|
|
Posts: 328
Location: MN | I am looking for help with banks out there you know of that are offering competitive rates today. I found one for 7.25 @ 120 months....Wondering if there are better out there for new boats? |
|
| |
|
| My credit union offers 3.95% fixed right now for at least 6 years. |
|
| |
|
Posts: 2384
Location: On the X that marks the mucky spot | I just got 6.99% on 120mo through Usbank/Link Marine |
|
| |
|
Posts: 1916
Location: Greenfield, WI | What part of the world are you from? Your user profile doesn't say anything.
May be some of us have contacts in your area, if we knew where that may be.
It can be amazing how helpful this website's users can be! |
|
| |
|
Posts: 328
Location: MN | Profile on...forgot about that.........Minnesota |
|
| |
|
Posts: 5874
| Get a hold of Cady or Midge. They do Mortgages, so will fix you up right so you can afford the boat of your dreams!
Oh yea, they are looking an awful lot alike these days, so make sure you check an ID so you know which one you talking with!
Edited by Shep 7/10/2003 12:39 PM
|
|
| |
|
Posts: 925
| OK Shep, now easy on the comments about me looking like Cady. I have been to the gym every day this week and have cut out fast food since your last comment.
Cash out refinance will buy that boat nicely !!!
Thanks for the idea Shep.
[email protected] |
|
| |
|
Posts: 633
| Otherwise you can also do a Home Equity line of credit or just straight loan, with a 10 - 15 year term. That way the interest is tax deductable. I know we were able to get a lower rate that way, but then we refied our main mortgage and dropped our payments, and cut our term by 10 years. Just pick which payment you want to deal with. Otherwise our credit union was offering 5.9% for 7 years.
Lance
Edited by lpeitso 7/11/2003 7:12 AM
|
|
| |
|
Posts: 1189
Location: Bagley,MN 56621 | It all depends on your credit score/term you go/how much down ,..etc.
The lenders we use have no prepayment penalty and no balloons, BE SURE to inquire about this.
Financing over 10K most lenders will do 10yrs (120 months), some will do longer, all depends on your history, score,etc.
Typically want 10% down, sometimes do less than 10% but score must be primo,minimum 10% down gets better rates.
Just did a $35k Ranger with 0 down/15 years. Beacon was over 800 though.
Anything is possible, doesnt cost anything to fill out a credit APP.... |
|
| |
|
Posts: 32958
Location: Rhinelander, Wisconsin | GregM What is the average rate now between all the different loans, overall? We may be buying a Patriot1710 Muskie for OutdoorsFIRST this fall. When you coming over this way again? Let's hit the lake for an evening! |
|
| |
|
Posts: 172
| Steve,
If you want to do a cash-out refi on your home, a 30 year fixed should run you around 5.375%, a 15 year fixed for around 4.75% and a 10 year
for 4.5%. You will need to make sure you have at least 30% equity after the amount you want to cash-out or the rate could increase. Get a "good faith estimate" on all the fees and do not pay points.
Most equity loans are adustable and are tied to prime. I do not do home equity loans but have seen them as low as prime-1 (around 3%). The problem with a home equity loan is, prime is nice and low right now but it will go up. You could be 7% or more in a couple of years. I have been in this business for over 12 years and there are three things that are for sure...1) you have to pay taxes 2) you will die 3) prime will go up.
Another choice would be to do a fixed 2nd mortgage. Rates will vary depending on how much equity you have in your home. Our fixed 2nds run from 1/2 a point to a full point over a standard 30 year fixed. |
|
| |
|
Posts: 172
| Just got off the phone with a friend of mine who is a VP in a small Savings and Loan. His straight boat rates are ( 20% down ) 6.25% for 5 years, 6.75% for 7 years and 6.99% for 10 years. Simple interest. He told me they would do as little as 10% down if the credit scores were high enough. |
|
| |
