It has been said that you should never refinance your home loan unless your new mortgage rate is at least two percent lower than your old mortgage rate. Richard Balles says, this is horrible mortgage advice. Instead of buying into the two percent rule of mortgage refinancing it makes more sense to base your decision on a cost and savings rather than this urban legend of financial advice. This is of course if lowering your payment is your goal when refinancing your home.
Richard Balles also says that, we all know that you loan amount and mortgage rate determine your monthly payment amount. This is done with a repayment process known as amortization. The lower your mortgage rate, the lower your monthly payments will be; however, there are refinancing costs you’ll need to consider also. I am of course referring to origination fees and closing costs. When answering the question Should I Refinance My Mortgage for you, it makes good financial sense to weigh the savings from your new, lower monthly payment against the cost of taking out the new home loan. Richard Balles as a financial adviser at A-K Financial can help you determine if this is a plausible venture. If you can live with the amount of time it will take to recoup your origination fee and closing costs than mortgage refinancing makes good sense for you.
Richard Balles also take our attention that, there are of course other reasons for refinancing that don’t result in a lower monthly payment. Many homeowners use risky adjustable rate loans to purchase their homes and are facing huge payments or high interest payments when their teaser rates expire. Refinancing these risky home loans with a fixed 30 year home loan is nearly always going to be the right choice says Mr. Richard Balles. According to Richard Balles another common reason for refinancing is to borrow cash against your home equity which could also result in a higher monthly payment. Depending on your needs and wants, A-K Financial can assist you in acquiring your goals.
Richard Balles here would ask you a question. Once you’ve answered the question Should I Refinance My Mortgage the question becomes how can I do this without getting ripped off? There are a number of unnecessary fees and markup of your mortgage rate for a double commission that Richard Balles at A-K Financial will help you avoid to make sure you get the most for your refinancing dollar.
Tuesday, September 7, 2010
Pros and cons by Richard Balles at A K Financial and Real Estate
Ever since the real estate market turned soft, Richard Balles have had many of his clients ask him about entering the short sales market. No doubt, it's tempting
Richard Balles know many Real Estate Agents, who have included this market in their portfolio of real estate services, and a good chunk of them have added some good money to their bottom line by doing so.
But Richard Balles, like most things in life, there are pros and cons. If you're thinking about stepping into the short sale world, please take a minute to consider these pros and cons provided by Richard balles at A-K Real Estate.
Pros
1. As Richard Balles mentioned, the market is there and growing. Some estimate the number of short sales waiting to hit the market in the next 12 months is well into the millions. So if you're not making money in the traditional market (or you’re looking to boost what you’re making), the business is there for the taking.
2. You can make decent money, contrary to what some say. Yes, a few banks look to Real Estate Agents commissions as a quick place to save some money, but many lenders are willing to pay close to – if not complete – full commissions. And make no mistake, banks want as much for the house as they can get, and they often seek a price close to comparables in the area.
Cons
1. It can be (and often is) a slow process that takes more patience than many Real Estate Agents have. Sometimes it takes a couple of months just to get approval for a short sale. And short sales require financial packages that include many documents (W-2 forms from employers, bank statements, tax returns, to name a few) and if just one document isn't prepared properly, it can kill the whole deal instantly.
2. Even though you're truly helping people who need your services – primarily you’re saving them from foreclosure and they're often extraordinarily grateful for the help – you can be seen as a business person who is capitalizing on others' misfortune. If you can accept that, he says fine.
3. There's plenty to learn (hence the training that’s often needed that Richard Balles mentioned above). Short sales can be extraordinarily complex and sometimes they border on just plain difficult. Short sales, for example, require a high level of knowledge about the inner workings of these deals.
Your bank isn’t required to disclose any of this mortgage refinancing markup. They know the home loan rates other lenders are offering their customers; As per Richard balles It is possible to refinance your home loan with a wholesale mortgage rate and pay only a one percent origination fee in the process. True value is the amount that the property can be sold for in a reasonable period of time.
Richard Balles at A-K Financial is dedicated to provide the best Financial services in Germantown. Our Mr. Richard Balles is the best Financial advisor in the area. Dealing with A-k Real Estate INC., means you are dealing with the most efficient Finance company in the area.
Richard Balles know many Real Estate Agents, who have included this market in their portfolio of real estate services, and a good chunk of them have added some good money to their bottom line by doing so.
But Richard Balles, like most things in life, there are pros and cons. If you're thinking about stepping into the short sale world, please take a minute to consider these pros and cons provided by Richard balles at A-K Real Estate.
Pros
1. As Richard Balles mentioned, the market is there and growing. Some estimate the number of short sales waiting to hit the market in the next 12 months is well into the millions. So if you're not making money in the traditional market (or you’re looking to boost what you’re making), the business is there for the taking.
2. You can make decent money, contrary to what some say. Yes, a few banks look to Real Estate Agents commissions as a quick place to save some money, but many lenders are willing to pay close to – if not complete – full commissions. And make no mistake, banks want as much for the house as they can get, and they often seek a price close to comparables in the area.
Cons
1. It can be (and often is) a slow process that takes more patience than many Real Estate Agents have. Sometimes it takes a couple of months just to get approval for a short sale. And short sales require financial packages that include many documents (W-2 forms from employers, bank statements, tax returns, to name a few) and if just one document isn't prepared properly, it can kill the whole deal instantly.
2. Even though you're truly helping people who need your services – primarily you’re saving them from foreclosure and they're often extraordinarily grateful for the help – you can be seen as a business person who is capitalizing on others' misfortune. If you can accept that, he says fine.
3. There's plenty to learn (hence the training that’s often needed that Richard Balles mentioned above). Short sales can be extraordinarily complex and sometimes they border on just plain difficult. Short sales, for example, require a high level of knowledge about the inner workings of these deals.
Your bank isn’t required to disclose any of this mortgage refinancing markup. They know the home loan rates other lenders are offering their customers; As per Richard balles It is possible to refinance your home loan with a wholesale mortgage rate and pay only a one percent origination fee in the process. True value is the amount that the property can be sold for in a reasonable period of time.
Richard Balles at A-K Financial is dedicated to provide the best Financial services in Germantown. Our Mr. Richard Balles is the best Financial advisor in the area. Dealing with A-k Real Estate INC., means you are dealing with the most efficient Finance company in the area.
Richard Balles Investors Guide - A K Financial, Real Estate
Business success is the result of what you know. Richard Balles of A-K Real Estate says, in every industry there are key elements—secrets—that if known will help to insure success but if not known will certainly lead to failure. Real Estate investing is no different. Success begins with knowledge. What are some of the critical lessons that every real estate investor should know? With help of Richard Balles, A K Real Estate and A K Financial has created a list of 10 things every investor should know
The first secret is probably the most important of all the others—using other people’s knowledge. There are only two ways to gain knowledge according to Richard Balles. Either you gain it from other people's mistakes or make the mistakes yourself. If you refuse to learn from other people’s mistakes—you are destined to learn from your own mistakes. The secret is to learn from others and avoid the pain of learning the hard way. Here is the secret—you can jump start your investing success by getting a good mentor and constantly reading and listening to CDs by successful real estate investors.
The second secret that Richard Balles has discovered at A K Financial- Real Estate, is also very important—it is the power of consistently making a lot of quality offers. In order to become a successful real estate investor, it is absolutely necessary to place many offers that, if accepted, will result in great deals. Without offers there can be no good deals and good deals are the basis of success in real estate investing. If you do not ask you will not receive.
Secrets three through seven are the skills that will have to be developed in order to run a successful real estate investing business. These skills are:
• Finding good deals
• Obtaining the money to purchase the good deals you find
• Fixing up the property so that it is marketable
• Effectively marketing the property
• Property management
Master each of these skills and real estate investing becomes much easier but fail to develop them and you are in for a rough ride.
Secret number eight is that you must prepare quality offers that have a chance of being accepted. These offers must be high enough so that some of them will be successful. But they must be low enough so that, when one is accepted, it will result in a substantial return on your investment of time and money. This can be easily accomplished by using some of the effective software on the market today which we can provide for you, such as Turbo-Bidder or similar real estate analysis software.
The ninth real estate investing secret is that you must be able to determine the true value of property. True value is the amount that the property can be sold for in a reasonable period of time. The quickest way of determining true value is by paying a professional appraiser to work their magic, which we can provide for you at AK Financial. But that is not necessarily the best way. It doesn’t make sense to be paying an appraiser to look at thirty properties when you only expect to purchase one of those deals. That means that you must find an inexpensive way to determine true value. We have realtors who work with investors, who can provide accurate comparable sales (comps) of similar properties. These comps can give you a very good idea of what a property is worth.
And finally secret number ten is that you need to have a burning desire to become successful. Your attitude and drive can make up for lots of early mistakes and pitfalls that might sink a lesser person. Richard Balles believes As Calvin Coolidge once said, “Nothing in the world can take the place of persistence”.
The first secret is probably the most important of all the others—using other people’s knowledge. There are only two ways to gain knowledge according to Richard Balles. Either you gain it from other people's mistakes or make the mistakes yourself. If you refuse to learn from other people’s mistakes—you are destined to learn from your own mistakes. The secret is to learn from others and avoid the pain of learning the hard way. Here is the secret—you can jump start your investing success by getting a good mentor and constantly reading and listening to CDs by successful real estate investors.
The second secret that Richard Balles has discovered at A K Financial- Real Estate, is also very important—it is the power of consistently making a lot of quality offers. In order to become a successful real estate investor, it is absolutely necessary to place many offers that, if accepted, will result in great deals. Without offers there can be no good deals and good deals are the basis of success in real estate investing. If you do not ask you will not receive.
Secrets three through seven are the skills that will have to be developed in order to run a successful real estate investing business. These skills are:
• Finding good deals
• Obtaining the money to purchase the good deals you find
• Fixing up the property so that it is marketable
• Effectively marketing the property
• Property management
Master each of these skills and real estate investing becomes much easier but fail to develop them and you are in for a rough ride.
Secret number eight is that you must prepare quality offers that have a chance of being accepted. These offers must be high enough so that some of them will be successful. But they must be low enough so that, when one is accepted, it will result in a substantial return on your investment of time and money. This can be easily accomplished by using some of the effective software on the market today which we can provide for you, such as Turbo-Bidder or similar real estate analysis software.
The ninth real estate investing secret is that you must be able to determine the true value of property. True value is the amount that the property can be sold for in a reasonable period of time. The quickest way of determining true value is by paying a professional appraiser to work their magic, which we can provide for you at AK Financial. But that is not necessarily the best way. It doesn’t make sense to be paying an appraiser to look at thirty properties when you only expect to purchase one of those deals. That means that you must find an inexpensive way to determine true value. We have realtors who work with investors, who can provide accurate comparable sales (comps) of similar properties. These comps can give you a very good idea of what a property is worth.
And finally secret number ten is that you need to have a burning desire to become successful. Your attitude and drive can make up for lots of early mistakes and pitfalls that might sink a lesser person. Richard Balles believes As Calvin Coolidge once said, “Nothing in the world can take the place of persistence”.
Richard Balles at A-K Financial giving Advice on Refinancing
Mortgage Refinancing with your bank can be a fast and convenient way of lowering the monthly payments on your home loan; however, is your bank really the best place for avoiding hidden markup and junk fees? Here Mr. Richard Balles explaining how Mortgage Refinancing can save you thousands of dollars if you find the right person to arrange your next home loan; choosing the wrong person could cost you. Here are several tips by Richard Balles for getting the lowest mortgage rate while avoiding paying too much in closing costs and fees.
Is Mortgage Refinancing With Your Bank a Good Idea?
Many of your neighbors choose bank mortgage refinancing because it’s a quick and easy avenue to a new home loan. What could be easier than automatically transferring your mortgage payment from your checking account each month? The problem with bank originated mortgage refinancing is what your banker isn’t telling you and isn’t obligated to tell you. You see, banks are exempt from the Real Estate Settlement Procedures Act that requires loan originator to disclose their profit margin and markup of your interest rate. The banking lobby spent millions of dollars lobbying congress in the early nineties to have this key bit of disclosure legislation changed to exclude banks, thereby giving them an unfair advantage. When it comes to your home why would you even consider working with a lender that doesn’t have to play by the rules?
Bank Service Release Premium
Richard Balles is going to take a moment to explain how your bank exploits this loophole in the Real Estate Settlement Procedures Act. Every mortgage lender out there, banks or wholesale lenders alike makes money by selling their loans to investors on the secondary market. The higher the interest rate on these loans, the more profit lenders make from investors. Wholesale mortgage lenders have a disadvantage next to banks because their customers know how much their mortgage rates were marked up to create this profit for the lender. Not everyone understands it, but a savvy homeowner can save thousands by recognizing and avoiding this markup.
Your bank isn’t required to disclose any of this mortgage refinancing markup. They know the home loan rates other lenders are offering their customers; however, they mark the bank mortgage rates up as much as they think their customers will pay to create this extra profit known as Service Release Premium for the bank. Because your bank isn’t required to disclose any of this markup you to you all you’ll get when mortgage refinancing with your bank is an Annual Percentage Rate based on a Good Faith Estimate filled with low-balled fees.
Wholesale Mortgage Refinancing?
As per Richard balles It is possible to refinance your home loan with a wholesale mortgage rate and pay only a one percent origination fee in the process. Banks simply do not offer their customers wholesale mortgage rates because they don’t have to; however, at A-K Financial, we can help you find the right mortgage broker and you can get this kind of deal and save yourself as much as $1200 per year from unnecessary markup. Who is the right mortgage broker for mortgage refinancing with a wholesale rate? Look for an independent, self-employed broker. These brokers will be much more willing to negotiate the type of deal that gets you wholesale rates without points or junk fees.
Richard Balles at A-K Financial is dedicated to provide the best Financial services in Germantown. Our Mr. Richard Balles is the best Financial advisor in the area. Dealing with A-k Real Estate INC., means you are dealing with the most efficient Finance company in the area.
Is Mortgage Refinancing With Your Bank a Good Idea?
Many of your neighbors choose bank mortgage refinancing because it’s a quick and easy avenue to a new home loan. What could be easier than automatically transferring your mortgage payment from your checking account each month? The problem with bank originated mortgage refinancing is what your banker isn’t telling you and isn’t obligated to tell you. You see, banks are exempt from the Real Estate Settlement Procedures Act that requires loan originator to disclose their profit margin and markup of your interest rate. The banking lobby spent millions of dollars lobbying congress in the early nineties to have this key bit of disclosure legislation changed to exclude banks, thereby giving them an unfair advantage. When it comes to your home why would you even consider working with a lender that doesn’t have to play by the rules?
Bank Service Release Premium
Richard Balles is going to take a moment to explain how your bank exploits this loophole in the Real Estate Settlement Procedures Act. Every mortgage lender out there, banks or wholesale lenders alike makes money by selling their loans to investors on the secondary market. The higher the interest rate on these loans, the more profit lenders make from investors. Wholesale mortgage lenders have a disadvantage next to banks because their customers know how much their mortgage rates were marked up to create this profit for the lender. Not everyone understands it, but a savvy homeowner can save thousands by recognizing and avoiding this markup.
Your bank isn’t required to disclose any of this mortgage refinancing markup. They know the home loan rates other lenders are offering their customers; however, they mark the bank mortgage rates up as much as they think their customers will pay to create this extra profit known as Service Release Premium for the bank. Because your bank isn’t required to disclose any of this markup you to you all you’ll get when mortgage refinancing with your bank is an Annual Percentage Rate based on a Good Faith Estimate filled with low-balled fees.
Wholesale Mortgage Refinancing?
As per Richard balles It is possible to refinance your home loan with a wholesale mortgage rate and pay only a one percent origination fee in the process. Banks simply do not offer their customers wholesale mortgage rates because they don’t have to; however, at A-K Financial, we can help you find the right mortgage broker and you can get this kind of deal and save yourself as much as $1200 per year from unnecessary markup. Who is the right mortgage broker for mortgage refinancing with a wholesale rate? Look for an independent, self-employed broker. These brokers will be much more willing to negotiate the type of deal that gets you wholesale rates without points or junk fees.
Richard Balles at A-K Financial is dedicated to provide the best Financial services in Germantown. Our Mr. Richard Balles is the best Financial advisor in the area. Dealing with A-k Real Estate INC., means you are dealing with the most efficient Finance company in the area.
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