Self Certified Mortgage

September 6, 2010

IRA Trust – IRA Investments & Funds

Filed under: self certified mortgage — Tags: — 20100603 @ 3:48 pm

IRA Investments like a Trust

Since we now know that an IRA can do just about anything a trust can do, you should be aware of the specifics that are allowed. Just as a trust, your IRA can be a form of loan money. You are allowed to borrow from the account for loan purposes. This is usually done when the owner of the IRA account is buying a home for the first time. A loan can be taken to pay for medical expenses as well. With your IRA, you can purchase real estate with no money down. You are also allowed to buy options on real estate. On the flip side, you can sell the options and the property that was purchased. There are many avenues you can take when investing in real estate using the funds from an IRA account.

Options with IRA Investments

If you have decided to avoid IRA real estate investing with your funds, there are many other roads you can travel. IRA funds can be used to start a business. This is great news for those who have been able to save a good amount of money in their IRA account. Many people have dreamed of owning their own business, but they seldom have the start-up money to do so. This is where your IRA could be a huge benefit.

In addition to starting a business, the funds can be used to purchase mortgage notes and tax lien certificates. Limited partnership investments and pre-IPO stock investments are also available options when looking for alternative ways to invest using your IRA retirement account. As mentioned, the only time an IRA cannot be used to make an investment is if those investments involve life insurance contracts or collectibles.

A collectible is defined as any work of art, antiques, metals and gems, stamps and coins, alcoholic beverage and tangible personal property. There is one exception to this rule. Gold, silver and platinum coins that are issued by the U.S. are acceptable. In addition, any silver, gold, palladium or platinum bullion that has a fineness that is equal to, or exceeds the minimum fineness that is required by the contract market can be invested in by using the funds in your IRA. Many people consider coins and bullion forms of collectibles, but these are the exceptions to the rule when investing.

It is also allowed for the owner of the IRA to make a loan to real estate developers. In this case, it would be required that the loan be secured by a deed of trust on the developer’s property. This specific investment has been approved by the IRS.

If you are fearful of losing more money from your account in the stock market, it may be time to look outside the box. As long as you follow the IRA investment rules, there are many available options. There is no need to limit yourself to only investing in bonds, mutual funds and stocks. The funds in your IRA can be put to great use by exploring other investment avenues. If you have any IRA questions, your CPA or Estate Street Partners will be able to not only provide information what is the best IRA, but also provide information and assist you with your investments.

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September 5, 2010

Self-Esteem and Self-Worth

Filed under: self certified mortgage — Tags: , — 20100603 @ 11:00 am

These concepts derive from each other and can be interchanged. Self-worth refers to man’s value, whereas his self-esteem is the expression of this value towards the external world.

What is a person’s self-esteem?

Self-esteem is a form of spiritual state, a spiritual infrastructure, on which a person’s spiritual forces develop. It is also an attribute, an urge and a unique creative energy, which may be either negative or positive. Positive energy raises self-esteem, thereby encouraging positive development. Negative energy, in contrast, lowers self-esteem and in so doing, inhibits or arrests this positive development and encourages a negative one. It will be easier to better understand the meaning of self-esteem if we view it from our own perspective and from God’s.

From our perspective, it is the level of self-esteem we perceive ourselves to have, by which we appreciate and present ourselves to the outside world, and by which we also act and react. This is also the level at which we appreciate the other. As this level tends to shift, it should be seen as subjective.

From God’s perspective, this is a person’s true self-esteem and its level is steady. This level follows from Gods declaration that man was created in His image. It is this level which the Divine attempts to persuade us to accept as proper and to act in accordance with. Our divine purpose, as well as His expectations for its realization and implementation, is also based on this level. This level is always higher, sometimes far higher than our subjective self-esteem. In other words: Our perceived self-worth is significantly lower than the true one.

Abraham Adar, the author of the book “Man and the realization of his purpose”, which guides man to realize his purpose through deciphering the Pentateuch’s divine wisdom. Some material from the book as well as additional information is presented in his website.

www.adar-publishing.com [http://www.adar-publishing.com]

August 27, 2010

How to Choose your UK Mortgage

Filed under: self certified mortgage — Tags: , — 20100603 @ 12:26 pm

This quick guide shows you potential mortgage choices for each type of borrower. Please note that this is a general guide and we should stress that you are always better off talking to a specialist mortgage adviser

General

One thing that applies to almost all types of mortgage is the choice of a fixed rate mortgage or one with a variable interest rate.

The best choice depends on your own circumstances and to an extent on interest rate levels at the time, but things to consider are:

* Can you afford to have your payments go up each month? This could happen with a variable rate mortgage.

* Are rates generally low at the moment? It could be a good time to get tied into a fixed rate mortgage.

* Do you want the security of a fixed monthly payment for several years? Fixed rate periods from 1 to 10 years are available.

* Are you having difficulty borrowing enough money? An interest only mortgage can mean lower monthly repayments ie you can borrow more against your salary. But there are drawbacks.

To understand which option will suit your circumstances, discuss your options with a UK mortgage specialist, who will advise you on suitable choices.

Here are some specific tips depending on your particular mortgage needs

First Time Buyers

As a first time buyer, you are likely to have some particular requirements. You will probably have a very small deposit or possibly no deposit at all. You may be having to push your budget to the limit just to afford a mortgage, but are determined to get a foot on the property ladder.

There are several suitable solutions:

· 100% mortgages to many lenders offer 100% mortgages aimed at first time buyers. These are normally repayment mortgages and can be a good option to get you started.

· If you have a deposit, but can’t afford large monthly payments, an option to consider might be an interest-only mortgage, where your monthly payments only consist of interest, and you don’t make any payment towards the capital sum.

· Choose a mortgage term longer than 25 years to it may seem daunting but many lenders will offer mortgages with terms up to 40 years.

Any of these choices can be a good way to get started in home ownership, with a view to moving to a better deal in 2-5 years time when you have some equity in your property and are perhaps able to afford larger monthly payments. Remember, very few people stick with the same mortgage for 25 years anymore. It is normal to change mortgages for a new deal every 2-5 years.

Self-Employed Mortgages

Getting a mortgage for self-employed people has always been a bit more of a challenge. Even if your business is well established, it can be hard to prove your income and since mortgage lenders assess your ability to pay based on net income, you could find that they underestimate your borrowing ability.

So what are the choices?

· Self-Certified Mortgages. It is not necessary to provide audited accounts and to prove your income, although you will still be required to provide some evidence that you can afford the monthly payments.

· If your business is well-established, and you can provide 3 years or more of audited accounts, showing a stable income, you should not have too many problems. Lenders are more flexible than they once were.

As with other specialist mortgages, it can be worth getting the advice of an Independent Financial Adviser to make sure you get the best deal for you.

Already a Homeowner?

If you are already a homeowner (with or without a mortgage) then you might want to release some equity from your home to give you a cash lump sum.

This means that if you have paid off a significant amount of your mortgage and/or property prices have risen, you can benefit from some of the “profit” that is locked into your house without having to sell the house.

Lenders provide a variety of packages for doing this, but they are generally described as “equity release” mortgages.

Typically you will be able to borrow up to 95% of the equity in your home, given to you in a lump sum which you then pay back like a normal mortgage. This can be used to pay for home improvements, lifestyle changes, home repairs to almost anything, really.

Get a Better Mortgage Deal

Don’t forget that just because you have a mortgage, it doesn’t mean that you can’t get a better one that will cost you less, or alternatively a mortgage with a shorter term so that you can pay it off sooner.

Hunt around to whether you want to find a more competitive interest rate, a long-term fixed rate deal or you want to increase or decrease the remaining duration of your mortgage to you will probably find a lender who is able to offer just what you want, and could save you a significant amount every year.

Discussing your requirements with an IFA can often help uncover the best mortgages, which sometimes come from quite minor building societies.

Big Bonuses, But a Low Basic Salary?

If this is you, then you might find it difficult to get a repayment mortgage that meets your requirements. This is because bonuses and overtime are hard to predict, not guaranteed and are normally excluded from your assessed income by mortgage lenders. This means you could end up being offered a much smaller mortgage than you think you can afford.

The solution to this could be a flexible mortgage. A relative of the interest-only mortgage, flexible mortgages have monthly payments which are interest-only, but allow you to make ad-hoc repayments towards reducing the capital sum.

For example, if you get a quarterly bonus, every 3 months you could make a payment towards reducing the capital sum of your mortgage, whilst paying smaller, interest-only payments each month [from your salary].

Flexible mortgages like these can be helpful for anyone with an unevenly distributed income who receives occasional large payments, rather than solely receiving salaried income.

Are You An Expatriate?

As an expatriate, your mortgage needs are a little different. Buying property abroad is difficult with a UK mortgage, although there are some high street lenders that have affiliated with foreign lenders, particularly in Spain, to provide easy access to mortgages in some other countries.

On the other hand, many expatriates look to buy a property in the UK in preparation for their eventual return. This is more straightforward and there are several big lenders who can assist with this.

The best approach is probably to find an IFA who has experience of setting up this kind of mortgage and see what they can offer you. There may be some complications but it should certainly be possible.

Buying To Let?

Buying to let has become very popular in recent years. Whether you count yourself a professional landlord or are just looking to buy a second property to rent out as an investment, buy to let mortgages are fairly mainstream now and as such are quite widely accessible.

You may notice some differences to residential mortgages:

· Can only borrow up to around 75% of property value

· Mortgage terms may not be extendable beyond 25 years, often less still for interest-only deals.

As with all mortgages, you will have to undergo a credit check and will have to provide some evidence that the property you are buying is a suitable business proposition to i.e. you can rent it for a suitable amount and/or can make the payments yourself if needed.

Want To Let Out Your Home Temporarily?

There are times when homeowners want to let their home on a temporary basis to perhaps they are moving abroad for a year or two, or elsewhere in the UK, but want to maintain their main home and rent it out to cover the costs of the mortgage.

Most residential mortgages will allow you to do this to exact terms and conditions will very from lender to lender, but as long as you tell your lender you want to let, you will probably find they are happy for you to do so.

Are you a Muslim, Looking for a Sharia-Compliant Mortgage?

Islamic mortgages used to be almost impossible to obtain in the UK, but in the last 5 years, the number of lenders offering mortgages that comply with Sharia law has grown considerably. It is now possible to get an Islamic mortgage for your house from several high street lenders with no more difficulty than a regular mortgage.

Islamic mortgages available in the UK fall into two main categories. By far the most popular are mortgages based on the Ijara principle. Also available are mortgages based on the Murabaha principle but these tend not to be affordable to most borrowers, especially younger people just starting out.

Getting Divorced, Need Two Mortgages?

Getting divorced can be a difficult and traumatic experience, often not least because of the financial complications. These can cause people with previously exemplary financial records to get into problems, and can sometimes make it difficult for the divorced individuals to get mortgages.

A few lenders now offer mortgages aimed specifically at the needs of the newly-divorced, with a number of features designed to help people back onto their feet, financially:

· Fixed interest rate for up to 5 years

· First few months at 0% interest

· The lender will include maintenance payments (alimony) in their assessment of your income when determining the amount that can be borrowed.

· Can borrow 100% of property value if needed

· Choice of repayment or interest-only mortgage

There are not many of these packages around (Yorkshire Building Society offers one example), but they can really help divorced people through the difficult process of finding a new home and re-establishing their financial situation.

This article is written by MortgageSorter, a UK mortgages website that has been helping normal people understand UK mortgages for over 5 years. It has a special section on UK Mortgages for people with a bad credit history and has the latest best buy UK mortgages.

August 26, 2010

Getting Financial Aid Grants For Daycare Centers

Filed under: self certified mortgage — Tags: , , , , — 20100603 @ 3:15 am

If you are launching a daycare center in the United States, you’ll be glad to know that there are funding offered from a variety of sources for daycare owners. Though, most private and profitable child day care industry can merely get grant from novel business set up course and some other programs controlled by local and state government, typically under the bureau of children and family services. The majority of the grants for day care are just accessible to care providers with non-profit standing. Profitable and private daycare business might be capable of getting grants for day care from the Child and Adult Care Food Program, local, state, or regional program being presented throughout certified offices like Children and Family Services Office and Child Care Resource and Referral Agency.

Your industry might also desire to appear into particular mortgage program like those directed by the administration of small businesses. The business might even be capable of obtaining some grant for day care from associations that finances business initiated by women, minorities and business situated in definite region. Additional basis of financing comprise of venture capital, bank loans, loans, and gifts from friends and family and local, minute business links. One of the finest sources of details about organization that give grants for day care is resources about opening a daycare center. These resources normally consist of thorough information on where to obtain grants including contact numbers and website address.

When looking out for possible sources of daycare grants seek for foundations and organization or companies that support families and children. Furthermore, you must register which provide a list of foundations that give grants. Keep in mind that there are many competitions for acquiring grants, so you have to apply to several foundations and organizations. If you receive a negative response from one association, never give up and try the others. Various foundations will recommend other organization that might be able to lend a hand.

Do you live in Arizona? Do you need financial help with your daycare? Daycare grants provide much needed financial assistance for home-based child care centers. You can read up on more information on applying for daycare grants from DayCareGrants.org.

August 24, 2010

How to Find Certified Public Accountants

Filed under: self certified mortgage — Tags: , , — 20100603 @ 9:47 pm

A very common question that people ask me when it comes to tax advisory is why to consult certified public accountants and I say that because it is very easy to trust a CPA because they go through a specific training and examination to receive their certification credential. To stay as professionals in the market, all certified public accountants must complete 40 hours worth of continuing education classes every year. You also see a great variation is their fee, unlike any other field or service that you purchase. The variation in their fee comes with the area in which you live. It will also increase if you have already taken some expensive services of large accounting firm. Some CPAs offer specialized services therefore they charge more for it. You see huge variations in their services as you change the amount of their fee.

Competent CPAs are of greatest value to people completing some of the more unusual and less user-friendly schedules, such as K-1 for partnerships. If you are first timer tax payer who is having major problems during the year in tax events such as childcare tax-credit determination you can take great help from a CPA. You don’t need to worry about how these professional handle such situations.

So no matter what problem you are facing in your tax events or how destabilized your financial situation is, by hiring competent certified public accountants you can buy great service with great amount. You can save a lot of tax return from going in waste by just letting a CPA handle the job. A CPA once bragged to Eric (your humble coauthor of this book) that he was effectively making more than $500 per hour from some of his clients’ returns that required only 20 minutes of an assistant’s time to complete. Just follow all these payments only if you are able to or your financial condition is reasonably complex or dynamic because it will not make sense otherwise. You might like to hire a CPA when you are self employed because you also have to follow other schedules. You also might need just to hire a CPA once and not for the next year.

You can contact your local Certified Public Accountants in your state for more details specially related to your field and situations.

You can get assistance from a toll-free number 800-555-1212 and ask for the number for your state’s Society or Association of Certified public accountants.

Lawrence Anderson is a writer and had been writing articles for nearly 7 years. Come visit his latest website over at http://www.krupscoffeemachine.org/ which helps people find the best Krups coffee machine information they are looking when doing home furnishing.

August 23, 2010

Self Esteem Is Not A Test

Filed under: self certified mortgage — Tags: — 20100603 @ 12:52 am

“This life is a test. It is only a test. If this had been a real life, you would have received further instructions on what to do and how to do it.”

Ever heard those words? When you first read them, it’s almost a relief. “Whew! It’s just a test.”

But when you look deeper, you ask: “Well what, exactly, is being tested?”

Then you conclude: “Me. I am being tested.”

Well, what about me is being tested?

Here’s where it gets interesting. Cause when you strip away the veneer, it all boils down to:

Am I loveable?

Am I enough?

Am I worthy?

Am I deserving?

So if your loveability is being tested, then who is doing the judging? Who grades the test? If you’re grading yourself, then there’s no need for a test. Rather, it can be a self-assessment.

That’s called self-esteem. Self-esteem is the estimate you make of yourself. And you’re already assessing yourself every minute of every day.

It’s the definition of self-esteem. But self-esteem is not a test.

No. If life is a test, then by definition it must be graded by another. It could be your friends, your lover, your family, your church, your job, your co-workers, your paycheck, your car, your house… any number of things or people.

Bottom line: it’s an Outside Authority who’s grading you.

Some would say God is doing the testing. My own conclusion is that God is doing the giving, not the testing. Either way, I see God as Supreme Authority, not Outside Authority. Huge difference.

Cause I can work WITH Supreme Authority. It brings me closer to myself. While any outside authority only separates me from myself.

If you’re holding the concept of life as a test; then you’re also holding the concept of an Outside Authority. Someone other than you is making the judgment or the assessment of whether or not you pass or fail. That’s called victimhood.

There’s an epidemic of victimhood in our world today. Seems to be getting worse. And victimhood always leads to pain.

Another problem with the ‘test’ concept is that it robs you of your power. You must give your power away to this Outside Authority. Since an outside authority doesn’t really exist, you have to keep giving more and more power to more and more people and things.

“Will you take my power and use it for good?”

Meaning; will you validate me? Will you conclude I’m loveable?

Which is impossible. If we get caught in the trap of seeking outside validation from an outside authority – it’s like a downward spiral to more victimhood and less power. It makes us more and more resentful. More bitter. More blaming. More separate from ourselves and from the world around us. Which leads to more pain.

What’s the solution?

Realize it’s not possible for anyone else to conclude whether you’re enough or whether you’re loveable. Or deserving. Or worthy.

The question itself is a lie. It’s not possible to be unlovable. It’s not possible to be unworthy. No matter how much we pretend otherwise.

You were created. By a Creator. You are loved. End of story. When you really, really get it – that you are loved by the One Who created you – you’ll no longer wonder if you’re enough. You’ll no longer worry about passing a test. That’s been my experience.

There’s no greater feeling on this earth than to know I measure up. And that it was never a question of measuring up in the first place! I thought I had to pass some sort of unspoken test, but those thoughts were really just keeping me from feeling the love.

Otherwise, it’s like hiding underground and saying the sun doesn’t shine for me.

The sun shines for all. The sun is always shining. Everyone can bask in the sun.

Also – return to the foundation of self-esteem. Which is: I assess myself. I am the only one who determines my level of esteem. I decide. I assess.

I assess my honesty. My integrity. My level of conscious responsibility. My level of trust. That’s the foundation of self-esteem.

The whole notion that ‘life is a test’ is a fraud. It’s a trick designed to rob you of your power. As you fruitlessly plead with the world:

“Please, please, please, Mrs. Teacher – give me a passing grade. My parents will kill me if I don’t pass this life.”

You could just as easily conclude – “Life is a gift. I am already loved 100%. The fact that I’m alive proves it. Now, let me be honest enough – and responsible enough – to dismantle the lie I’ve bought into.”

When you stand on THAT foundation, things automatically start looking up.

Do I have the courage to earn my self-esteem? Or will I hide in a lie? I get to decide.

That’s the greatest gift of all.

Mark Ivar Myhre, The Emotional Healing Wizard, offers a FREE E-Book on the secrets of emotional healing: The Emotional Healing Quick Start Guide. To download YOUR copy, go to ==> http://www.emotional-healing-guide.com No registration or obligation required!

August 21, 2010

Is Your Home LEED Certified?

Filed under: self certified mortgage — Tags: — 20100603 @ 1:12 am

If you have ever been involved in the construction or sale of homes in the past few years, you may have heard about LEED (Leadership in Energy and Environmental Design) certification. This voluntary Green Building Rating System(TM) promotes the global adoption of sustainable green building and development practices. It is used widely in both commercial and high-end residential construction.

But in recent months, the use of LEED criteria has been increasing at all levels of development as contractors pursue the reputation of being an environmentally conscious corporation. In 2008, the LEED for Homes (LEED-H) rating system was introduced, creating homes that are energy efficient, as well as being more durable. By using less water and natural resources, these homes actually help the owners save money.

When builders adhere to using products approved for the Indoor Environment Quality standard, an important factor in LEED certification, homeowners receive significant health benefits. When contractors use low or non-VOC paints and adhesives, install laminate flooring instead of carpet, and incorporate an effective air exchange or ventilation system – all requirements in LEED construction and design – families can literally breathe easier.

Another money-saving benefit of living in a LEED-certified house is the increased use of solar power. Homeowners are able to generate their own energy and enjoy a significant decrease the monthly cost of utilities.

As consumers become more aware of how LEED features can increase their quality of living, they are more likely to ask their real estate agent for homes that have this accreditation.

So how do people know that home is LEED certified? Is there more than one way to attain this rating?

Buildings can be LEED Certified at Silver, Gold, or Platinum levels based on a point system. Performance ratings in eight categories determine the level of endorsement including: Indoor Environment Quality, Energy Efficiency, Water Efficiency, Site Selection, Site Development, Materials Selection, Residents’ Awareness and Innovation.

The LEED for Homes certification system has been designed for the construction of affordable, new single family or low-rise multi-family homes, including condos and garden apartments. If older homes are undergoing extensive renovations, the construction process for these projects is also eligible for LEED certification rating.

A new level of pride of ownership has set in as the public becomes more aware of the benefits of living in a LEED-certified home. These homeowners know that they are doing their part for the environment, and often saving money at the same time.

For information about Calgary Real Estate listings, visit JoeSamson.com. The site is an excellent resource for searching Taradale homes for sale in Calgary.

August 19, 2010

When to Consider a Home Equity Loan

Filed under: self certified mortgage — Tags: , — 20100603 @ 11:51 pm

What is a home equity loan? A home equity loan is where you borrow money using the equity in your home as the collateral. Many people use home equity loans for refinancing their home, their kids’ college tuition or unexpected medical bills. Be aware that using a home equity loan will reduce the actual equity of your home.

Your home equity is the value of your property. Your home value will increase as you pay your mortgage or do home improvements that benefit the value of your home.

Collateral is property that you use as a guarantee that you will repay the money. If you do not pay this is where your collateral comes into play. The lender can use your collateral to obtain the money you owe. Using your home as collateral is risky if you do not know one hundred percent that you can pay the loan back because you will lose your home if not.

A home equity loan is like a second mortgage some might say. You can use this money to improve your home furthering its value or pay for other expenses you might have. In order to get this type of loan you will probably have to have great credit history. It is even possible to have your loan interest deducted from your income taxes.

There are two types of home equity loans; closed and open end. Closed end loans means you will receive one lump sum when the loan is closed and will not have the option of borrowing more. The lenders will base the amount you can borrow on things like your credit history, the appraised value of your collateral and your income.

Closed end loans usually have rates that are fixed for up to fifteen years. You can also refinance this type of loan if needed. You want to try and always pay the minimum amount if not more every month.

Open end home equity loans are sometimes called a line of credit. This means you can decide when you want to borrow and how often against the equity of your property. The lender will still set a limit to your credit line. You might be able to borrow up to one hundred percent of the value of your home, however some states are only allowed to loan up to eighty percent of the value.

There are certain loan fees you should be aware of that may apply as well, depending on the laws in your state. These include title fees, stamp duties, closing fees, appraisal fees, originator fees, and surveyor fees.

While you may have to pay all these fees, if you do your research before obtaining this type of loan, you will know if it is worth it. You don’t want to chance losing money or value on your home.

If you are uncertain if a home equity loan is right for you, speak to your financial consultant. Discuss all your concerns and questions so you can both decide what is best for your situation.

For more insights and further information about a Home Equity Loan and to get a free no-obligation loan quote, please visit our web site at http://www.personalloantips.com/home_equity_loans.php

August 12, 2010

Equity Management – Put Your Equity to Work For You!

Filed under: self certified mortgage — Tags: , — 20100603 @ 5:27 pm

Mortgage planners are a sub-set of financial planners and one area of guidance they offer is “Equity Management”.  Equity in a property makes no interest.  It may often be better utilized to re-strategize your overall financial portfolio and this article will discuss the various opportunities you may have.

For purposes of this article we shall assume you are a homeowner and we are discussing the equity in your primary residence, the home in which you live.  Although these principles do apply equally well to investment property and even commercial real estate portfolios with the exception of the income tax deductibility of mortgage interest.

The Internal Revenue Service does permit you to deduct from your income the payment of all interest on any mortgage(s) against your primary residence as well as your second home.  There are some limitations, consult your tax advisor.

Couple this interest deductibility with the fact that interest on a home loan is usually substantially less than interest on consumer debt such as credit cards, unsecured loans, auto and student loans, etc., and there is an apparent opportunity to save a lot of money and maximize your mortgage interest tax deduction.

This area is known to mortgage and financial planners as debt consolidation or repositioning.  Essentially, the unused equity in your home is drawn out in a loan and used to pay down/pay off the higher-interest (and non tax-deductible interest) consumer debts.  Yes, you will then have an additional loan against your home.  But the interest rate will be lower than what you were paying the credit cards companies.  And now the interest you do pay can be deducted from your income taxes as mortgage interest.  It is a simple prospect:  you had, for example, $20,000 in credit card debt at 18%.  Your minimum monthly payment on a 24-month revolving charge card would have been about $1,000 per month.  You take out a 15 year second mortgage at 7% and now the monthly payment is $180.  And you can now deduct the interest on that second mortgage off your taxes!  Plus you just put over $800 per month back in your pocket, and that money can now be put to work in an asset accumulation vehicle  such as stocks, bonds, collectibles, your retirement accounts, college tuition for your children, or used to more rapidly pay down your mortgages.  True, your term for the credit card debt is now 15 years not 24.  But you can choose to pay off the loan early with the savings.

Your tax advisor and financial planner can run the numbers for you and tell you if you would be better off to pay off this new mortgage quickly or use the money you freed up for other investments or retirement planning.  Everyone’s situation is unique.

Sometimes several birds can be altered with one stone:

Case study:  I had a client who was a doctor and ran a great practice.  Her accountant had done a good job of minimizing her taxes by minimizing the amount of income she “showed.”  Too good, it turned out.  She came to me to refinance her home and take some cash out to pay some debts.  Unfortunately when I initially ran the numbers, her income she “showed” to the IRS was the same income tax returns I had to show lenders to prove her self-employed income and it was insufficient for the amount of debt she was carrying.  her “debt-to-income ratio” or DTI was unacceptably high.  It looked, on paper, like she was maxed out every month to pay her bills, when in reality she had plenty of money.  But she did have some high-interest balances on her credit cards she should get paid off.  And she wanted to start a retirement fund for herself and a college fund for her daughter.

I ended up having to work with her accountant to re-file her last year’s tax return as an amended return to show more income.  She had to pay some additional taxes, yes.  But she got the loan she wanted, refinanced  3 interest rate points lower, saved about $700 a month in mortgage payments, pulled out enough cash to pay off those credit cards and saved another $800 a month in credit card interest, increased her mortgage interest tax deduction for next year, and got her retirement plan and college tuition plan for her daughter set up.

It took months and at the end of it she not only was a mortgage client for life, and refers me to everyone she knows, but has become a financial planning client for a good friend of mine, and I get referrals from him for sending her his way.  Everybody won!

She is a great case study because she is a compound example of a few different reasons people want to use their equity-or should want to, anyhow:  pay off higher-interest non-deductible consumer debt; fund college tuition; fund retirement account; and refinance for a lower interest rate and reduce payments; and then utilize at least some of the savings to accelerate mortgage payoff!

And the fact that I had to work closely with her CPA and also get her hooked up with a financial planner for future years is a classic example of how a Certified Mortgage Planner works as a member of a team with a client’s other financial advisors to optimize the client’s financial picture and move them towards financial goal achievement!  Other team members I have obtained for a client, or worked with for a client, include insurance agents, attorneys and stock brokers/investment advisors and trust fund trustees.

Every time I do this the client becomes stronger and I become stronger by adding to my network of professionals I can call into play to help my clients.

I conduct an annual review of their equity position with each of my clients in addition to emailing them quarterly reports and interest rate alerts.

James Hussher is a Certified Mortgage Planner and licensed in all 50 states. Please visit James at http://ezmortgages123.com for all of your residential and commercial mortgage needs. Apply online, check current offered rates and loan programs and more! Many free articles and educational resources may be accessed at [http://swifthussherrealestate.com] which James also runs!

August 11, 2010

Building an Authentic Coaching Practice

Filed under: self certified mortgage — Tags: , , , — 20100603 @ 2:16 pm

As I contemplate how to best build my coach/training practice, many ideas are running through my head. Of course, I want to be successful, but success looks different to each of us. Some of us are looking to make a living as a full time life coach, and some of us, me included, are hoping to simply feed some need within ourselves and the income is not quite as important to us. So consider this, what is the best way to pursue building our practices if we all have different motivations and goals for outcome? How can we be true to ourselves and still obtain our own version of success?

Spend some time creating your practice on paper. We have learned some of these techniques in our studies. Who is the client you are looking to attract? What are your available hours to be? How will you price your services? Really get into the small details until you are able to visualize every aspect of your practice up and running. Bring this visualization into view as often as possible to keep you on track.

Think about who you can best serve as a coach. Have you been through a tough divorce and come out the other side better off? Maybe you should deal with divorce recovery. Being able to empathize is a very strong tool for a coach to possess. Our lessons in life create who we are and should definitely lead us in choosing who we want to coach.

Do not be afraid to be completely you. As Coach Mackenzie tells us all the time, you must live authentically. I have listened to other coaches discussing what they should and should not share with potential clients. The way I see it, every part of you is beautiful and will attract certain people. The ones that might be uncomfortable with say, your spiritual belief, should probably not see you anyway. Realistically, how can such an important part of who you are not effect how you coach? So I say, lay it all out and be proud of who you are and the right clients will seek you out.

Keep your expectations realistic. Now please understand, I don’t mean limiting your ability to create abundance, just try to be patient. Abundance does not work on a timeline as we do. We have to survive in the real world as well. Don’t quit your full time job in anticipation of picking up 50 new clients by next mortgage payment due date.

In summary, plan, visualize, live authentically and be realistic, these habits will pay off in time with a successful, financially stable coaching practice.

Denise Marie King- MCC
Emergence Life Solutions
emergencelifesolutions.com

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