienna on that $60,000 of yours!

Seriously, I was practically begging and pleading with the folks over at Vienna to let me skip the deposit, but Rose Rancic just told me straight up that their corporate office rolled out new rules and that the 10% deposit is mandatory now.

So basically, you need to have $6,000 sitting there as a deposit just to be able to pull that $60,000 out of Vienna.

On the flip side, if you actually have that $6k on hand, you’d only be pulling $54,000 from JPMorgan Chase, which means your principal is smaller and you end up paying less interest overall—and trust me, that's not a small amount of money!

Don't forget that with Vienna, you're essentially paying interest (!!!) on your own cash—specifically that $6,000 you deposited. While they might give you a measly 1.5% return on it, you're stuck paying roughly 5% interest on the total principal the whole time.
The bottom line is that over the entire repayment period, you're effectively paying 3.5% interest (5 minus 1.5) on YOUR OWN MONEY, instead of actually earning interest on it!!

When it all settles, the difference ends up being MASSIVE.

I did the math, and the interest rate at JPMorgan Chase would have to jump up by 2.5% just for it to break even with what you'd pay at Vienna (assuming you put down that 10% deposit).

Do yourself a favor: put everything on paper, run the numbers three different times, and don't let some agent at Vienna try to sell you a bridge.

Honestly, I'm left with a bitter taste in my mouth because I went to Vienna five separate times, and every single time that woman gave me the same headache—no 10% deposit, no conversation.

I heard Donna Chase12 managed to get through without a deposit about a year ago, but things change fast, and the rules at Vienna have shifted since then, so please, watch your step so you don't get caught out.

Good luck!

It’s not even that Donna Chase12 supposedly skipped the deposit—it’s more like nobody was even asking for one back then, since I didn't end up going that route myself...

Look, I get it—the rules probably shifted and what worked before might just be a bad deal now...

I might swing by JPMorgan Chase later if I have to run some errands anyway, so I'll just ask them about the updated terms while I'm there...

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.

Look, graniteharbor7, I swung by their branch yesterday...
right at the door, I asked if there were any changes to the loan terms compared to last year... three different people told me there were. Then I asked if I could grab a copy of those terms to look over at home, and they handed them over immediately—they even gave me some extra paperwork about credit insurance instruments... I just said thanks and walked out, easy peasy.
So I have no clue why that lady wouldn't give you the terms or why she's playing dumb about whether she's allowed to.🤷
Were you at Heinz's?

And yeah... it's true they introduced deposits, and it's not quite what I thought it was going to be. From what I gather, that deposit gets applied to your home savings account, which then earns dividends and interest... and later on, part of your loan gets paid out from that money. You should probably double-check that specific part (if you still care), but if the whole deposit thing doesn't work for you, then Vienna definitely isn't the place for you.

Could someone please tell me how long it actually takes from the moment I pay the deposit for a loan until the funds are finally released or paid out? Thanks so much.

Can anyone tell me, based on their own experience, how long it usually takes from making the initial deposit for a loan until the funds actually hit my account? I guess it varies, but any insight would be appreciated. Thanks!

We went in to check the status last week, and under these new terms, they’re requiring a deposit from us too. Honestly, though, there’s a silver lining: the repayment term dropped to 18 years. That means my dad—who's on the loan with me—won't be stuck dealing with this into his old age.

So, I’ve been crunching some numbers and I was wondering how this whole financial scenario would play out if I went through Principal Financial Group:

Real estate price (brand new condo): $88,000
Down payment I've already put down: $2,000
Cash I have on hand: $40,000
The absolute most I can swing for a monthly payment: $1.25

I actually swung by the Federal Reserve to run some math, and they figured out that with that specific monthly payment, I could totally knock this loan out in exactly 9 years—assuming we're looking at the current interest rate of 5.95%. Oh, and just so we're being totally precise, I factored in the monthly life insurance premium that you're basically forced to take out to even qualify for the loan, which is roughly $40 a month through GEICO with a 1:3 life expectancy ratio🙏until I kick the bucket

Seriously though, what kind of deal am I looking at over at Principal Financial Group?!?

I could use some advice here,
we currently have a 30-year mortgage through JPMorgan Chase—totaling about $80,000—denominated in Swiss Francs. We are looking into refinancing this by leveraging a USA savings plan. Specifically, our idea is to open seven different family savings contracts to maximize those government incentives, which would then allow us to secure an interim loan to pay off the debt at JPMorgan Chase entirely. I am curious if anyone here has actually gone through the process of closing out a loan using a USA program
what has your experience been like?
Or should we be looking toward a different bank or perhaps a specialized savings institution?

I didn't close out my credit line, but I am still carrying their bridge loan...
There’s already an entire thread dedicated to USA, so you might want to go give that a read.

We’ve been saving for five years now, and between the four of us, we have $17,000 tucked away. Our main issue is that I am currently unemployed, and my husband works as a
merchant mariner, which puts him in a high-risk occupation category. We were told we would need
a co-signer or a guarantor—whatever. But now, they are informing us that given
our current savings, a guarantor isn't actually necessary. Instead, they just require a 20% down payment from those funds. Essentially, we could pull $80,000 over about 17 years and a few months without any trouble. Honestly, I'm relieved we don't need a co-signer, because finding one in our small town is an impossible mission, and frankly, we don't trust anyone anyway since
things are so unpredictable these days. Has anyone else dealt with something like this before?

Apologies for the all caps. Thanks in advance to everyone here for the suggestions... cheers

Donna Chase12, could you please send me the name of your agent at Principal Financial Group via PM? Thanks.🙏

I’m bumping this thread because I am losing my mind dealing with USA and this loan process.
I was with their Savings Bank for five years without a single issue.
On March 23rd, we submitted an application for bridge financing. Later, they started asking for paperwork from Mexico regarding the co-signers—which, if you ask me, they should have requested upfront since it was obvious we were dealing with small businesses with fewer than 10 employees. We got everything over to them in record time, yet somehow we still "lost" another entire week. The very same day they received the forms, they reviewed them, gave us the green light, and said the file was moving to the next stage for credit committee approval.
Nothing all last week. Nothing today either. What really pisses me off is that they don't even know which day this week that famous meeting is actually happening.
The icing on the cake? They told us, "We process files immediately; once you handle the property appraisal and the notary, the loan can be finalized within 15 days." Yeah, right. 🙄

By next week, it will have been a full month since we filed the application... so much for bragging about how fast their turnaround is.

Well, I think a month is pretty much the standard turnaround time for getting a loan approved. I can't recall the exact policy offhand, but if I remember correctly, even our experience over at the NYSE stretched out to nearly a full month. There are just so many moving parts in that process—so many different people involved in the chain.

Please... if they can actually handle everything in two weeks, why the hell are they bragging about it?

If they hadn't made those empty promises, I wouldn't care. But this is pure chaos, at least from where I'm sitting. There’s no way this closes within a month, let alone by next week. I highly doubt the paperwork will even arrive in time for me to get the appraisal done, deal with the notary, and mail everything back to New York City just to see the funds hit my account by the second week.

Maybe it’s because some people can get it sorted out in just two weeks...🙂

crimsonseal13 said:Maybe it’s because some people can get it sorted out in just two weeks...🙂

If that's the case, it isn't a rule.
I don't buy that whole "exception that proves the rule" logic.

🙄