Trace North was partnering with First Horizon and appears to have now switched to Wells Fargo in order to offer a special payment plan if you put 10%+ down.
Their incentive is for year 1 the rate is 4%, year 2 it is 5% and year 3, 4 and 5 it’s 6%.
It’s not a free Smart car but it’s better than nothing.
I should probably pick up a Sunday Seattle Times to see what the other specials these days are.
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1 Jason // Jul 14, 2008 at 6:28 am
I got a message from Trace saying the same thing. In the fine print it describes the loan as a 5/1 ARM. After all we’ve seen in the last couple of years, why would anyone put in for an ARM right now? Those teaser rates look great now, but with a fixed rate you can still lock in something in the low sixes for 30 years.
2 richard // Jul 15, 2008 at 6:32 pm
Same reason as before. The coveted buyers are the people thinking short term. Do they REALLY want to try and sell to people looking 5+ years out? That is a hard sell.
3 Real Estate System // Sep 18, 2009 at 1:14 am
Great blog. Very informative tips , especially in light of the ever changing mortgage market, consumers need up-to-the-minute updates on what’s going on.
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