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

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New Funding Fee changes for Rural Development loans

15 11 2011

On Oct 1st, 2011 the funding fee for Rural Development loans decreased from 3.5% to 2%.  But there will now be an annual charge of .30%.  This fee will continue for the life of the loan.  This is not technically called mortgage insurance, so it will not be bound by the same terms.  This means it will not drop off once you pay down to 80% of the original appraised value.

RD refinances will feature a 1% funding fee instead of the new 2% fee.

Over 90% of the land in Oklahoma is rural, so check the link below to see if your home is eligible:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

And contact me to see if you qualify for Rural Development financing.

I look forward to helping you become one of the Oklahomans who I’ve helped save over $20 Million dollars just this year on their homes.

Wilhelm Koenig

405.249.5993





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





Thoughts after Dave Ramsey OKC

21 02 2011

This past Saturday, 10K+ people filled the Cox center for a Total Money Makeover event hosted by Dave Ramsey.  Whether you like or hate his views on debt and credit, it’s hard to ignore them.  Just like it’s hard to argue with simple common sense.

I am a professional debt salesperson.  I sell mortgages, you know, debts designed to last your entire working career.  You’d think that I’d like debts, mortgages, and “creative” financing.  The truth is, I love homes, family, and the financial future that a home can help provide.  But I don’t like debt any more than you do.  In fact, I get happy when I can help my clients kill their mortgage.  There are things way more important than a mortgaged “lifestyle.”

A home really is the biggest step most people will ever take to turbo-charge their financial future, short of starting their own business.  The average homeowner has a net worth of $170,000 compared to the average renter’s net worth of $5,000.

But a home means something different to me now that I am debt-free.  And for many Oklahomans, their concept of a home and debt has changed over the past 2 years, too.  Cash became the #1 financing choice earlier this year.  Credit card debt in the US has decreased every month since late 2008.  The average new home is smaller than the “McMansions” built through most of the 2000s.  And these changes have happened during a time where the costs for owning a home have been at their lowest in history.  The numbers haven’t changed.  Our views on what are acceptable numbers have changed, partly due to Dave Ramsey and his ideas on debt.

This is why I see it as my mission to help as many Oklahomans save as much as possible on their homes—so they can use that money for life.  For their dreams.  For their families.  For their futures.

If you’d like to be a part of the family of clients who saved over $10 million dollars on their homes for the past two years, please reach out to me.  Because your food will taste better and your grass will feel better once you are debt-free.

Thank you,

Wilhelm Koenig

405.249.5993