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How To Pay Your Home Mortgage Off And Be Debt Free In 6-10 Years Or Less With Little Change To Income Or Expenses The New Zealand Way

The new way to use a home mortgage - Flexible mortgage accounts will revolutionize the way homeowners pay off debt and their home mortgage. Introducing the "Australian" or "New Zealand" mortgage and how to pay off your debts and mortgage in 7 years or less.

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3 Things You Must Do If You Want To Pay Off Your Mortgage In 7 Years Or Less

3 Things You Must Do If You Want To Pay Off Your Mortgage In 7 Years Or Less
by Ed Bisquera

One of the single largest financial purchases a person makes in a lifetime, is a home. And more often than not, a home mortgage is required to fund the purcase. But how many people know, that the current way a mortgage is paid off, is like a cancer on our financial health? The mortgage and banking industry has offered to the unsuspecting public the 30-year amortized mortgage, a financial cancer akin to the cigarette industry offering cigarettes.

The point is, the "old way" of paying your home mortgage is a cancer on the public's financial health and US consumers have had no other choices, but to use a mortgage, that only benefits banks and mortgage companies. Now a revolutionary program is now available to the US public, that will show them how to pay off their home mortgage in as little as 7 years.

Enter Money Princiapl Group, a company located in Utah, founded by Ariel Metekengi, a native of New Zealand. Their premier innovative mortgage product, The Mortgage Eliminator, is based on a 30 year+ proven Australian industry standard model in use by over a third of homeowners in that country. It was later introduced to the New Zealand market, where homeowners there achieve similar results; paying off their debts and mortgage in 6-10 years on average.

This powerful new tool to combat the current financial plague of debt combines a mortgage and a full-service bank account. This new "all-inclusive" type loan creates huge savings in interest payments and loan payoffs in one-half to one-third the time requiring little to no change to current spending habits.

How does it work? Homeowners deposit income and other assets into the new mortgage account and since it allows access like a checking account, expenses are paid out from it by check or ATM card. The powerful part is, that when the homeowners' money isn't being used, it sits in the mortgage account, reducing the daily loan balance on which interest is computed. This saves on average hundreds of thousands in interest over the life a typical loan and reducing interest means more money for principal; so the homeoner builds equity faster and owns their home sooner.

"What this does for homeowners, is it empowers them to take control of their financial health," says Ariel Metekengi, founder and president of Money Principal Group. "With this new loan program, a homeowner can combat the financial cancer known as consumer debt plus current mortgage options and it allows the homeowner to reach their goals sooner in life, rather than later. This isn't a mystical trick of numbers; it is simlply taking away the interest spread banks earn and is given back to the homeowner."

There are three steps that the consumer can take, in order to reduce their mortgage payout and enjoy a home paid off in as little as 7 years.

1. Decide what your goals are

One of the first steps with The Mortgage Elminator program is to have a clearer picture of where you are heading financially-speaking, and decide on what kind of goals you'd like to reach.

First take a look at where you were five years ago. What kind of expectations did you have than? Did you plan on certain things to happen by now? If they didn't happen, do you have the willingness to make changes to reach those goals?

Goal setting is important, because it allows you to create a flexible plan and schedule to put into place and stick to. Imagine where you'd like to be in 5 years. What would you like to accomplish?

Let's say some of your goals is to have an emergency fund of at least one year of your current income and you'd like to reach that amount in, say, 2 years. And another goal, (if you have a child or children) is to set aside a college fund. And lastly, you've been dreaming of that sportscar you've always wanted since you were a teeneager.

Now that you have some goals in mind, what would it take to reach those goals? And keep in mind that your household income will probably remain constant.

Are there current investment options or debt elimination options, that can help you reach those goals?

Using your flexible mortgage account through The Mortgage Eliminator, can greatly increase your ability to save interest and money and free up resources to help you reach those goals. And it doesn't have to drastically change your spending habiits or current household income. Just determine your budget and where the money you make is spent in your life.

2. Set up a budget

The next step in paying off your mortgage quickly is to look at your current spending habits and create a budget. How difficult is this? That depends on your level of commitment and your ability to discipline yourself into reviewing your budget.

One way that helps homeowners, is through the included budgeting software and personal coaching and review available with The Mortgage Eliminator, from Money Principal Group. Studies show and human nature reflects this, is that if we have tools AND a personal coach to help create and maintain a budget, we're far more likely to succeed.

Think of having a coach for your personal financial education, just like a great tennis star has a coach or golf professional has a coach. How many of us rely on a coach to become financially wealthy?

With The Mortgage Eliminator, you're given that important part, to review, create and stick to a budget that creates positive cash flow, which will take you to the next steps of paying off your mortgage in less time, without any change to your current income or spenting habits.

3. Get a financial review and analysis

Everyone's financial situation is different and completely unique. Imagine your situation as the human body and financial debt (including a mortgage) as a cancer. Before a surgeon would operate on a patient, a complete review of the symptoms and where to start cutting, is done, BEFORE the surgeon performs one cut.

Think of a financial review and analysis as the same thing as "surgical review" on your situation. What kind of mortgage are you in now? Are you a first-time home buyer? Are you in a ARM loan and now may need to switch to a fixed rate loan?

What is your financial "picture" and your current budget? Your income, expenses, current debt and your short-term and long term goals factor greatly into the financial review and analysis.

In order to determine just how quickly you can pay off your current debts and mortgage (or how fast you can pay off your first home, if you're a first-timer), a financial "snapshot" or review must be completed. Taking a look at your entire picture of income, debts, and how it relates to your goals, is the crucial step, in determining how best you should start your plan.

What is the strategically best way for you to reach your goals? With a financial review and analysis from Money Principal Group, a plan is created to show you the best options that HELPS YOU in reaching those goals quickly. Only a plan that SAVES YOU MONEY is offered and if it doesn't make strategic, financialy sense for you, it's cut out, like a cancer.

Is this new loan product and system for everyone?

Yes, if you can achieve the simple disciplines of budgeting and currently have positive cash flow or are willing to review your budget to recover funds to create signifcant positive cash flow. You must be coachable and allow the your goals to dictate your plan of action. If you're willing to do that, the payoff is unlimited and getting rid of debt and your home mortgage in 6-10 years is no longer a dream, it's a reality.

"The ability to be mortgage free within 6-12 years, quickly eliminate consumer debt and free up existing income to start a significant investment program for the future is a now a reality. This can all be possible without requiring any additional income or reducing standard of living. The Mortgage Eliminator has empowered the individual in New Zealand and Australia to impact positively on their own financial destiny in ways, which traditionally, many could not otherwise achieve." says Metekengki. "It is now available for the US, to achieve the same level of financial success and freedom, already experienced and proven in these international markets."

Ed Bisquera is an event planner, music producer and an author, who has worked with record executives and Fortune 500 companies such as Sony Records and Microsoft. He resides near Portland, Oregon and writes about mortgage industry innovations through his personal blog, blog.PDXLoan.com

He is a Certified Registered Agent that promotes The Mortgage Eliminator as a way for people to be debt and mortgage free in as little as 7 years.

http://www.PDXLoan.com

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A Bad Inspection Should Not Be The End Of The World

From PDXLoan.com

A Bad Inspection Should Not Be The End Of The World (Cont)

That inspection contingency on your offer to purchase is not a permission slip to nit-pick. Chipped paint, a dead tree, stained countertops are things that are easily visible to the untrained eye and should have been noted
by the buyer before the offer, not used as a reason for withdrawing or renegotiating it. Rotting cills, non-functioning built-in appliances, outdated wiring, small but urgent repairs that add up to more than two or three percent of the offering price may be a reason for revisiting that offer.

Or not.

Keeping in mind at all times that there are no perfect houses and few problems that money can't fix; you need to review the last four of the six questions we laid out in our previous article.

Is this a problem that must be dealt with immediately or just something that should be done eventually?

Again we come back to the immediacy of the problem. There are bound to be a lot of changes you would like to make to the property "someday."

Are the repairs noted in the inspection report merely more of those someday items or do they represent a safety concern or a deteriorating condition that must be addressed immediately? If either of the latter is true and these are big ticket items, you need to talk with your agent.

Given what you know about house prices in your locality, might this problem have already been taken into consideration in pricing the house?

A savvy agent will often discount a listing price to compensate for a roof needing repair or a required exterior paint job. A savvy agent also notes this in the listing agreement; i.e. "Listing price takes into consideration that the roof is near the end of its useful life" but some agents are leery of spelling out a problem so blatantly. Take a look at comparables in the area that have newer roofs or spiffy paint jobs to better evaluation the problem.

Do these negatives merit further investigation?

Before you panic, get a rough estimate of the repair costs. You may be overstating the expense of rewiring the house or, more critically, underestimating it. Try to get a contractor's estimate for the work but realistically the time available for responding to an inspection is often too tight for a thorough investigation . www.get-a-quote.net is a good source to do a quick and dirty estimate on your own.

Are you willing to walk away from the house because of the negatives on the report?

If you are desperate to own the house no matter what, then temper any request for repairs or contract adjustments accordingly. If you make an overly aggressive demand or make it in an undiplomatic way you risk making the seller so irate that you will not have a chance to back down.

How do you approach the seller and renegotiate the contract?

You don't! It is when working through an unfavorable inspection report that a good real estate agent really earns their commission. The seller has already, in his mind, spent the proceeds from the sale of his house and also has a certain amount of pride of ownership involved. Therefore, keep your agent and the seller's agent between you and the seller at all times. Under no circumstances should you speak to the seller - and if you are dealing with a FSBO you are about to get a lesson on in the value of a full service agent. Inform your agent that you have problems with the inspection report and provide the following:

1. A copy of the relevant portion(s) of the inspection report
   (and only the relevant portions);


2. A straightforward, specific, non-judgmental, and non-threatening statement
   of your request for remedy;


3. Any back-up materials you have been able to obtain such as contractor's
   quotes.

Pay at least some attention to your agent. If they review your request then kindly suggests that you are being a real jerk about a noisy attic fan, at least consider their opinion. Again, nothing is perfect and the next house could be
worse.

What kinds of concessions can you request if an inspection report is unfavorable?

1. The sellers to correct the situation prior to closing. This removes uncertainty about costs. If the problems turn out to be larger than anticipated, it is the seller's problem. However, you will lose all control over the fix. The seller might slap together the repair himself, use substandard materials, or employ his hapless Uncle Max to do a job that requires a licensed tradesman.


2. A reduction in the purchase price. Sellers like this one because it reduces those closing costs based on purchase price such as tax stamps, land bank charges, and real estate commissions. But such savings are really negligible; for example, a $2500 reduction to compensate for a dead furnace would reduce the real estate commission by $125.00. From the buyers prospective, any such adjustment has the effect of reducing the size of the mortgage rather than freeing up cash to get the furnace fixed.


3. Cash back at closing. This is usually the best option for the buyer as it is real money and can be applied in total to correcting the problem or problems.

How should you respond to a demand for renegotiation if you are the seller? In much the same way as if you were the buyer. Let your agent handle it. Keep calm and be reasonable. If possible get a repair quote or even a second opinion as to whether the problem actually exists. Decide how much it is worth to you to save the existing offer. A bird in the hand, time is money, and all of that, but especially relevant is that some types of negative information may need to be disclosed to subsequent buyers and that most of the bad news will probably emerge again when the next buyer has his inspection.

Home Inspection Reports Should Not Be All Bad News

From PDXLoan.com

It should be pretty clear from our earlier description of a good housing inspection that it is worthwhile to spend the money to have one, even at a time when funds are usually very tight. Knowing that the furnace has exceeded its life expectancy by ten years or the garage door may present a hazard to a young child or pet is obviously worth the $300 or $700 the inspection will cost.

But knowing all the bad news isn't the only reason that an inspection makes sense.

The best inspectors are also teachers. As you walk through the house with your inspector - and if we haven't already said this, do whatever you have to do to in order to be present during the inspection - you will learn a lot about your house and its systems.

If you have never owned a house you might not know about the necessity of changing furnace filters, how to shut off the main water supply when a pipe bursts, or that stacking firewood next to a wooden deck is a very bad idea. An inspector can advise you about maintenance on any number of things in your home or give suggestions about small modifications that will increase its safety and comfort. Often an inspector will prioritize his suggestions. The water intrusion in the fuse box must be corrected immediately but you might want to think about replacing showerheads with low-flow models when you have the time and some extra money.

The best inspectors will not only tell you what is wrong with your potential home, but what is right. You might not otherwise know that you are getting THE top of the line dishwasher or will have a remarkably well graded yard. Would you know by looking that your hot water heater is very new or that it would cost a fortune to duplicate the molding in the entry hall? Unfortunately some good inspectors are also gloomy ones. Tell yours up-front that want to hear the good stuff as well as the bad - knowing the positives can be especially helpful if the overall home inspection report is not terribly positive.

At the end of the inspection the inspector will probably sit with you and run through his principal findings and give you time to ask questions. Don't pass on the opportunity. Pick the inspector's brain as much as he will allow but stick to specific questions about specific issues. It isn't fair to ask him if he would buy the house. Also, as we will discuss later, some states have rules that absolutely forbid inspectors to provide some types of information.

Shortly after the inspection you will receive a written report from the inspector, a long document that can be intimidating if not overwhelming. This is another reason why you must be present during the inspection. It is one thing to hear about various small problems while you are walking around the property with the inspector. Each problem will be discussed in context and probably modified with reassurances that "this is just a maintenance issue" or "it would be good to fix this when you get around to it." It is another situation entirely to read a long list of problems that makes your new home seem less like a dream home and more like a dump that would give Morticia Addams pause.

After you read through the report the first time take a deep breath and a drink if necessary and sit down and read it again, this time with a pen and paper at hand. Look at each "problem" item with the following questions in mind.

1. Is this a minor maintenance problem or a major repair?


2. Is this an issue related to the age of the house and, if so, might it be
   considered part of the "charm" of the home? High on this list are
   floors that slope a bit from settlement or door and windows that are slightly
   out of plumb.


3. Is this a problem that must be dealt with immediately or just something
   that should be done eventually?


4. Given what you know about house prices in your locality, might this problem
   have already been taken into consideration in pricing the house?


5. Does this problem merit further investigation?


6. Are you willing to walk away from the house because of any or all of these
   problems?

If there are one or two minor items, suck it up and forget about it. Every house has its problems and now you know which ones are yours. Fixing them will give you a chance to hone your do-it-yourself skills or build your list of reliable local tradespersons. If it is a major issue or if there are lots of minor issues start making a list.

If it is an age-related problem that isn't charming, such as plaster separating from the lath or if the sloping or lack of plumb might indicate underlying structural problems, add this to your list.

If this is a problem in need of an immediate fix and might break the budget, again, add it to the list.

After the second read-through take a look at the list. If there are only minor items thank your lucky stars and proceed with the purchase. However, if there are dozens of minor items it could be an indication that you are buying from a homeowner who has neglected his investment and you could be inheriting a lot of deferred maintenance that hasn't yet come home to roost. Call your inspector (you are entitled to do so) and get his opinion about this.

If the list of repairs is more than you think you should have to shoulder (and here you must ask yourself questions 3, 4, and 5 again) then it is probably time to talk with your real estate agent.

And, what should you say? We will explore that issue - and it is a very real issue - in a later article.

Home Inspection - What makes a good home inspection?

From PDXLoan.com

What Constitutes A Good Home Inspection?

Obviously the most important component of a good home inspection is a good home inspector. In the early days there were few standards for training or proficiency and almost anyone could buy a flashlight, a ladder, and print up business cards. In some areas this is still sort of true but the industry as a whole has become pretty professional.

The American Society of Home Inspectors, founded in 1976 has established standards for home inspections and home inspectors; provides training, and attempts to keep its members informed of changes in state regulations and innovations in equipment and construction standards. Membership in the Society should be one criterion to research when hiring an inspector.

According to the Society, a home inspection is a visual assessment of a home's structure and systems. In some cases, in practice at least, an inspection should extend beyond the visual to the operational, but an inspection should look at the following which is based in part on ASHI Standards of Practice and in part on experience with dozens of inspectors in several states. For an excellent description of what ASHI Standards specify that inspectors do or not need to do, take its visual tour at www.ashi.org. Our suggestions that go beyond these Standards of Practice might be used as a guide when interviewing a potential inspector.

The Structure

An inspector will inspect entry ways, foundations, siding and porches looking for such symptoms of trouble as sagging roof lines, gaps in or damage to the siding, porches pulling away from the building, obvious signs of rot or insect damage (although this is not a substitute for a pest inspection) settlement, certain types of cracks in foundations. Inspectors will usually probe the cill or rim (the wooden support that sits on the foundation and into which the framing is fastened) and framing where it is exposed, to test for soft or hollow spots caused by rot or pests.

The Exterior

An exterior inspection will include a visual assessment of decks, balconies, eaves, soffits and fascias. An inspector will look at the grading of the land around the house for obvious drainage problems, and check walkways and driveways for apparent deterioration or safety concerns. He will also visually inspect vegetation surrounding the house for obvious problems such as the intrusion of roots near the foundation or buried utilities or overgrowth that might promote excess humidity or contribute to security issues. Electric garage door openers should be checked to confirm they are in compliance with current safety standards.

The exterior inspection is not expected to include outbuildings or fences, or any evaluation of hydraulic or geologic conditions.

Roofing Inspection

Some inspectors will get up on any roof, some will tackle low slopes, and others rely on binoculars to check portions of the roof visible from the ground or will inspect lower parts of roofs from upper floor windows. The age of a roof might be as good an indicator of its condition as an actual visual check and a good inspector can usually estimate the real life of a 20 or 25 year roof in a given climate or on a particular type of construction. Where safely possible, an inspector should also report on roof drainage systems, flashings, skylights, chimneys, and roof penetrations (for vents and flues).

Plumbing Inspection

An inspection should consist of testing the interior water supply and distribution system including water pressure, water heating equipment (estimating age and approximate time to replacement) and the appropriateness of vents, flues, and chimneys. Most inspectors will flush toilets to check for leaks and run all faucets to assess water pressure and the immediacy and volume of available hot water.

Electrical System Inspection

The inspector should check for over current protections, grounding, and the presence of any aluminum wiring (a serious fire hazard and banned for many years in most states). Most inspectors remove the face of the electrical box if it is safe to do so. The inspector should also check a representative number of switches and outlets in the house and note the adequacy of smoke detectors if the state does not require a separate inspection by the local fire department before the deed transfers.

Heating and Air Conditioning Systems

No matter the time of year the furnace should be tested by turning up the thermostat and checking the response. Air conditioning cannot be checked if the ambient outdoor temperature is below a certain point. If the energy source is oil an inspector will check the condition of the tank and any visible lines running from the tank to the furnace. Some inspectors will run an efficiency check on the furnace for an additional charge.

Home Interior:

An inspection should include a visual scan of floors, walls and ceilings for signs of water intrusion, or sagging. Stairways and railings will be checked for safety and code compliance and a sample of windows and doors inspected for condition and ease of operation. ASCI suggests that inspectors look at countertops and a representative number of the kitchen cabinet interiors and drawers for condition and integrity. The basement should be checked for indications of previous water intrusion in addition to signs of structural problems.

Ventilation

Poor ventilation can lead to rot, mold, poor air quality or excessive energy consumption. An inspector should check insulation and vapor barriers in unfinished areas of the attic and in the foundation area and look for the presence and operation of any mechanical ventilation systems in the attic and other high humidity areas such as kitchens and bath.

Appliances

An inspector will usually run a dishwasher through a full cycle and will check stove burners and oven to make sure each is operating properly. If other appliances such as washer, dryer, or microwave are to be included in the purchase these will also be checked to make sure they are at least in operating condition.

Fireplaces

Fireplaces, particularly in older homes, are a frequent source of problems. Inspectors should check for the integrity of the flue, proper draft, any blockages in the chimney (even a birds nest can be a major problem), and will visually inspect, as much as possible, the exterior of the chimney for damage to bricks, pointing, and flashing.

A thorough home inspection results in a lot of information. How can you, as a buyer, make the best use of an inspection and the resulting data? We will discuss some strategies next.

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Conventional Loan Limits Increased for Freddie Mac & Fannie Mae

Conventional Loan Limits Increased For Freddie and Fannie

The Office of Federal Housing Enterprise Oversight (OFHEO) announced on Tuesday that new limits will apply for loans that can be purchased by the two Government Sponsored Enterprises for which it has oversight.

Effective January 1, 2006, Freddie Mac and Fannie Mae will be able to purchase single family home mortgages up to a limit of $417,000. This is an increase of 16+ percent from the $357,650 cap for 2005.

The increase was in keeping with figures released earlier in the day by The Federal Housing Finance Board (FHFB) reporting that, nationally, the average cost of a one-family house October was $306,759, an increase of 15.96 percent since October 2004.

[more available at Blog.PDXLoan.com

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6 Mortgage Ripoffs To Avoid

6 Mortgage Ripoffs to Avoid, brought to you by PDXLoan.com

Great article for mortgage buyers regarding the process and important tips for those looking to avoid being ripped off by a local mortgage lender. While the theme of the articles today makes it seem that every lender is out to get you, that is not really the case. Nonetheless, it is important to always read the fine print and know what you are getting into before plunging into a mortgage loan. This article goes over common lines you might hear and what to listen for when negotiating and evaluating a prospective home loan.