05.11.08
Posted in General at 9:38 pm by mortgage
With an apartment mortgage financing program through mortgage lender, you proceed much the same way as you would if the purchase was for a house, condo or other residential type property. In one sense though, the acquisition of an apartment mortgage is safer and more stable for both the owner and the mortgage lender. The owner has the benefit of many other tenants to share the cost of ownership of the building, while the lender is not dependent upon the financial solvency of just one tenant.
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Posted in General at 6:02 pm by mortgage
Real Estate and Your Retirement
Many people are looking for ways to increase their retirement income. For most of these individuals, their homes are the greatest asset. A large section of the aging population has failed to plan effectively in order to have sufficient savings at retirement. They now are looking to their real estate to supplement their retirement income.
Real estate values are very unpredictable, especially now with the decrease in the real estate bubble. Prices are falling in some cities and flattening in others. It will take some planning to get the most from selling your real estate to supplement your retirement.
Be Realistic. To plan effectively, you must be realistic about the price you may get for your home. Real estate is an up and down market, so you should assume a traditional real estate market for valuating your home, with gains in value equal to the inflation rate. At retirement, you will have the same purchasing power you currently have. If gains in real estate values are better than the inflation rate, then you will have more. Just dont count on it.
Get the Most from Your Real Estate. People used to work hard to pay off their mortgages for homes they planned to raise their children in and retire. Since 1989, the number of people 65 and older with mortgage debt has nearly tripled, adjusting for inflation. Making payments on real estate in retirement years will deplete your savings and retirement income faster than any other expenditure.
There are three reasons to pay off your real estate mortgage (1) decrease expenditures in your retirement years, (2) use the mortgage interest rate that you will save to increase your retirement savings, and (3) build more equity, in case you need it as income on which to live later. Paying off your mortgage is a good thing to do, regardless of what the real estate market is doing.
Downsize Your Home. If you are living in a home that is larger than what you need, do not hold on to it for sentimental reasons. Selling the larger home for a smaller one can: (1) give you a smaller mortgage payment than you currently have, or (2) purchase a smaller home outright with no mortgage. It also means less physical upkeep by you, as well as less maintenance and repair costs in the future during retirement. Please keep in mind that there will be selling, moving and new home renovation costs that must be deducted from the sale proceeds.
Sell the Extra Real Estate. If you have a second home or vacation real estate that will not be your retirement residence, you may wish to sell this extra real estate now, putting the sale proceeds into your retirement savings. You can put the mortgage and annual upkeep payments for this property into your retirement savings, too.
Reverse Mortgages. Though these products have been around for some time, we are hearing a lot about them lately. Such mortgages give you 50 percent or more of your homes value with no mortgage payments, which are collected by the lender at your death or if you sell the real estate.
Beware! Reverse mortgages should be used only as a last-ditch effort at survival. The interest and fees added to your mortgage debt can be very costly. If you must consider a reverse mortgage, here are a few smart tips:
There are only a few reverse mortgage products now on the market, but others are coming soon. So, wait two or three years to garner more options and possibly better products.
You must be 62 to qualify for a reverse mortgage loan, but wait as long as possible to take such a loan. The younger you are, the smaller the loan and higher the cost over time.
Check out all of the products on the market and get independent financial counseling on the best one for you. They may look the same upfront, but the number of years and the loan value differ greatly between products, as well as the costs over time.
Do not buy into the hype! Mortgage brokers receive a large commission on these products. If you feel you are being pushed in this direction, check out other lenders.
Plan ahead. If you move and sell your real estate, the lender receives all that is due on the reverse mortgage from the sale proceeds. This could actually leave you in a worse financial state.
John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.twtrealestate.com.
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Posted in General at 5:00 pm by mortgage
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Posted in General at 1:38 pm by mortgage
You Too Can Be A Giant Killer
If you operate in a market where there are one or two prominent players - perhaps many times larger than you are - it’s very easy to get into the mindset that all you can do is chip away around the edges rather than take them on head-on. The natural assumption is that if you do take them on head-on either they will simply wipe you out with predatory pricing or the like or that you need massive amounts of finance to be effective to do so. Its then very easy to convince yourself that it’s simply too risky and a lot safer to stay as you are.
Well it’s not true! the secret is to not only be bold but also innovative and, as Michel Robert put it in his book Strategy Pure & Simple”, force the competitors to play in your sandbox rather than playing in the theirs.
To illustrate the point lets have a look at three European companies that have each grown from nothing to major players in industries where there where massive, dominant successful competitors such that they now have those competitors seeking to play in “their sandbox”. The three companies are Red Bull, King of Shaves and Virgin
Red Bull is an Austrian company its product of the same name is marketed as a “high energy drink (in fact it has just twice the caffeine content of normal colas and the same as a cup of coffee) and is sold in cans significantly smaller than their behemoth competitors Coke and Pepsi.
Red Bull was formed in 1984 after Dietrich Mateschitz and Nina Avery travelled to Thailand and saw that the tuk-tuk (rickshaw) drivers drank a substance to keep them energized throughout the day. After some alterations to the recipe, and a flavour modification for the public, Red Bull was born.
Now over 2 billion cans are sold each year in over 120 countries and both Coke and Pepsi have developed me-to products
What Red Bull have succeeded in doing in a remarkably short period of time is to take on and beat - certainly in terms of contribution - two of the biggest brands in the world. That is something that most of us would think impossible or at least we would have only been possible by undercutting on price. In fact the reverse is true, Red Bull is considerably more expensive that Coke or Pepsi.
Have a look at this comparison of the price per gallon of various liquids in the USA:
Milk $3.79
Evian water $6.40
Coke $8.20
Budweiser beer $8.88
Red Bull $30.69
If we assume that the production cost of Red Bull and Coke to be similar we then get an indication of the simply stunning profitability of Red Bull.
Whats stopping you from doing the same?
You may not yet have heard of King of Shaves but, believe me, you will!
By far the dominant player in shaving products is Gillette followed by Wilkinson Sword and this again is a market where most of us would say you must be mad to attempt to take on either of these world leaders head-on - but that’s exactly what Will King did in the UK in late 1992.
- and now one King of Shaves product is sold every 7 seconds from 30,000 stores world-wide!
In 1992 Will King created the shaving oil product that was to become the bedrock of the company. Alongside his girlfriend Ann, he initially worked from their back bedroom, selling King of Shaves Original shaving oil which he created after getting razor burn from shaving with conventional foams or gels. He hand-filled the first 10,000 bottles over the kitchen sink and in 1993, got the product listed by Harrods and Boots the Chemist.
King of Shaves specialises in shaving and skincare software platforms for men and women, offering a number of shaving and skincare solutions ranging from the original natural essential oils to the low foam aloe based AlphaGels, the Kinexium silicon technology advanced shaving range, the silicon enhanced Proshave range, the new ASC2 antibacterial and DSC products and the recently enhanced and redesigned King of Shaves Woman range with multi-benefit shaving gels, the original and cult Express Shaving’ and VanishHair ‘Shave Minimising’ spritzes plus a fabulous leg toning moisturiser. Autumn will also see the debut of our first ‘Skinvestment Series’ range of ’skincare in shaving’ products, designed for use with today’s high performance, multi-bladed shave systems.
King of Shaves is now the #2 ’shaving software’ brand (by sales & volume) in the UK, and is widely acknowledged as one of the most successful brands in the fast moving men’s grooming market place. It continues to grow in the USA too, with the brand now listed in over 20,000 stores across the USA and won the FHM USA’s 2005 Annual Grooming Awards for ‘Best Wet Shaving Product’. King of Shaves is also available in Australia, Zealand, and Holland.
Im sure youll agree a remarkable, and unfinished, success story.
Whats stopping you from doing the same?
Finally Virgin. If you haven’t read Richard Branson’s autobiography “Losing my Virginity I commend it to you.
Love him or hate him what he and his remarkable team have managed to do is to create a brand that is inherently trusted by a vast range of people - having started with the music industry he’s then gone into airlines, mobile phones, financial products, cosmetics, trains and many other markets. What other consumer brand would you trust so highly that you would give them your money to invest if they decided to go into financial services?
When Virgin first moved into the airline business in the UK by far the dominant player was British Airways and it is now the stuff of legend that the then Chairman of British Airways, Lord King, dismissed Virgin as a serious competitor simply because Richard Branson wore a jumper to work, not a suit! - A classic case I think of sitting in the Room of Contentment in the Change House model in my book!
Indeed applying the Change House model to Virgin you have to agree that they have been very successful at constantly staying in the Room of Renewal and from there challenging and beating dominant, entrenched players in one market after another - it truly is very impressive.
So what’s this got to do with you?
Your markets are different arent they? - Well I don’t believe they are - the simple message I would give you is one that you’ve heard from me before:
You must be very good at what you do or, these days, you simply would not be in business.
If you are very good at what you do then get you shoulders back, believe in yourselves, work very hard on a compelling “new sandbox” strategy,
- and go for it!
© 2006 Roger Harrop
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Posted in General at 3:00 am by mortgage
Low Price Second Mortgage Loans
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05.10.08
Posted in General at 9:00 pm by mortgage
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Posted in General at 8:02 pm by mortgage
How To Save Thousands When You Remortgage Your Home
Introduction
Current Market Prices
The UK property market is now viewed as one of the most expensive markets in the world. Year on year increases make buying property more difficult for first time buyers. Remortgaging your property can be a major expense so best to check carefully what you are doing with qualified people and companies.
The odds are not stacked in your favour!
Mortgage companies want us to remortgage more every year so they can out extremly high fees on our mortgages making them even more money than they currently make which is millions of pounds every year. Mortgage advisors earn roughly 0.5 when you can pay 0 on your credit cards. Speak to you broker and see if you can get these in the mortgage you can again save thousands.
Shop around
If you arent a credit card tart yet then if your looking at you mortgage its certainly time to get going on your credit cards. Shop around and get a great rate there are loads at 0 cards that are for 1 year and get a offset mortgage so basically you are borrowing money at 0 on it again! Extremley clever and extremly dangerous if you miss payments.
So you borrow money for free and make 6 interest and YES they are legal!
Look at your credit card statements and all your debts and mortgage staement get to understand this stuff!
Now or Never
Look at the future
Ah the never never! Such a nice feeling to pay nothing now and get it in the neck later. Its like being a kid with the sweets. I’ll eat them all now and later, well who cares?
Ignore the future
Some people say they market is so crazy who knows what will happen in the future. Yeah maybe but ignoring the future will just make you even less prepared for all the things you may need later on!
Plan for the future
Get a piece of paper and write down what you’ll be doing over the next 25 years. Did your face drop? Well your just going to sign up for 25 years you better be ready.
Remember this isnt a dog for christmas this is a financial product that just wont go away once you have signed on the dotted line so be prepared!
Revalue Your House
Why?
Once great way of getting a better mortgage product is to get a bigger deposit. Ok how do you get more deposit? Get a bigger evaluation. If you havent got a recent evaluation you may be missing out on thousands at the time of writing this the market changed 10% in three months in this area. On an average home of 200,000 that’s about 20,000 deposit you just got for free. Why don’t you go and get it and use it to get a better rate?
Invite three estate agents for tea
To get a good market quote get three or more estate agents to value your property this way you can use the top two to get the best price for the mortgage company.
Ask them how to improve the price of the house.
Estate agents sell houses. Ask them what they would improve on yours. You may be able to do some simple stuff to get a better price. Ie front garden in to a parking space or even a loft conversion. One more bedroom in a London house can easily add 25,000-40,000 to a property.
What did next door sell for
You can always check out what people sold for their houses in the street near you very easily.
Government Grants
Check it out
You wont believe this but its true there are still government grants avaiable for home inporovements. So check with your local couincil they may help with renovation work.
Check with mortgage company
Mortgage companies like it when you improve your home as there risk is better on a propoerty that instantly grows in value. Check with your broker about mortgages with improvement loans.
Phillip Turner is a Director at Property Products
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Posted in General at 7:00 pm by mortgage
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Posted in General at 3:38 pm by mortgage
These current mortgage rates are given in percentage format, and a trivial tenth of a percent can end up costing you hundreds of dollars during the year, that you would not have had to pay if you had researched the current mortgage rates better.
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Posted in General at 2:02 pm by mortgage
These current mortgage rates are given in percentage format, and a trivial tenth of a percent can end up costing you hundreds of dollars during the year, that you would not have had to pay if you had researched the current mortgage rates better.
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