that I can help you find!
There are mortgage loans available that you can control your monthly payment.
If you need money for a vacation you can make the minimum payment that month and use the remainder of the mortgage payment for your vacation. You do not lose your house. You are not penalized.
You control your money for your benefit.
Each month you are sent a statement. You can pay the minimum amount, interest only,or principal and interest…you decide!
but this is why your banker loves fixed rate notes.
Let’s say you find the house of your dreams and go to the bank for a mortgage. Then let’s say you have excellent credit (700 or above) and can get the very lowest rate available.
Interest rates are climbing but are still very affordable. Your loan officer assures you that a fixed rate loan is your best option. But is it really?
For my example I am using a $200k loan on a 30 year fixed rate at 5.5%. (5.5% fixed rate is not available today this is only an example) (This example is calculated in US dollars)
Your monthly Principal and Interest payment will be $1135.
Of that payment $916 goes to the bank to pay back interest and $218 goes towards your principal balance in your favor.
If you pay on this note for 5 years and are in excellent standing you will have paid $53,055.89 in interest to your bank and only gained $15,078.79 in non interest bearing equity that the bank will charge you additional fees when you cash out by selling the property or refinancing.
The 5.5% interest only applies if you pay the loan out for the entire 30 years term. After 5 years if you were to sell or refinance you have actually paid the bank 89.1% interest on your loan.
The longer you stay in your house and make the monthly payment you start to gain more equity and pay less interest.
But in today’s real estate market the average family stays in their home for 5-7 years and either are relocated for career reasons or just move into a larger home.
What your banker does not want you to know is what all the wealthy people already practice -
you can leverage other people’s money, control your monthly cash and still get a healthy interest deduction on your income taxes.
I can show you how!
does not want you to know.
1. Your mortgage payment is primarily interest paid to the bank for the first 7 years.
2. The average time a person pays on that mortgage is 5 years.
3. Your payments keep your banker in business while you gamble that your property values will increase during that 5 years.
The banks love 30 years fixed note loans.(now going up to 40 & 50 year terms)
There are alternatives to traditional financing available.
This is the most exciting mortgage loan program to use as a financial planning tool I have seen in my entire real estate career!!!!
The loan has 4 payment options to choose from. You will get a statement each month that explains your choices, the payments required and your mortgage balance.
You control your cash flow each month instead of throwing it away on interest to the bankers.
If for some reason because of a job lose, health problems, etc. you cannot make a full payment you can make a minimum payment(like a credit card) until you are back on your feet.
You will not lose your home to foreclosure or have to get legal assistance to get your mortgage lender to okay a partial payment.
I don’t know why I let anyone shake my confidence about this!
Actually the mortgage lending business has always been my primary business experience.
If You have a real estate project or want to buy a house and have a need for financing…
I have the money for you.
Simple, easy and definitely my forte.
The first of many for my new business. :)
This is a home-equity loan to help a daughter pay for her 89 year old mother’s care. The daughter had put her(the mother’s) home into a trust to care for her as she aged. We discussed a reverse mortgage but after hearing all of her options she took the house out of trust, refinanced a 80% cash out loan to be set aside for the mother’s care. It’s a straight up loan. No hidden rules or chance they will lose the house when the mother passes. I believe she made the right choice.
It feels good to help people take care of each other.
is a a relevant term. In Texas 68% of families can comfortably afford to buy there own homes as opposed to other states with 16% of families able to still purchase a home of their own.
That is something to be very proud to report. The other big boon is we live in the Sun Belt. Perfect weather for eco friendly systems in our homes.
Last night as we were leaving a computer clients home I saw some solar yard lamps lit up in her foyer. They had been hit by the sun through the window all day and once the sun went down they lit up. It was wonderful to see!
As we were leaving she was lining her flower beds around the front of her house with her solar lighting.
A small start but a good one none the less.
as of today I am in business for myself!
Re/max is my umbrella organization for my real estate business. I am forming an LLC for my mortgage brokerage business. I am hiring loan processors for my mortgage processing corporation.
Texas Highlights will be a premiere real estate site with podcasts and streaming videos.
My dreams are becoming reality.
This is a fabulous feeling!
my professional decisions are going well.
I called the Board of Realtors and only have to renew my membership with them. I have an appointment at 10 Thursday morning. The women I am placing my license with are very excited and told me how happy they are that I decided to work with them.
They are encouraging me by letting me use their listings as ads to generate my own business…that is a win/win for everyone involved! If I sell them everyone is happy…them, me, their sellers,my buyers…
So all in all this is a very good move for me to make. :)
It’s official ~ I have found like minded/hearted people to work with.
Yes, I will happily be a RE/MAX agent helping others achieve their dreams of owning property. A friend of mine has done quite well with them and has offered me an opportunity to join her independantly owned and operated offices. That is an honor.
Her company is a 100% supporter of the Children’s Miracle Network, which means part of every commission is donated to CMN. That’s my charity of choice for my publishing company.
We have the same solid business practices and ethics. We even have the same visions for community involvement.
A devine appointment put us together. God told me to call her. We hadn’t talked in 10 years. We had no way of knowing what the other was working on and yet like a giant jigsaw puzzle the pieces fit together perfectly.
It’s amazing how God does this :)