121–130 of 132 posts
Very nice! I would be great if there was also a way to see rates for investment properties.
Nice Work! I found our credit union posts the mortgage rates clearly on a plain text like page. There's no BS and no games. Whereas with the big banks, you get the games and higher rates .. no matter if they have records of 10 years of your salary deposits. When I tried to suggest credit unions to friends, I got looks. Like, people just assume what everyone else does (get conned by big banks) is good.
I too have noticed an inexplicable apprehension about credit unions, even large ones such as Wings. They are almost uniformly better for individuals than big banks, yet people imagine a scenario where they'll need to withdraw cash in the middle of the Mojave so they need WF. Spoiler: 1) you won't and 2) you still can.
But I've also noticed a stream of unrequested adoration towards credit unions, seemingly whenever any topic of personal banking pops up. A random person may simply lament about some fee their bank has charged, or the rate that their mortgage is financed at, or even mention in passing that they use a bank at all. That's normal-enough; people chat about whatever is on their mind all the time.
But quite often (too often?) upon the utterance of the word "bank," a whole cadre of people then immediately show up to sing a chorus (in unison) to remind them [and eachother] about how amazingly great credit unions are. Sometimes that cadre snowballs into a circus replete with a marching band, a dancing bear, and a trapeze artist.
"Oh, you still have a bank? Why aren't you in a credit union yet?"
"Yeah! Credit unions are awesome! People who don't use credit unions are just dumb or something!"
"Hey, guess what! My credit union even lets me access my money at 3:00AM the middle of the Mojave! These things are great!"
"Oh cool! The dancing bear is here again! I love that bear!"
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The rather uniform predictability of this kind of spectacle can have a very daunting appearance to someone who never asked for it.
And thus the apprehension may be explainable easily-enough with one word: Contrarianism. "This group of people is telling me I need to do this thing; therefore, I must not."
Or, perhaps with a cautious phrase: "If it sounds like it is too good to be true, then it probably is."
We spend a portion of our lives seeking to avoid scams and pitfalls. We aren't always successful at it ("there's a sucker born every minute"), but we still try to seek to avoid being a mark. When see a bunch of guys having a great time playing 3 Card Monte on the corner, we either learn to avoid them or we learn to lose our money.
When an unsolicited and eerily-coordinated group of cheering fans crawl out of the woodwork without deliberate provocation and actively seek to impart change, it's justifiable and sane to turn around and run away. Especially when they haul out the dancing bear routine.
"The devil you know is better than the devil you don't know."
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Do 30-year mortgages make the other houses more expensive somehow? It sounds like you got a good deal and any change would be worse than the good deal you got. I'd appreciate it if I was you. Edit: unless you mean that the downside of 30-year mortgages is you hardly get to pay off the principal in the first several years and don't build much equity maybe? That's more a "long mortgages" thing.
I appreciate the good deal we have, but my point is that long term fixed mortgages really complicates the housing market and can make it so you are stuck where you are, especially if you buy a house when rates are low. Think about what happens. My wife and I wanted to buy a house. Our budget is mostly around what we can afford as our monthly payment, just like everyone else. That means if interest rates are low, we c…
you would simply just keep it and rent it out and problem is solved. you get passive income + still own the house and have low rates.
Nice Work! I found our credit union posts the mortgage rates clearly on a plain text like page. There's no BS and no games. Whereas with the big banks, you get the games and higher rates .. no matter if they have records of 10 years of your salary deposits. When I tried to suggest credit unions to friends, I got looks. Like, people just assume what everyone else does (get conned by big banks) is good.
"You don't. They'll tell you."
Good work! Does anyone else think that the government should do something like this? Either enforce that vendors sends their offers to a central database which is publicly accessible, or at least make it available so the vendors can choose to send data there (maybe enforce it for big vendors, to get it started). In general I think it makes sense for the government to be responsible for the market place, and the infra…
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> 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…
>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. >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 busines…
Are you referring to chrisBob? They aren’t the ones who made the “ragged edge” comment.
If you’re on the ragged edge of any financial product, you’re stretching something. If a customer is buying well within their means, they shouldn’t be pursuing—nor getting sold—a ragged edge product.
If, on the other hand, you’re doing a new build that isn’t optimized for resale, yeah, you may very well need to be on the ragged edge of a financial product. But I’d still evaluate that with scepticism if you aren’t financially stretching.
> they outnumber people who have any relevance to a "mortgage specialist with a wealth management arm"
Most home buyers don’t buy below their means. (They buy at or a bit above.)
Most home buyers should not be buying niche financial products, or optimising to be within tolerances of specific financial products.
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I'd be into that, maybe. I guess if I could find an APR 0.5% better than what I've got, I'd refi. I wouldn't have subscribed last year, but now that rates are dropping, it's worth tuning in. But there is a voice of doubt: I'll probably hear about lower mortgage rates in a news headline or my original broker might even reach out.
Id say: There are definetly some persons out there who are willing to pay, and since its once a year usually they forget about their subscription :-D I do not know about the US market: In the EU, mortgage markets are highly fragmented and its possible to live in one area and get a loan from a bank in another area
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Right there on https://hypofriend.de/en/mortgage-rates-germany first link on Google.
Thanks for the link but thats not really the same. They are just giving you indications and then you have to sign up. I would like to see more concrete numbers per bank. Maybe there are not many factors that influence the rate?
Cool concept, but it doesn’t account for assumptions the sites make when displaying rates. Not something to you can really account for across the board though is it? Like “assuming a $300k loan on a home valued at $600k” to get a low 5’s rate… for example.
Definitely. Unlikely that anyone starting here will get exactly the estimated monthly payment, especially as it takes time to lock in a rate and rates can change daily. What it does do is only use APRs to give as much of an apples-to-apples comparison as can be had. Click any entry in the table to go through to the CU's site, which usually has some means of getting a more accurate rate and/or quote.
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I still don't understand how this means you "can't afford to sell your house." It just means you can't afford to buy another house at the same price as the one you have now. That's a different problem, and one that doesn't actually have anything to do with the interest rate on your existing mortgage. You can't afford to buy a house today at the same price that you could on the date you closed on your current house, b…
Yes, what you say is technically correct. We feel trapped because we would have to massively downgrade to move. Obviously, we COULD do that, but we don't want to. You are right, we also couldn't afford to buy our current house if we currently didn't own a home, either. I am arguing that the fixed thirty year mortgages artificially drives up prices, which means that you are stuck and can't move whenever interest rates…
Whether any specific person actually thinks through whether spending as much money as the bank will lend is prudent, instead of buying a house they can actually afford, saving the money, and upgrading later, is a different question. But it's not fair to blame the mortgage itself.