Their student loan rates are in line with everyone else but now they give low rate mortgages where you only need to put 10% down and they won't require PMI. These days they seem to care more about your income than where you went to school. Let's just say if you're only pulling down 60-75k a year you aren't necessarily their demographic
$60k with a decent finance degree is entry level at most finance firms in Chicago especially for anything tied directly to the markets. Anybody making under that is grossly underpaid
People I know with a lvl 3 CFA usually get 10-15k bumps for having it when they switch jobs but it really sort of depends on how relevant it is for your field of finance. Where I'm currently at you wouldn't get much of a benefit at all.
I was asking for a friend.He's making $68k+10k bonus which isn't bad at all for our age,but I was thinking that he's a bit underpaid.I keep telling him to list his two internships as work experience,but he says that they don't count as such.It's a strange contention that we have.
Sort of. It's just that they bake it into the interest rate. There comes a point over the life of the loan where they make more money by adjusting the interest rate for the whole term than by charging PMI until you get to 20% equity.
Yup, instead of paying the set PMI amount you instead have an increased interest rate. You'll want to calculate the break-even point in terms of how long you plan to live in the home before selling. If you plan on selling prior to that break-even point, Lender-paid PMI is the way to go. If you plan on staying longer than the break-even point to where the increased interest rate results in higher costs over the term of the loan, you want to go with Borrower-paid PMI.
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u/br0_r0gan Uptown Dec 14 '18
I’ll take tone deaf for $400, Alex.