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From my read, the solar company delivered late, causing the original loan to fall through and requiring the homeowner to refinance at a higher rate. Since that
by dml2135 4y ago
From my read, the solar company delivered late, causing the original loan to fall through and requiring the homeowner to refinance at a higher rate. Since that delay cost money it does seem fair that the company should bear the cost.
- EVa5I7bHFq9mnYK 4y agoGoing from, say, 3% to 4% on a $20k 10-year loan would cost him about $1100. He squeezed them for $5k.
- webinvest 4y agoInterest rates increased by 4 basis points from Dec 2021 to Dec 2022.[1] So a 3% loan then would be a 7% loan now or a 5% loan then would be a 9% loan now. The starting rate would depend on your credit score or other factors. Citation: [1] https://fred.stlouisfed.org/series/FEDFUNDSLa https://fred.stlouisfed.org/series/FEDFUNDSLa
- EVa5I7bHFq9mnYK 4y ago1) A basis point is 0.01%. 2) We should count the rate increase from the contracted delivery date to actual delivery date, i.e. one month instead of 12 months.
- maerF0x0 4y agoOk, so adding in another $200 a month lost opportunity (say for 7 months. We're now at $2500... So I guess these details are adding up, still not $5k, but the case for a discount is definitely growing.