[eagleeye]

Hi HLS,

I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.

[eagleeye]

Hi HLS,

I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.

[eagleeye]

Hi HLS,

I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.

[eagleeye]

Hi HLS,

I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.

[eagleeye]

Hi HLS,

I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.

[eagleeye]

I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.

[eagleeye]

I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.

[eagleeye]

I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.

[eagleeye]

I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.

[eagleeye]

I agree La Jolla Renter. A couple of months ago we put an offer in on a property in our dream location. The gready sellers turned us down. We were disappointed since we thought we had made them a fair offer but we were $200K apart. Well, they’re back, now willing to accept $100K below our previous offer. The problem is we no longer feel comfortable at even $100K below that. We’re walking away. We’re going to stay on the sidelines and continue to resist temptation. I tried to get the numbers to pencil out since we were really excited about the location. It wasn’t even close. The price would need to drop another $500K from what the seller is willing to accept today. Unlikely yes, but not out of the realm of possibility. The property has already been reduced by $500K in less than 4 months. Though we couldn’t see it at the time since we were so emotional about the property, we now realize that the sellers did us a huge favor by declining our offer. I bet they’re kicking themselves now.

[eagleeye]

The 4.75% is APY. The APR is 4.65%. The interest accrues daily and is compounded monthly.

[eagleeye]

The 4.75% is APY. The APR is 4.65%. The interest accrues daily and is compounded monthly.

[eagleeye]

The 4.75% is APY. The APR is 4.65%. The interest accrues daily and is compounded monthly.

[eagleeye]

The 4.75% is APY. The APR is 4.65%. The interest accrues daily and is compounded monthly.

[eagleeye]

The 4.75% is APY. The APR is 4.65%. The interest accrues daily and is compounded monthly.

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