111–120 of 132 posts
Nice work. Navy Federal has always had competitive rates: https://www.navyfederal.org/loans-cards/mortgage/mortgage-ra... Membership requires a military connection in the family, but it can go back to grandparents: https://www.navyfederal.org/membership/eligibility.html
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There's also specialization and process optimization that big banks do that little CUs simply don't have the volume to justify. If someone buried deep within BofA or Chase or some other national entity looks at your stuff and says some factor that's marginal makes it a no-go for some product that's the end of it despite being offset by some other factor that's out of the ordinary in a good direction. At a credit unio…
> At a credit union with the process broken down across fewer people the person making that decision is more likely to be able to see that the big picture math still works for a given product You and OP agree. Broadly speaking, if you have good credit (or are wealthy) you’ll get a better rate at a bank or mortgage specialist. If you don’t, you’re more likely to get approved at a credit union.
> Estimated monthly payment based on purchasing $400,000 home with 20% down, $567/mo taxes and insurance, and 1.65% closing costs. Does anyone know the source of these numbers? Example: The are national median values. Except maybe Texas, where else can you buy a house/apt in the US near a major job center for only 400k?
North side of Indy (Carmel, Fishers, Geist) is listed as one of the best places to live in the US.
God I wish we had 30 year fixed mortgages here in Australia. Imagine getting one of those during covid when rates were below 3%. Incredible.
There are downsides. I have a really great rate on my mortgage, but our house is super expensive and small for our family… but now we can’t afford to move. If we moved to a new house, we would have to pay off this great mortgage and get a new one, at a much higher interest rate. Even if we found a house that cost the exact same as ours, the monthly payment would be 50% higher, because current interest rates are more…
You could also convert a 3% mortgage to a 5% for example. Because the owners of the 3% mortage aren't that interested in it any more, you could get that at perhaps as low as 80% (a former coworker got as low as 65%) of the original value. So if you buy a home for e.g. $200.000, you paid of $50.000 and "buy back" the rest at 80% you're now left with $120.000 of debt. You then get a new mortgage for that amount, and even at higher rate, that might result in a monthly saving. When the remaining amount is low enough, you could refinance and get e.g. a 10 year fixed rate mortage for a really low rate.
I don't know if you can do that in the US, but that's pretty much standard in Denmark. Most people will do that maybe 3 - 5 times during the lifetime of a mortgage. For the most part is make absolutely no sense, the bank just do some paper work, have you sign and then you owe less, but at a higher interest.
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> At a credit union with the process broken down across fewer people the person making that decision is more likely to be able to see that the big picture math still works for a given product You and OP agree. Broadly speaking, if you have good credit (or are wealthy) you’ll get a better rate at a bank or mortgage specialist. If you don’t, you’re more likely to get approved at a credit union.
Credit unions, or small banks are likely to be helpful in some situations. When building our house 8 years ago we had a lot of trouble getting the construction loan mostly because of 1-2 bad comps in our area. One of the big banks turned us down with no recourse with an assessment that included a picture of the wrong lot (a farm field across the street). Another said no one should build a house under 3k square feet,…
Yup. The broadest categorization is are you first minimizing cost or chasing approval. If the latter, you’re better off with someone intensely local. If the former, you want economies of scale. (Of course, one should still shop around even if focusing on approval first.)
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> If you don’t, you’re more likely to get approved at a credit union. Or you're buying well below your means but don't wanna get screwed into a different product because what you're buying is on the ragged edge of what can be bought with the lower cost mortgage product you want. Some jerk at corporate for the big bank will punt because some rule he's supposed to follow says he ought to do that and it's not like he st…
> Or you're buying well below your means but don't wanna get screwed into a different product This customer is looking for a lender who can and will eat costs for the relationship. That’s probably a mortgage specialist with a wealth management arm. The ones who require 25 to 35% down, but undercut the rates e.g. a credit union can charge. > because what you're buying is on the ragged edge of what can be bought with t…
>If you’re buying within your means, you shouldn’t be on the ragged edge of anything. You should be getting a cheap, plain mortgage from a lender competing for your business. Ideally conforming, and where the originator eats origination and closing costs.
I can't put my finger quite on why, but your comment has a really not nice tone to it.
This customer is an otherwise normal-ish buyer who wants a fix and flip (like real fix, more than just cosmetic or "updating" or something like that) and they outnumber people who have any relevance to a "mortgage specialist with a wealth management arm" 100 if not 1000 to 1.
> Estimated monthly payment based on purchasing $400,000 home with 20% down, $567/mo taxes and insurance, and 1.65% closing costs. Does anyone know the source of these numbers? Example: The are national median values. Except maybe Texas, where else can you buy a house/apt in the US near a major job center for only 400k?
Rank cities from most to least negative characterizations of their residents and/or politics on HN.
That'll approximately be your list.
> Estimated monthly payment based on purchasing $400,000 home with 20% down, $567/mo taxes and insurance, and 1.65% closing costs. Does anyone know the source of these numbers? Example: The are national median values. Except maybe Texas, where else can you buy a house/apt in the US near a major job center for only 400k?
> Estimated monthly payment based on purchasing $400,000 home with 20% down, $567/mo taxes and insurance, and 1.65% closing costs. Does anyone know the source of these numbers? Example: The are national median values. Except maybe Texas, where else can you buy a house/apt in the US near a major job center for only 400k?
Pittsburgh