Posted by John (Rome) on July 07, 2003 at 01:36:15:
Hi…yes I know about the rome ny bit…my dad used to often correct customs at Kennedy Int’l…
sorry that should read ARM - Adjustable Rate Mortgage
Notary - same as what you have over there
POA - Power of Attorney
Unit is US dollars
Cheers.
J.
Let’s compare… - Posted by John (Rome)
Posted by John (Rome) on July 06, 2003 at 16:07:55:
Hi,
I went to enquire about a refi last week and thought this might be interesting for some of you over there…(I’m in Italy)…
First off…we have 4 basic types of loans for residential properties 1) First home 2) Second home 3) Restructuring (we love to rebuild bathrooms and kitchens over here) 4) Construction and a distant 5) Refinancing a property you already own - this last one being offered by only 3 banks as far as I have been able to ascertain.That said this is what I was offered by best one in the bunch…
FMV of Property over 350K (free and clear)
Amount of Loan 65K
so…
AMR 4.85% but with a fixed payment only term changes up or down according to the fluctuation in the interest rate
For a 10 year term Payment/month 721.50 (including mandatory insurance in case off illness loss of job etc)
For a 15 year term (maximum allowed) Payment 536.25
Payment capped upwards to 90% of the inflation rate (can’t go the other way though - only up)
Lien placed on home will be for 150% of amount of loan (pretty good - usually it’s 200% and some go up to 300%)
Expenses: 182 for processing
155 for POA
Taxes 162.5 (0.25% of 65000)
Appraisal 220
Home Insurance ( bank must be made unique
loss payee for FULL value of home in case of
loss - not amount of Lien or Loan itself)
Notary approx 1000 + 20% sales tax
so…how does this compare to what you can get over there?
J.
Re: Let’s compare… - Posted by JD
Posted by JD on July 06, 2003 at 19:33:11:
Thats interesting that your from Rome, Italy, I had previously assumed you were from Rome, New York (people from Rome NY love to make stupid jokes about being from “rome”). Can’t answer your question because you don’t say what units you are quoting. You leave out of lot of information common to US loans. And you use terms not used on home loans in the U.S., such as AMR, Notary (I know what a notary in the US means, but its an insignificant cost here), POA.