I'm looking at choosing lenders and came across CIT Bank with this seemingly great deal for a temporary deposit:
- 0.10% with 10% of the loan amount in new deposits
- 0.20% with 25% of the loan amount in new deposits
This seems like a huge discount: from 4.0% to 3.9 or 3.8%? Not real quotes, but it's one of the lowest I've got without the discounts. With it, it's clearly ahead
From talking with someone from CIT, they said it is only required to have that deposit in the savings account until closing, then it could be taken out and the savings account could be closed. So that would be only a month or two.
I'm considering taking money out of my post-tax investments or even taking a TSP/401K loan and pay it back in full immediately after, paying no/minimal interest which goes back to me anyway.
Has anyone done this? Is there something I'm missing? Are there other lenders with similar discounts?
Submitted April 30, 2019 at 11:28PM by tsploanq http://bit.ly/2J3H5T6
