Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98158 times)

nutcase · « **Reply #40 on:** May 10, 2013, 01:19:08 PM »

Quote from: MarkS on May 10, 2013, 01:11:42 PM

It definitely works for townhouses. I have a few friends who bought townhouses with it.

Btw, I calculated on a $300K loan you save 100K in interest payments over 30 years compared to a 3.5 interest rate!!

-1 sorry but your math is way off it is exactly 67,000 different over the 30 year term
now don't forget with a regular 3.5% rate you can get a program live where you work they give you cash for your downpayment of 5% in your case 15k upfront has close to a value of 30k over a 30year term

Mikeoracle · « **Reply #41 on:** May 10, 2013, 01:34:39 PM »

Quote from: nutcase on May 10, 2013, 01:19:08 PM

-1 sorry but your math is way off it is exactly 67,000 different over the 30 year term
now don't forget with a regular 3.5% rate you can get a program live where you work they give you cash for your downpayment of 5% in your case 15k upfront has close to a value of 30k over a 30year term

Both Wrong?
$300K loan 30/years @ 3.5% = Total payments $484,968.26
$300k loan 30/years @ 2% = Total payments $399,189.03

Difference (Savings) = $85,779.23

Am I missing something?

nutcase · « **Reply #42 on:** May 10, 2013, 01:40:30 PM »

Quote from: Mikeoracle on May 10, 2013, 01:34:39 PM

Both Wrong?
$300K loan 30/years @ 3.5% = Total payments $484,968.26
$300k loan 30/years @ 2% = Total payments $399,189.03

Difference (Savings) = $85,779.23

Am I missing something?

yes you are missing everything
@ 2.1% = $526,176.16

@3.5 = $593,140.22

nutcase · « **Reply #43 on:** May 10, 2013, 01:41:21 PM »

Quote from: nutcase on May 10, 2013, 01:40:30 PM

yes you are missing everything
@ 2.1% = $526,176.16

@3.5 = $593,140.22

unless you don't pay property tax

MarkS · « **Reply #44 on:** May 10, 2013, 01:42:01 PM »

Quote from: nutcase on May 10, 2013, 01:19:08 PM

-1 sorry but your math is way off it is exactly 67,000 different over the 30 year term
now don't forget with a regular 3.5% rate you can get a program live where you work they give you cash for your downpayment of 5% in your case 15k upfront has close to a value of 30k over a 30year term

Sorry, the difference is actually $85,779 over 30 years for a 300K loan comparing 2% and 3.5%.
See below taken from this site

My understanding is that the live where you work program ended.

MarkS · « **Reply #45 on:** May 10, 2013, 01:44:27 PM »

Quote from: nutcase on May 10, 2013, 01:40:30 PM

yes you are missing everything
@ 2.1% = $526,176.16

@3.5 = $593,140.22

When the normal rate is 3.6, the TD rate is 2.1
When the normal rate is 3.5, the TD rate is 2.0 There is always a 1.5% difference. For comparability, I used 2 and 3.5.
Property taxes have nothing to do with this calculation.

nutcase · « **Reply #46 on:** May 10, 2013, 01:45:03 PM »

it is 2.1 now on the td

nutcase · « **Reply #47 on:** May 10, 2013, 01:46:10 PM »

Quote from: MarkS on May 10, 2013, 01:11:42 PM

It definitely works for townhouses. I have a few friends who bought townhouses with it.

Btw, I calculated on a $300K loan you save 100K in interest payments over 30 years compared to a 3.5 interest rate!!

I responded to this message

Mikeoracle · « **Reply #48 on:** May 10, 2013, 01:46:18 PM »

Quote from: nutcase on May 10, 2013, 01:40:30 PM

yes you are missing everything
@ 2.1% = $526,176.16

@3.5 = $593,140.22

First of all I am working off the assumption that the discount is 1.5% (as per Mark S) so the discount rate should be 2% not 2.1%.

Second- how do you get your numbers? for a 30/yr 300K loan @ 3.5% , payment will be $1347.13/month x 360 = $484,966.80
the same loan at 2% comes to a monthly payment of $1108.86 x 360 = $399,189.60

MarkS · « **Reply #49 on:** May 10, 2013, 01:47:56 PM »

Quote from: nutcase on May 10, 2013, 01:45:03 PM

it is 2.1 now on the td

Todays rate is 1.875
http://rvivanco-tdbanklo.mortgagewebcenter.com/
1.5% below 3.375

Okay, miscommunication. Let me rephrase. With this 1.5% discount you can save APPROX $85K over 30 years!

Better?

nutcase · « **Reply #50 on:** May 10, 2013, 01:49:06 PM »

much better!

Mikeoracle · « **Reply #51 on:** May 10, 2013, 01:59:23 PM »

Quote from: nutcase on May 10, 2013, 01:41:21 PM

unless you don't pay property tax

your property tax rate is linked you your mortgage rate? ?
Why would that come into this comparison at all? We are just comparing your savings based on mortgage interest. Property tax should be the same either way...
And how did you come up with the $67k difference in the first place?

Ergel · « **Reply #52 on:** May 10, 2013, 05:35:04 PM »

That's comparing it to td's best rate. You may be able to find a better deal elsewhere

ash G · « **Reply #53 on:** June 26, 2013, 07:32:51 AM »

What if you don't work fully on the books

Yeki89 · « **Reply #54 on:** June 26, 2013, 09:03:56 AM »

Make pay stubs

ash G · « **Reply #55 on:** June 26, 2013, 09:05:29 AM »

That is something I've never done don't know how too

dovy2 · « **Reply #56 on:** July 11, 2013, 03:44:05 PM »

find a job in willamsburg for a few months...

davidb · « **Reply #57 on:** July 11, 2013, 11:01:49 PM »

Quote from: Shua on July 22, 2012, 01:13:06 AM

Does this work in NY?

Read then ask

Palm5 · « **Reply #58 on:** December 15, 2013, 02:38:58 PM »

Anyone know if this program is still available?

Vosizderneias · « **Reply #59 on:** December 15, 2013, 03:07:51 PM »

Does this work with a investment property?

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Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98158 times)