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Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

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Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#61

Post by coliveira »

ipince wrote: post #52
cortesoft wrote: post #25

Earlier quoted context omitted.

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…

But, moving to a new house doesn't necessarily mean you have to sell the old house. In fact, since you got such a good deal on the first house, you can probably rent it our for a profit, and said profit can help you pay whatever you need to pay to be able to move to a new house that's more expensive, yet similar in quality.

Yes, I moved already using this method. People complaining of low rates just don't have any financial skills.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#62

Post by coliveira »

cortesoft wrote: post #49
t_mann wrote: post #34

Earlier quoted context omitted.

Would renting it out be an option?

It would be difficult. Mortgage interest is deductible from your taxes (up to a point), but only if it is your primary home. If we moved, we would have to pay a lot more in taxes. The mortgage tax deduction is another thing that drives up home prices.

Rentals don't have deductible interest but have depreciation, which can be even better.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#63

Post by mhashemi »

throwaway2037 wrote: post #57

> 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?

Those are just some medians I either Googled or LLM'd to act as defaults. You can click that sentence and change all those values to estimate.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#64

Post by mhashemi »

calmworm wrote: post #58

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.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#65

Post by nunez »

I didn't do a CU for my mortgage (mostly because my lender is awesome and I'm happy with our rate), but I did for my recent auto loan and moved my accounts to them.

NIGHT AND DAY DIFFERENCE. customer service is fantastic and their online banking app/website is no bullshit. It even supports TOTP 2FA, which I definitely wasn't expecting given that the huge bank I came from didn't for some reason.

Can't recommend a credit union enough.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#67

Post by mhashemi »

lefstathiou wrote: post #51

The Credit Union Mortgage Association can make the crawling easier via this link: https://mortgages.cumortgage.net/start_up.asp

That's actually where I started! Majority (but not all) of the institutions present on the dashboard are from the CUMA :) I don't technically crawl that portal, but their robots.txt certainly seems to encourage it. Great resource.

Re: Show HN: I built a dashboard to compare mortgage rates across 120 credit unions

#70

Post by Rebelgecko »

cortesoft wrote: post #14
msuniverse2026 wrote: post #2

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 used to be able to assume someone's mortgage when you bought their house to keep the good rate going, but that's much less common now
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