I think my rate was about 5.5%, but that is because of strong credit.
Quote from: Who's Crowdaddy on May 24, 2005, 01:58:51 PMI think my rate was about 5.5%, but that is because of strong credit. Was that for a loan up to your COA, or actually above it. That's a really great rate on an unsecured loan (home loan rate, even). Who was that through? I'll have to check them out.
I need to borrow a little more than my allowance (so I can pay for my one-bedroom). I haven't quit my (high-paying) job yet. Would they give me a loan without a co-signer if I have a current income? In other words, if I am quitting at the end of July, should I go to the bank in June and ask for a loan and not tell them that I am quitting soon?Thanks!
(1) Beware any language in the loan terms regarding your employment--loans offered under certain assumptions can often come due in full if you purposely tried to hide your real motives.For example, "primary residence" home loans are cheaper (in terms of interest rate and fees) than "investment property loans" (ie a home you own, but don't live in; you rent it to other people.) As such, lenders often include terms in "primary residence" loans to prevent people from "pretending" that the house they are buying is going to be their primary residence, and then moving out right away so that they can rent it out to someone else... Basically, if you buy or refinance a home under a "primary residence" program and the bank finds out that you moved out and started renting it to someone else within a certain window of time (regardless of where you are living now, whether presently buying or renting), the ENTIRE loan is due and payable in full within a short period of time. (Usually just enough to let you have a fire sale and unload the property, instead of declaring yourself bankrupt.)
This is called a "Due on Sale" clause. Banks rarely ever escalate a loan based on these clauses. UNLESS interest rates start to go higher and you have a tasty fixed rate, there's not much to worry about BTW, people get around this whole thing by placing the home in a trust and/or being careful about changing the name on the insurance. Loan companies are notified when insurance beneficiaries change. Then, the beneficiary of the trust can be changed without triggering any notification to the loan company. It is done frequently in owner finance situations or "rent-to-buy" agreements and, as far as I know, is not considered fraud.
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