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2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
I found a little old-fashioned tire shop up in Heber, a small town near where I go to escape the Phoenix heat, and have high hopes that I can break my 35-year relationship with Discount and start buying tires from Tire Rack and get them mounted there. I want to put the new tires on the steering axle, I often run my tires beyond the "recommended tread depth limits," and am perfectly willing to patch punctures anywhere on the tread. Plus which, I want the tires inflated to what the door jamb says, not some bogus 3-5 psi higher pressure "recommended by our computer."
And you actually drive an Explorer, which gave these guys their excuse to start all this stuff.
Anyway, was pleased to hear you got what you needed without any drama.
Need some advice and guidance. Am in the process of buying a new home ... offer is accepted on the new house, and we're hoping to get our house on the market this week.
Anyway .. my agent recommended a mortgage broker, who I've been working with. As part of this, he wanted a quote for homeowners insurance. A week or two ago, I got notice that my State Farm agent was retiring and that her business was being transferred to a new agent. So, I call the new agent and learn that not only does he sell insurance, he's also a certified financial planner and a certified mortgage broker in Colorado. So he proceeds to tell me about the mortgage products SF offers.
My question is .. can I have them negotiate against one another, much like two dealers trying to sell me a car? I want to get the best deal (both interest rate and closing costs), but I'm not quite sure how to go about it.
State Farm has provided two scenarios - both assuming 10% down. One is for 3.875% and closing costs of $5800, the other is 4.125% with $185 in closing costs; the payments are about $50/mo different. Both include PMI, which I can drop once the LTV is at 80%.
I don't yet have any solid details from US Bank on their interest rate and closing costs; I suppose that's the next thing I should get, so I can at least try to compare apples and apples.
Any thoughts or advice is most welcome.
(BTW, I had the house inspected yesterday and there aren't any major issues to be addressed; the biggest is that a natural gas pipe is routed too close to the water heater and is in the way should we decide to replace it)
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
When I was taking my first mortgage, I had a very similar type of offer (different interest). The interesting part was that first 0.5 percent discount was quite inexpensive (difference payoff in 3 years), but the next quarter percent was prohibitive.
2018 430i Gran Coupe
Not like I'll be a major user of the trunk but I had my iPad in there yesterday rather than lug it around or close up the top.
For loans you have "interest rate" (i.e. interest charged on the remaining balance) and "effective APR", which includes annualized effect of fees, points and upfront commissions paid at origination, using assumption of all payments made according to the schedule.
Banks will usually advertise in big print numbers that look best, i.e. they will advertise APY for deposits (as effective yield on the account), but would advertise "rate" on the loans in big print (smaller number) with usually smaller print effective APR (bigger number).
2018 430i Gran Coupe
Rate = 3.875%; APR = 4.154%
Rate = 4.125%; APR = 4.370%
The difference in the two payments (which includes principal, interest, taxes, homeowners insurance, mortgage insurance and HOA fees) is $46.57. So, to negate the extra closing costs ($5839.25 vs. $185), it will take me 121 payments. I don't plan on moving out of this house for at least that long - probably closer to 15 years until I decide to retire and perhaps move somewhere warmer.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
2018 430i Gran Coupe
Also, if at all possible, I would put down the 20% to avoid PMI. What is that rip off product getting you for these days?
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
2018 430i Gran Coupe
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
2018 430i Gran Coupe
In this case, the counter guy offered another option - a tire their wholesale division took back from a garage. It was about $60 less but was 6 years old. I declined due to the age.
I will say that he was totally aghast when I asked if they would shave the tire down to match the other depths. He said nobody does that anymore and that only race shops or places in Europe could shave the tire. Of course that is incorrect but sometimes it's better to nod and smile. Since the difference is only 2-3/32" there shouldn't be a issue.
Now to have the front end checked out at the dealer on Friday and then reach out to the other driver.
Actually as it became clear how crazy the bubble was getting I told my wife we should sell the house, go rent for a bit until the bubble burst and then go buy again. I'd have made out like a bandit but didn't actually do it.
Your best bet is to check out multiple mortgage brokers and banks to see what each is offering. Remember that you will have no control over the lender with a mortgage broker. Many local banks offer mortgages and keep them in their portfolio. You may like dealing with that type of lender.
good luck with the sale & the purchase!
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
I had a similar experience with Quicken and Q did. Tell your insurance agent what you're doing. If he's a good mortgage broker, he'll work the banks to get you financed at a good rate.
28firefighter....it's amazing what happens to rates once a little competition is introduced.
At this point, I'm not working with a broker .. the contact I have is at US Bank, so he's pushing their products specifically, as is my insurance agent for State Farm (I knew they provided banking services but not mortgages).
I'll create a s/s to line up all the numbers to compare what I get.
Keep you all posted.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
2018 430i Gran Coupe
I am not of much help in these matters Michael, but good luck, sounds like you have good advice from Dino, Rob and the others though.... you are in good hands (oh, that's Allstate) with those guys.
Anyway $5600 down seems to me that it could earn $560 or so a year in the stock market (more cumulative)...may offset some of the supposed savings.
Also if you can't swing a 15 year mortgage I have read about people making a payment every 4 weeks instead of monthly.......I think it saves about 10 years of payments (if allowed in the USA).
Anyway, I am way over my head in these matters - but I throw stuff out there because you never know, it could be of value to someone
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
On the other hand, some people use money from their home to start a business....but, that isn't really speculating....it is just using money wisely if you have a solid plan.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
As an aside, I have US Bank. That's who my mortgage was sold to a week after I closed. I've only dealt with their customer service over the phone over the phone once (see below). Online, they respond quickly. I have had this mortgage for 3 years and they still won't waive the tax escrow without a fee which my previous mortgage company (Wells Fargo) did without an issue. Also, I accidentally paid a extra $10,000 into my escrow account by using the arrow instead of the tab key while making a paymnt. They would not refund the amount until they did their annual escrow balancing. I had to bounce up a few layers to get them to refund it early.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
On the day of the home inspection I flagged down the neighbor across the street to find out about his net access and turns out he's a broker. So I used his bank and he saved me a lot of money. Literally thousands just in fees (~$3,000).
So check the local banks too. Even though they sold the paper (just like the first guy would have), I can yell at my neighbor if something goes screwy.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Ah Michaell, there you go. If both APR's include all fees and closing costs then a direct comparison can be made.
Based upon the above information the 4.154% APR rate is cheaper, but not by a lot. Over a thirty-year period, the difference in interest expense can be significant. For example, based upon a 30-year, $250,000 mortgage with monthly payments, the interest on the 4.370% APR loan would be $11,389 greater than the 4.154% loan.
However, if you are going to hold the mortgage for less than the full 30 years, then a good case can be made for the higher rate mortgage.
Dino, I know in the strictest sense I butchered the APY/APR semantics. I simply wanted to use a term other the APR to express the "real or effective" interest rate over time. And by the way, APY does apply to all kinds of borrowings/savings that compounds more that once per year.
2024 Genesis G90 Super-Charger
Hopped in our friend's Chevy Cruze at 6 am and got home from Taos before noon. There's an hour or so of curvy two lane up north and then you hit the Interstate at Santa Fe. I-25 has pretty nice scenery for a freeway and the traffic isn't bad - had the Cruze cruise set for 82 most of the way.
The subcompact is darned comfy and blared out my mp3s nicely. The engine is a bit lethargic but managed fine if you put your foot in it and got the revs up over 5,000. Made 4 pit stops along the way and if I had the range, my body would have been able to drive all the way without stopping (the range-o-meter said I could do 600 miles on a tank but that dropped as my speed didn't). Felt very sporty after the minivan, but what wouldn't?
They have two different engines, 1.8 and a 1.4 turbo; which does it have?
2014 Malibu 2LT, 2015 Cruze 2LT,
On another note, guess I'll cross post this request over in CCBA:
18yr old with inheritance
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
http://www.realtor.com/realestateandhomes-detail/5345-Suffolk-Cir_Castle-Rock_CO_80104_M11620-59868
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
The lanes are for cars carrying at least three passengers during the Pan Am/Parapan Games.
On Wednesday, an officer saw a Dodge pick-up truck driving eastbound There appeared to be a person in the front passenger seat and one in the back, in addition to the driver.
As the vehicle drove past the police cruiser, the officer noticed that the front-seat passenger did not appear to be lifelike. The driver was pulled over and two mannequins, both dressed up in clothing and wearing seatbelts, were discovered.
"On a positive note, everyone in the vehicle was wearing a seatbelt," say police.
The man was charged with the appropriate HOV violation.
My question is....Wouldn't it be easier to drive to work a few minutes earlier instead of dressing up those mannequins, and belting them in?
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
2018 430i Gran Coupe
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Houses Cost Too Much
so, good luck to you!
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.