Tuesday, October 19, 2010
Thursday, October 14, 2010
Tuesday, October 12, 2010
Monday, October 11, 2010
NewsNew Jersey AG Announces $67 Million Loan Modification Settlement with Wells FargoLoans. Of that amount, up to $2 million will be distributed as restitution to New Jersey consumers who had a “Pick-a-Payment" loans--also known as option arms. Those would have been inherited by Wells from World Savings in the Wachovia blunder by Wells.
Friday, October 8, 2010
Did you know that only 50% of the people who inquire about a purchase OR a refi will do so within the first 18 months?? But get this...only 15% will do so within the first 90 days. What does that tell you? Follow up is perhaps the single most important thing you can do to easily grow your business and to start producing immediate results. I have a FREE FIVE YEAR FOLLOW UP PROGRAM where all you do is provide the names and I do all the work. Set it and forget it. Leave name and email address if interested.
Wednesday, October 6, 2010
Tuesday, October 5, 2010
Refinance Closing Costs and
Break-Even Analysis Formula
Closing Costs from Good Faith Estimate to Include for Break-Even Analysis
Subtract any estimation for property tax escrow deposits, homeowner's insurance (and homeowner's association dues if applicable) escrow deposits, and pre-paid interest estimations.
You are now left with the true "Bottom Line" closing costs total by adding the remaining expense items from the good faith estimate.
Refinance Closing Costs Break-Even Formula:
"Bottom Line Closing Costs Divided By Monthly Savings = Break-Even Point"
Say for instance that your total Bottom Line closing costs amount to $6,600 and by refinancing into your new loan, your monthly mortgage payment will decrease by $275. Divide the $6,600 by $275 and your resulting Break-Even Point is 24 months.
So, in 24 months, the closing costs will be paid for and the borrower will receive a net benefit of $275 per month thereafter. Yes, it's that simple!
Break-Even Analysis Formula
Closing Costs from Good Faith Estimate to Include for Break-Even Analysis
Subtract any estimation for property tax escrow deposits, homeowner's insurance (and homeowner's association dues if applicable) escrow deposits, and pre-paid interest estimations.
You are now left with the true "Bottom Line" closing costs total by adding the remaining expense items from the good faith estimate.
Refinance Closing Costs Break-Even Formula:
"Bottom Line Closing Costs Divided By Monthly Savings = Break-Even Point"
Say for instance that your total Bottom Line closing costs amount to $6,600 and by refinancing into your new loan, your monthly mortgage payment will decrease by $275. Divide the $6,600 by $275 and your resulting Break-Even Point is 24 months.
So, in 24 months, the closing costs will be paid for and the borrower will receive a net benefit of $275 per month thereafter. Yes, it's that simple!
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