Why I love what I do:

20 06 2012

Click HERE for the story.

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91 days to beat debt and build wealth.

24 01 2012

If you are on the fence about getting out of debt, let’s get off the fence before it’s too late.

Join us for the Dave Ramsey’s Financial Peace University class– get control of your finances, pay down debts, and start building wealth.

We still have openings available.  Please join us this evening at 6:00 for the second class, and contact me to RSVP.

Wilhelm Koenig

405.249.5993

 





Where will you be in 15 years?

3 01 2012

How about debt-free?

The average American who starts a 30 year mortgage pays it off in 37 years.  The average American on a 15 year mortgage pays it off in 8 years.

Are you above average?

If so, let’s talk.  I’d like to help you save tens of thousands of dollars on your home.

Wilhelm Koenig

405.249.5993 cell





How to save an additional $150,000 on your home:

30 12 2011

Small step #2.

So you own a home– congratulations!  You’re decades ahead of the average renter and are on the path to win.

Over time, your income will likely increase, and your current debts will decrease.  This can help you make the second small step towards financial freedom: The short-term mortgage.

By refinancing to a 15 year mortgage, your interest rate will usually be 1-3% less than your current 30 year rate.  Also, every dollar you spend gives you the same result as $3 towards a 30 year mortgage.  And in the first 12 months of a 15 year loan, you will build more equity than 4 years of payments on your 30 year loan.

Imagine you’re driving to your beach vacation and you could take a route that would get you to the same destination, but in half the time with only 1/3 of the costs, giving you an extra week of time on the beach.  The catch is you’d have to give up two McDonald’s meals on the trip to enjoy an extra week in paradise.  Which route would you choose?

When you’re ready to make a choice to save more money on your home, I’m ready to help.  Please contact me for a personal savings report, to see how much extra time on the beach you’ll get.

And if you can only afford your current monthly payment, we can usually still save you 1% and a decade of payments with a 20 year loan.  So please reach out to me to see how much you’ll save.

As always, I’m here to help.

Sincerely,

Wilhelm Koenig

405.249.5993 cell





How to get $1/2 Million Dollars Ahead.

27 12 2011

Small steps for big results.

In life, there are a few small actions that you can do that will have a tremendous benefit for you.  The biggest is to start and grow your own successful business.  But whether you’re an entrepreneur or not, everyone needs a roof over their head.  And how you finance that roof can put over $500,000 in your pocket or someone else’s.

The average renter in Oklahoma pays about $750 per month in rent.  Property values and rent typically rise about 3% per year in Oklahoma, and over the 30 years that typically make up your working life, you would have spent $435,019 in rent, and have not even on cent of equity.  That’s what I call a terrible deal.

By buying a home with a similar monthly payment, not only would you own a paid-for home worth $327,680, but you would have saved $53,640 on your taxes as well.  By year five in your home, you would have received more back on your tax returns than you put down for the down payment.  The IRS pays you back for your investment, you make the same monthly payment for a house that pays YOU back.  That’s what I call a smart deal.

Let’s look at the math:

Renting:

Costs                                             $-488,659.00

Benefits                                                      $0.00

Total                                             $-488,659.00

Owning a home:

Costs:                                            $-237,172.00

Benefits, equity                            $327,680.00

Benefits, tax savings                      $53,640.00

Total                                                $144,148.00

So you can pay almost $1/2 Million to a landlord for no benefits, or you can pay yourself and come out over $1/2 Million ahead.  It’s your choice.  And when you’re ready to make a smart choice for you, I’d like to help you.

Wilhelm Koenig

405.249.5993 cell





3.5 Ways to buy a home for little or no money down

21 10 2011

Does your rental house feel like the one in the picture?

Rickety, drafty homes that cost a fortune to heat in the winter and never cool down in the summer?  No privacy?  No security from the shady neighbors?  Worn, smelly, stained carpets?   And your landlord…don’t even get me started.

In the words of Dylan, “It ain’t a way to live, sister.”

Most renters are stuck here until they can save the money for the down payment.  Fortunately, I have 3.5 solutions to help you get into your first home so you can ENJOY living in your house.

1. VA Loan- if you are an active duty servicemember or the spouse of a deceased servicemember, you may qualify for a VA loan.  No down payment is required, and you pay no monthly mortgage insurance.  This helps you buy a better home and get a lower payment.  Thanks Uncle Sam!

2. USDA Loan- 90% of Oklahoma is considered rural, and if you plan to buy outside of OKC limits, you could buy a home for no money down and pay no monthly mortgage insurance.  Your taxes and the sales price of the home will probably be lower, too.

3. Section 184 Loan- If you are a member of an Indian nation, you may be eligible for a Section 184 loan.  You could buy a home anywhere in OK, pay no mortgage insurance, and pay a small down payment.  Plus, many tribes have down payment assistance to help you get into your new home.

3.5 FHA Loan- If none of the above apply to you, you can always buy a home with an FHA loan.  FHA requires a down payment of 3.5% of the sales price, but this can be a gift from a family member.  If your family can’t help you out, contact me– I have 18 other ways to get the money for the down payment that FHA allows.  We’ll go through all the options that could help you.

Wilhelm Koenig

405.249.5993





Reduce approval stress with cash-to-close tips

13 06 2011

Why would an underwriter even care where I got my closing money? 

I have enough money, what is their problem?

So tell me again, why do I need to get copies of my deposits for the last two months?  Arrrggggghhhhhhh!

 

Underwriters care.  They care a lot.  They care about putting immaculate loans on their books, loans that they can sell without issues, loans that are so clean they read like a Dick and Jane book.  They don’t necessarily care about your home or your situation.  Which means that they can make your life difficult if you’re unprepared. 

One of the big challenges on a loan is verifying the cash to close.  Oftentimes this can make you feel like you’ve just been inspected by the TSA on your finances.

But really, it’s simple.  Underwriters want to make sure that no one takes out a loan to use as the down payment for another loan, and they want to make sure that money isn’t changing hands illegally in the transaction—ie the seller giving you money for the down payment, etc.  That’s all—no domino chains of loans and no under-the-table deals.

Here’s what they typically want: one or two recent months of bank statements to show how much you usually average, and the source(s) of your recent deposits.  If there are no irregular, non-payroll deposits and your ending balance and average balances are within one paycheck of each other, you’re usually fine.

If there are a lot of irregular deposits, we switch to plan B: use a Verification Of Deposit or show where each deposit came from.  A VOD is a mini-statement from your bank that tells us your average and ending balance.  If these are similar, we can usually just use this and avoid getting cancelled checks for the random deposits.  Sometimes, though, an underwriter may request the full bank statements and verification of the source of all deposits.   Remember, they want to show the money used for the down payment wasn’t borrowed and didn’t come from the seller.  In this case, we’ll get a copy of the deposit slips and the cancelled checks that made up the irregular deposits, write a short explanation on the deposits, and move on.

The idea is simple, but things can get complicated right before the closing if you submit an updated bank statement that has weird deposits.  The best plan is to be proactive– keep copies and explanations of all your non-payroll deposits.  This way, you can have a simple, smooth loan process.

Here to help,