APR bank money.

[Guest guest]

I want to ask the group a question about the bank loan rate.

I applied to a loan and they asked me if I wanted to lock the rate.

anyone with experience in bank loan rate lock?, I wonder if the rates will go

down in the short future.

thanks, Adolfo

Sent from my iPad

[Guest guest]

What rate are you talking about? Prime rate? The prime rate is at the cost of doing business which is to say it can't go any lower. The rate banks are borrowing money at is essentially zero, which is to say that can't go any lower. But, it costs money to lock in rates, so you have to do the math of how long you're likely to keep the loan compared to the risk of rates going higher and when.

Rates have been low for a long time and could stay low for a while. But,,, if the economy slows, rates won't go lower, just stay low for a while. If the economy speeds up, rates will go up. If inflation picks up, rates will likely go up. If the world doesn't like fed paper, rates will likely go up.

Personally, I'd lock in rates if I were borrowing for more than 3 years, and if it doesn't cost an arm and a leg.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

[Guest guest]

wha do you mean with prime rate? I think is 8 % for 15 years.

adolfo

To: Sent: Tuesday, August 2, 2011 7:45 PMSubject: Re: APR bank money.

What rate are you talking about? Prime rate? The prime rate is at the cost of doing business which is to say it can't go any lower. The rate banks are borrowing money at is essentially zero, which is to say that can't go any lower. But, it costs money to lock in rates, so you have to do the math of how long you're likely to keep the loan compared to the risk of rates going higher and when.

Rates have been low for a long time and could stay low for a while. But,,, if the economy slows, rates won't go lower, just stay low for a while. If the economy speeds up, rates will go up. If inflation picks up, rates will likely go up. If the world doesn't like fed paper, rates will likely go up.

Personally, I'd lock in rates if I were borrowing for more than 3 years, and if it doesn't cost an arm and a leg.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

[Guest guest]



prime rate is the interest rate that banks lend, theoretically, to their best customers. they peg loans to the prime rate or they add an increment to it depending on the deal and credit risk. current prime rate is 3.25. a good business loan is prime or prime plus a half, or prime plus one, or prime plus two, so forth. but prime can be volatile. You could get a loan fixed and pegged to prime but it will likely be at a higher rate. 8% for 15 years sounds pricey. But, loans are all about credit risk of which collateral is an element. The best rate out there is a first mortgage on a home which today is around 4-4.5% fixed. they go up from there. Shop it. You might be able to do better.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

[Guest guest]

that is the problem, I do not have any collateral. I have a house that I am paying. I got the house in 2007 so I have it in red numbers.

I live in florida so a lot of new home owners we owe more than what the house is worth.

I tried to get a loan with suntrust and they denied me because I have no collateral.

The suntrust banker sent my application to the SBA and they declined because I have no collateral.

the funny thing my credit scores are in 790's , I have 8K of debt from a credit card ( I had to put a tail malpractice insurance, because a jerk clinic owner did not want to pay for it. I was naive just coming out of residency and did not have a clue about tail).

I live in a frugal way.

I am paying my wife's students loans and thats it.

It is frustating to behave financially and have no chance.

Adolfo

Thanks for your advise

To: Sent: Wednesday, August 3, 2011 9:03 AMSubject: Re: APR bank money.

 prime rate is the interest rate that banks lend, theoretically, to their best customers. they peg loans to the prime rate or they add an increment to it depending on the deal and credit risk. current prime rate is 3.25. a good business loan is prime or prime plus a half, or prime plus one, or prime plus two, so forth. but prime can be volatile. You could get a loan fixed and pegged to prime but it will likely be at a higher rate. 8% for 15 years sounds pricey. But, loans are all about credit risk of which collateral is an element. The best rate out there is a first mortgage on a home which today is around 4-4.5% fixed. they go up from there. Shop it. You might be able to do better.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

[Guest guest]

JUst needed to do this needed a roof .God what a big deal    borrowed to  pay for the repairs and  roof , refinanced d the  whole shebang rate about 4.5 % I think  Yes we paid 100 or 300  to lock it in Probably did not need to but was worth it

The difference is in looking for a second mortgage/ home improvemtn that is what I started to do-- rates are higher at about 7%-- vs refinancing  all together lRates on refinancing  mortagage rates a re ower  AND  our banker rolled all those stupid refinacing costs into the whole  thing so I paid no points/fees  just the lock in thing then my new mortgage which   will end the same times as the old one would have  and is marginally more per month due to the lower rates 

 

 



prime rate is the interest rate that banks lend,  theoretically,  to their best customers.   they peg loans to the prime rate or they add an increment to it depending on the deal and credit risk.  current prime rate is 3.25.   a good business loan is prime or prime plus a half, or prime plus one,  or prime plus two,  so forth.   but prime can be volatile.   You could get a loan fixed and pegged to prime but it will likely be at a higher rate.   8% for 15 years sounds pricey.    But,  loans are all about credit risk of which collateral is an element.   The best rate out there is a first mortgage on a home which today is around 4-4.5% fixed.    they go up from there.    Shop it.   You might be able to do better.   

 

 

APR bank money.

 

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com

=======

--      MD          ph    fax

[Guest guest]

To: Sent: Wednesday, August 3, 2011 8:17:17 AMSubject: Re: APR bank money.

JUst needed to do this needed a roof .God what a big deal borrowed to pay for the repairs and roof , refinanced d the whole shebang rate about 4.5 % I think Yes we paid 100 or 300 to lock it in Probably did not need to but was worth itThe difference is in looking for a second mortgage/ home improvemtn that is what I started to do-- rates are higher at about 7%-- vs refinancing all together lRates on refinancing mortagage rates a re ower AND our banker rolled all those stupid refinacing costs into the whole thing so I paid no points/fees just the lock in thing then my new mortgage which will end the same times as the old one would have and is marginally more per month due to the lower rates



prime rate is the interest rate that banks lend, theoretically, to their best customers. they peg loans to the prime rate or they add an increment to it depending on the deal and credit risk. current prime rate is 3.25. a good business loan is prime or prime plus a half, or prime plus one, or prime plus two, so forth. but prime can be volatile. You could get a loan fixed and pegged to prime but it will likely be at a higher rate. 8% for 15 years sounds pricey. But, loans are all about credit risk of which collateral is an element. The best rate out there is a first mortgage on a home which today is around 4-4.5% fixed. they go up from there. Shop it. You might be able to do better.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

-- MD ph fax

I have way too much knowledge on this. I have been working with a former banker who now does IT for the local SBA. He generally helps small business owners get loans, as a personal challenge. Last year he said he was able to get over 8 millon to several different local small business' some that had been denied over 48 times!. This year he says, even he is striking out, No one is lending, unless you have all the collateral ( ie why would you need the loan?), and are already profitable. Last year I took a 6 mo class with the local SBA for small business' owned by native americans. With all their help, and them saying I qualify, I still can't get a loan. The SBA does not give the loan, you have to find the bank, that works with SBA, and then convince them to do the deal, then they submit to the SBA. Even with SBA saying I am good, they would guarantee for over 90%, at 5.5-6% I could not get a loan with 3 different SBA banks. My problem is I did take the second mortgage 3-4 yr ago, right before the economy tanked. I highly caution against this. Now I have huge debt,, tied to my house, which although I only have 5 y left one, due to the 2nd, I am just at waterline, with the drop in prices in outer edge of Seattle. Now I can't sell the business, can't walk away, as I'd loose my house, and 17 years of payments, and they canceled my credit line, when I got to waterline, as no equity per them. And that is with a credit union, generally better than a bank. I also say shop around, but better, go ultra low, start 2-3d a week, and work for someone else to live on, don't pay yourself for the first few month, keep putting that back into the business. As the time goes on, lending will improve, and you will look better. Meanwhile keep shopping, but don't hold your breath. If 8% is your only hope, vs using credit cards, and/ or re-mortage, which I think is not only unlikely in your state, but a bad idea, I would try for a lower time frame, and lowest possible amount.

CCOTE MD

[Guest guest]



It's a tough credit environment currently. The one's interest rate is all about collateral and equity/income ratios. My advice is to work on setting up a line of credit as soon as you are able to with respect to your credit and the credit environment. A relationship with a banker is probably a big element in the mix also. You should be able to set up a line of credit someday, at prime or plus 1/2 or 1 point and then, you can tap it as needed and not have to go through all this when you need the cash. Like with Noah, the time to build the boat is before it rains.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0..26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======

[Guest guest]

If they are offering you a good rate for today's market which has some very decent prices and offering to lock that in and give you a regular traditional locked in rate loan, verses a variable rate, then I would JUMP at the locked in rates right about now. Refi almost always costs a few bucks and that tends to be more than you would save on refi down a point or so on a medium length loan of 5 to 10 years.... It is only the difference in the two you are saving so if it costs you $2K to refi what it worth saving $2,250???? or even less than the $2K itself??? So work your butt off for the best rate you can get them to lock-in at today's extra low rates.... Rates are probably not going to be able to go down very much if at all.... The gov't is already loaning OUR hard earned tax dollars back to

the banks that want to ream us at historically low rates to try to make them loosen up their tight wad paws and you can see how far that is going these days....

Even a doc with a degree can't use the degree or his AR as collateral to get a SB loan... You are living proof of that. The rates can almost go nowhere but UP and if they don't, there is not very far down they can go and now you have a defined payment you can "budget" around and hopefully live with.... You pay a bit more for the "Peace of Mind" but as someone who watched his own interest rate from his Criminal Bank (M & T) screw the heck out of him and his hard working wife, setting us up, upside down with way too much variable rate LOC and not enough investment start up fixed rate capital trust me, M & T has made a an entire extra parachute for some moron mid-level exec on us while we toil away treating patients and doing something real and productive in our society.... In our case just as we got real close to closing on the loans and let a few other suiters fall the wayside, the bank pulled the old

switch a roo on us and set-us up upside down in terms of start-up verses what should have been periodic LOC with the variable rate that comes with it... To this day, 7 years later they won't admit to the old officer's preditor behavior or do something decent to give us a bit of well earned break paying down that overage on the LOC.... they made off like bandits on this Bitch (and yes she really was a spoiled, back stabbing, screw the client Bitch) and her misadventures in our case....

Lock it in, lock it in, then you have the contract and the locked in rate and they can all go to hell otherwise as the political climate continues to be so bizzare and hard to read the "tea party" leaves....

To: Sent: Wednesday, August 3, 2011 10:07 AMSubject: Re: APR bank money.

 It's a tough credit environment currently. The one's interest rate is all about collateral and equity/income ratios. My advice is to work on setting up a line of credit as soon as you are able to with respect to your credit and the credit environment. A relationship with a banker is probably a big element in the mix also. You should be able to set up a line of credit someday, at prime or plus 1/2 or 1 point and then, you can tap it as needed and not have to go through all this when you need the cash. Like with Noah, the time to build the boat is before it rains.

APR bank money.

I want to ask the group a question about the bank loan rate.I applied to a loan and they asked me if I wanted to lock the rate.anyone with experience in bank loan rate lock?, I wonder if the rates will go down in the short future.thanks, AdolfoSent from my iPad=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18040)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0..26, Virus/Spyware Database: 6.18040)http://www.pctools.com=======

=======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com======= =======Email scanned by PC Tools - No viruses or spyware found.(Email Guard: 7.0.0.26, Virus/Spyware Database: 6.18050)http://www.pctools.com=======