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

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Wanna buy a home at 50% off?

22 12 2011

The catch?

You must be a good neighbor.

Seriously.  There is a program called the Good Neighbor Next Door that allows teachers, law enforcement officers, and firefighters/EMTs to buy a home at half off the list price.  I call this the “Half Off Homes for Heroes” loan.  HUD offers this program because they have foreclosed homes in neighborhoods that they want to revitalize.  The best way to revitalize a neighborhood is to encourage quality people to live there.  50% off the sales price of a home is a pretty big encouragement, and I am honored to be able to help some of these heroes get an incredible deal on a home for them and their family.

The heros do need to live in the home for three years to get 50% off, the house needs to be a HUD home that qualifies for the GNND program, and the heroes need to be able to qualify for an FHA loan.  Other than that, it’s pretty straightforward.

For more info on the program:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

HUD’s Single Family Home Locator displays maps of REO properties and special programs such as Revitalization Areas.  There are  many revitalization areas across the country. HUD is always working with localities to designate new areas. For information on Revitalization Area Evaluation Criteria, please see Housing Notice 11-02.

To search for homes/areas:

http://sfgis.hud.gov/index.html

If you are a hero and want to buy a home and save thousands of dollars, I’d like to help.  Please contact me to get started with the Half Off Homes for Heroes.

Thank you for your service, and I look forward to serving you and your family.

Sincerely,

Wilhelm Koenig

405.249.5993





Q: What documents do I need to get pre-approved?

26 09 2011

A: More than you’ve got. 🙂

Seriously, if you are prepared, getting pre-approved for a home loan is simple.   You and I set up a time to talk about what you want to achieve with this transaction.  This can be on the phone or in person, and usually takes between 15 and 30 minutes.  We’ll cover the bases of getting approved, the homebuying process, and we’ll look at different strategies to save the most money on your home over time.

By the end of this conversation, I will tell you whether or not I can help you, and if I can, exactly what I will do for you.  I will also give you a detailed list of documents to gather, so I can give you a pre-approval letter that shows I have verified your income, assets, and credit and that you are fully approved.

These are usually:

All pages of the last 2 years of your Federal tax returns

The most recent 1 month of paystubs

All pages of the last 2 months of bank statements

All pages of your most recent retirement or investment account statements

Driver’s license and social security cards

And if you are refinancing, your most recent mortgage statement, your home owner’s insurance declarations page, and your tax sheet

That’s typically all you need.  Then we have a follow-up meeting after you’ve gathered the documents so we can finalize your approval.  We’ll address any challenges on your approval and make sure that we have solutions.  This way there are no last-minute curveballs before closing. 

I’ll educate you on the different ways we can structure your loan to maximize your savings monthly or over time, and you can choose what is best for you.  This is how I am saving your fellow Oklahomans over $20 Million dollars on their home financing this year, and I want to help you be a part of this family.

Please contact me for a complimentary consultation today.

Wilhelm Koenig

405.249.5993

 





Do I have to pay for closing costs too?

5 07 2011

It depends on how you write your contract. 

Look at this house, the parts of the home represent the parts of a mortgage.  The door is the down payment, the house is the loan, and the chimney are the closing costs, because they stick up above the rest of the house.

If the sales price is $100,000 and the down payment is 5%, then the door costs $5,000 and the home costs $95,000.  The closing costs probably would be around $3,500. 

So if you ask for the seller to pay for your chimney, you can get into your home with only paying for the door ($5,000.) 

Sometimes the seller will pay for the chimney only if you raise the sales price to cover the cost of the chimney.  The new sales price would be $103,500, the down payment would be $5,175, and you would pay no closing costs. 

In either case, it is extremely important to hire a competent loan officer and realtor who both work for you.  I would love to explain your loan details as clearly as the example above and put you in touch with a solid realtor who will work to make the transaction fit your needs.  Please reach out to me when you need help financing your home.





What is the strongest way to save on your next home?

18 04 2011

A couple came to me this past week, wanting to buy a home here in Edmond.  They wanted to know the secrets of finance, how to buy the home they wanted, but get the best value on it.  They wanted to finance their savings for 30 years, not their overpayments.  I love working with budget-conscious buyers, of being able to show them how to maximize their savings.

And after taking with them, I decided to share their report, so that hopefully you can save too.  Please click on the link for the report and a video explaining how you can save.

VIDEO REPORT

I look forward to helping you be a part of the over $20 million dollars Oklahomans will save on their homes this year.





Top 5 Tools for Keeping Real Estate Simple

11 04 2011

The day-to-day reality of realty is driving around, meeting people, and staying on top of problems and paperwork.  And if you do these things well, you stand out as a pro.  The best way to generate money is to focus on meeting with buyers and sellers, but the best way to lose your potential money is by letting the details slide on your transactions while you’re out of the office.  Here are the top tools to stay on top of your game and keep it simple.

1. Keynote – This is like an easy PowerPoint. This is the perfect tool for simple, beautiful listing presentations.

2. Open Home Pro – Make a great impression at open houses and capture CRM data at the same time with the free app.  Buyers just tap on the app and enter their contact info. You can add notes about what they are looking for. And the app even prompts them “Please hand the iPad back to your real estate agent” once they have filled out their info.

3. DocuSign – Ever wish you could sign contracts from your car or coffeeshop? Send, track and sign documents anytime and anyplace.  Instantly check status on documents so you’ll always know who has signed and who still needs to sign. Put an end to driving across town to get, send, or sign documents.

4. Dropbox – The easiest way to store, sync, and, share files online. It’s a free, powerful, and simple way to keep your files available to you.

5. GoodReader for iPad, iAnnotate PDF, and PDF Expert for iPad –  Do you wish you could scribble notes or memos on your papers? You need one of these apps. You can edit text, draw, add a personalized signature or notes with these apps.

What are your favorite iPad apps for real estate? I’d love to hear your experience using any of these apps. Leave me a comment below!





Love your home or Love paying taxes?

28 02 2011

Love paying taxes?  Sure you do, doesn’t everyone?  Most people know that homeownership offers significant tax deductions, but may overlook a few of them as they are preparing their taxes this year.  Here are a few of the most-overlooked home tax deductions.  As always, please consult your qualified tax advisor.

How much of my mortgage interest payment is deductible?

  1. Interest on debt used to buy, build, or improve your home (with some exceptions)
  2. Mortgage Insurance and funding fees for government loans (with some exceptions based on income level)
  3. Property taxes on first and second homes

 I sold my house this year.  Will I owe capital gains tax?

  1. If it was their primary residence for at least 2 of the last 5 years, a married/joint filer could exclude the first $500,000 of profit from paying taxes.
  2. If you made less than the $500,000 profit from the sale, no tax forms are required and no tax is due.
  3. If you sold a vacation home, you may be able to exclude all or some of your gain.

Do I get to deduct money I lost on the sale of my home?

  1. No, but losses on the sale of investment property are deductible.

I bought or refinanced a home this year—which of the closing costs are deductible?

  1. The real estate taxes that you may have paid at closing are deductible.
  2. Prepaid interest is deductible.  You should receive a 1098 from your lender.

Aren’t points deductible?

  1. Yes, based on the following IRS worksheet HERE.
  2. On a purchase, points are deductible on that year’s taxes.
  3. On a refinance, points are prorated over the duration of the loan.  For instance, if you paid $1500 in points on a 15 year refi, you would get to claim  $100 per year.  But if you refi again 2 years later, you could claim the remainder of the original unclaimed points ($1200) plus any applicable prorated points for the new mortgage.

Please consult your tax advisor to see how this information may apply to you.   

Did I forget any other home-related tax deductions?  If so, please share your wisdom with the world below.

Please reach out to me with your questions and concerns about finance and homeownership.  As always, I am here to serve.  Thanks!