Now, I will post the entire text of the email:
Greetings happy Home-owwner
Your borrowing capacity doesn't Matter To Us!
If you own property and need spending cash
ANY way you like, or would like to lower your mortgage payments
beyond 30% and better, then then you've found the right place.
September's best rates as follows!
$500.000 at a lowest 3.53%
$461,000 for lowest as 3.15%
$160,000 for a lowest 3.87%
$299,000 at a lowest 3.36%
Take 1 minute to visit our user-friendly web-site for a personalized quotation
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I mean, that last paragraph is brilliant. I don't have any idea what to make of it, and trust me, this is the sort of thing I spend hours trying to figure out. I'm open to suggestions.
Also, that rate structure is going to keep me up nights, as it seems to make no rational sense.
5 comments:
I posit that the rate structure is based on volume and risk.
i.e. if there are more homes between 461k to 500k, the volume of those homes is higher, therefore the demand for these homes is higher, so the liquidity of those homes in bankruptcy is higher, therefore the risk of lending is lower, which is why the interest rate is lower.
Urgh, Friedman is turning in his graving hearing this analysis.
grave*
Well, I understand that a note on a $500k home should have the highest rate due to its higher risk. If memory serves, the rate bump is on homes worth around $350k.
So why is the $160k home at the highest rate? And the $461k home at the lowest? What the hell happens in that $39,000 to $500k? It's just odd.
And what bank lends at a 3.53% rate anyway? My rate sheets were always in incriments of 1/8 and I had a lot of banks' rate sheets. 3.53 is rather arbitrary.
I think the sender was just trying to get in your pants.
And I was worried you weren't getting my emails...
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