Four Ways To Save On A Mortgage

With more individuals, families and businesses moving to Houston, it’s no surprise that the real estate market has boomed in recent years. However, the market can be fickle and unforeseen circumstances arise that sometimes make it hard for mortgages to be paid. The following four tips can help individuals and families save on a mortgage.

1. Add an extra annual payment:
   By adding an extra payment to the principal balance of the loan, it helps to reduce the total amount owed quicker. If done regularly, this can shave years off the loan and reduce the amount spent in interest charges. However, this doesn’t mean a payment can be skipped.
2. Modify the existing loan:
   If all mortgage payments have been made on time and are consistent, there is a possibility of a loan modification. Usually, a bank will contact the individual paying the loan with a potential loan modification, but there are also ways to pro-actively seek one. Contact the bank that oversees the loan and inquire about modification options. Be sure to ask if that particular bank still owns the mortgage loan. If they don’t they can’t modify the loan. Inform the bank (owner) of the loan of any financial hardships (if any). Assemble any financial documents the bank may need from you – including two pay stubs, latest W2, K-1s and any investment assets. If a bank puts off the request, don’t stop contacting them.
3. Set-up a bi-weekly payment plan:
   Many lenders won’t accept partial payments, so instead, have half of the payment automatically transferred in a savings account every two weeks. At the end of the month, have the money transferred to the lender. At the end of the year, 13 payments would have been made instead of 12.
4. Refinance to a lower interest rate:
   There are many reasons why a loan may be refinanced, so be sure to calculate all payments and potential savings before making this decision. A lower monthly payment comes with a higher interest rate, resulting in more spent. If an individual is planning to sell their home in a few years, it may not be worth refinancing. Getting a lower interest rate may not be the best decision for individuals well into paying back a mortgage because it will add more time for the payoff, but individuals who aren’t that far won’t see much of a change. 

These are just a few ways to save on your mortgage. Be sure to ask questions and not accept the first loan that comes along. Understanding the details of a major decision like this can make the difference between saving money and losing money.

2014 Mortgage Mastermind in Houston, Texas

Dear Friends, 

One of my resolutions is to coordinate a Mortgage Mastermind group in 2014.  

WHAT:

The intention and agenda for the Mortgage Mastermind is to build peer-to-peer learning and collaboration.  

WHEN:

The meetings are scheduled for the 3rd Friday morning of the month at the Black Walnut on Memorial and Asbury (5512 Memorial Drive) from 7am until approximately 8am.   THIS FRIDAY MARCH 21st @ 7AM.  

ATTENDEES:

Principals, executives, and managers of mortgage banking and mortgage brokerage enterprises.  

The next meeting will be this Friday at 7am and will continue from there. 

Please provide any insights you believe will help move this forward and please invite others.  

Wishing you and your organization the very best in 2014.  

Respectfully,

Steven 

Debt Engineering at the RICH Club! | Steven Kaufman of Zeus Mortgage speaks to Real Estate Investors on Debt Structuring

RICH Club Presents:The Main Event and Trade ShowRICH Conference Center4220 Lockfield St.Houston, TX 77092

Keynote Speaker: Steven Kaufman, CPA, MsEDE
Topic: "Debt Engineering"  

My Secret Tricks for Startling Easy Proven Guaranteed Results for
Engineering Debt so it Builds Wealth vs. Consume It.

Most people would want to know right away if what they thought they knew about money was wrong.  Today it’s more important than ever to manage and accumulate your assets the right way.  Earl Nightingale said “All the money you are ever going to have is currently in the hands of someone else.”  What if this is only partly true, and you just don’t know how to capture the hidden fortune you already control.  Steven will share his philosophy on equity management and how it translates to all investments.  He will teach you how your home can be used to provide you immediate monthly income while paying for your retirement.  He will show you 3 Huge Investor Mistakes and how to avoid them.   Most people can’t wait 6 months to see results, so Steven’s strategies create immediate awareness that allow you to increase your net worth at your own pace. 

This is what you are GUARANTEED to learn:

• You will learn 3 Investment Principles you can use everyday.
• You will understand the biggest secret banks don’t want you to know and why."
• Discover how to avoid an Equity Rollover and why it’s so dangerous.
• Understand why equity in your home or investments will never be worth what you pay in (i.e., principal reduction).  
• You will understand the difference between Opportunity Costs versus Employment Costs and why you are always paying one or the other… whether you know it or not.  
• Learn why Oprah, The Donald, and Britney don’t… so why should you? 

www.richclub.org  

There's a Salary/Wages Theme Here - How to earn more money?

This is a simply brilliant context for earning more wages! -Kaufman

How to Name your Child after your Profession!

How to Name your Child after your Profession! 

§  Lawyer's daughter:----------------------------Sue 

§  Thief's son:-------------------------------------Rob 

§  Lawyer's son:----------------------------------Will 

§  Doctor 's son:----------------------------------Bill 

§  Meteorologist's daughter:-------------------Haley 

§  Steam shovel operator's son:---------------Doug 

§  Hair Stylist's son:-----------------------------Bob 

§  Homeopathic doctor's son:--------------------Herb 

§  Justice of the peace's daughter:---------------Mary 

§  Sound stage technician's son:-----------------Mike 

§  Hot-dog vendor's son:--------------------------Frank 

§  Gambler's daughter:-----------------------------Bette 

§  Exercise guru's son:-----------------------------Jim 

§  Cattle Thief's son:-------------------------------Russell 

§  Painter's son:-------------------------------------Art 

§  Iron worker's son:-------------------------------Rusty 

§  TV show star's daughter:----------------------Emmy 

§  Movie star's son:--------------------------------Oscar

§  Barber's son:-------------------------------------Harry

Coach's daughter: ........Destiny
Realtor's son: .......Earnest
Electrical engineer's son: ......Kip
Structural engineer's nickname: ....Stud
Technical Engineer's son ..... Chip
Geneticist's son ...Gene
Lumberjack's son:..... Woody or chip
Real estate investor's son:.... flip


AND THE BEST FOR LAST!

§  Mortgage Professional’s boy dog:----------Zeus

§  Mortgage Professional’s boy cat:-----------Doc

§  Mortgage Professional’s fish:----------------HUD

§  Mortgage professional’s son:----------------Freddie

§  Mortgage Professional’s daughter:---------Fannie

§  Mortgage Professional’s 2^nd daughter:----Ginnie

How to make 1900% on your money in real estate?

How to make 1900% on your money in real estate?

Get a cost segregation study on your commercial property in Houston, Texas or anywhere the IRS has jurisdiction.

You can write off the value of the building.

You can write off the value of the disposed assets that were included in the original purchase price of the building.

You can write off the actual value of any improvements based on the engineers estimate of the life of the asset.

In short, you're missing out on depreciation that the IRS and wealthy commercial investors are doing that we are not.

Most people will poo-poo the upfront investment for the cost segregation study but that's only because they don't have a grasp of the savings.  You invest 10k and get 70k in tax savings the first year and about 155k over the next 4 years.

I know, I know, the 10k isn't something most investors will pay and these can run much more expensive, but its tax savings for investors who prefer to save or invest their money versus paying it their uncle (Sam).

Great luck!

Steven

The Baldest Guy in Houston

(For more information about Cost Segregation Services then call Dave Smith at 512-876-3650)

Careful What You Ask For!

A strapping young man is picking up a nice looking cougar at the bar. As she explains all her wild sexual experiences he can't resist in asking how old she is. She hesitantly says, "I'm only 62". The man was impressed by her good looks and wild past. He promptly asked, "since you're so wild, have you ever had any mother-daughter relationships" (wink-wink)... Knowing her daughter must be more beautiful and sexy then she was, they quickly closed the bar tab and headed to her place. With him full of anticipation, and just behind her, she opened the front door of her apartment and shouted "MOM, are you home".

The Baldest Guy in Houston - Gangnam Style!!!

The Fanatical Change Foundation and Zeus Mortgage

Zeus Mortgage is proud to be a sponsor of The Fanatical Change Foundation.

I sit at the current President of Fanatical Change and it's been such an amazing organization to work with. The people who volunteer are very generous and the work we do for families that truly need it is amazing.

Check out Fox News clip from my interview today:
http://www.myfoxhouston.com/beads-for-deeds-fanatical-change

Our next event is this Thursday at the House of Blues at 6p to 10p. Check out www.fanaticalchange.org for more details.

Keep the change!

Steven
Zeus Mortgage

"The Baldest Guy in Houston"

Zeus Mortgage reviews complaints

Helping Seniors With their Home (Real Estate)

“Helping our Older Generation” - A topic provided to me by Greer Boyce with Fox News.

How do you help the senior in your life who owns real estate?

This topic is something I like to call “Seniornomics”. The economic impact of many common financial decisions is very different for seniors than a majority of the population.

Here are some of my key thoughts:

First, determine the current situation (e.g., is there an outstanding mortgage, can they afford it, do they need additional income)

Second, determine the best case scenario for the future (e.g., the home is out of the parents name for estate tax purposes, cash in the home is used to care for them as they age)

Third, bridge the gap between where you are today and where you want to be in the future by making AND executing plans. This always beats acting in reaction to some triggering event that will likely be filled with lots of emotion.

Some key questions that will determine how you proceed are:

o Is there a potential estate tax issue? (the current exemption amount is 3.5M)
o Will your parent possibly move back into the home?
o Can your parent pay for the assisted living and the home with their current income?
o Are there multiple children involved? (this often creates conflict so its best to workout a plan of action now versus waiting until emotions are very hot)

Reverse Mortgages Hyperbole. Reverse Mortgage are often seen as the “easy” answer to many senior’s financial problems. The most important fact about Reverse Mortgages is that they were designed as a “last resort” for seniors who had troubled credit or income issues that traditional alternatives could not overcome. It’s often the “first resort” many misinformed families take and the risks are serious, expensive, and difficult to reverse.

Below is a video of this presenatation for the local Fox affiliate. Zeus Mortgage Complaints & Reviews (Yahoo)(Google)

Zeus Mortgage Overcomes Recession Odds!

For Immediate Release

Zeus Mortgage Overcomes Recession Odds,

Secures Impressive Spot in Annual

“2009 Inc. 5000 List”

.

Inc. Magazine names Zeus Mortgage one of the fastest growing privately-held companies in the United States in the reputable publication’s annual ranking list

.

Houston, TX. – Sept. 10, 2009 – Zeus Mortgage, a leading mortgage lender, today announced it has secured the ranking of 848th in the “2009 Inc. 5000” list, Inc. Magazine’s annual list of the 5,000 fastest growing privately held businesses in America. Zeus Mortgage also secured an impressive ranking as the 37th fastest growing privately held financial service firms in the United States in the reputable publication’s annual ranking list. The “2009 Inc. 5000” list can be found in the September 2009 issue of Inc. Magazine.  www.zeusmortgageblog.com

In the greatest recession since the depression, this mortgage company seems to be defying the odds. With national lenders such as Bank of America, Lending Tree and Wells Fargo all suffering catastrophic losses, this independent lender offers what homeowners are looking for.

“To be included in Inc. Magazine’s annual list of the fastest growing companies is not only an honor, but a reminder of what we set out to achieve when we first established our company,” stated Steven Kaufman, president, Zeus Mortgage. “We aren’t selling magic mortgages. We truly understand that each mortgage is significant in the lives of our customers. We’re helping families achieve the American dream of owning a home, saving for college and retirement, provide housing for their aging parents, and getting out of debt by refinancing. It’s more than just a mortgage for our customers, and we truly get that.” http://www.zeusmortgage.com

Additional information about the “2009 Inc. 5000” list can be found at Inc.com. More information about Zeus Mortgage can be found directly at AskZeus.com.

About Zeus Mortgage
Zeus Mortgage was founded in 2004, and is the leading mortgage lender in the United States. The company does not use a “one-size fits all” approach, but rather is committed to excellence in providing the right loan at the right time at the right price for its customers. Zeus offers every customer a “Free Instant Decision” on their home loan which gives their customers the information they need to make timely financing decisions. For more information about Zeus Mortgage please visit their Web site at http://www.askzeus.com/.

###

Zeus Mortgage Complaints and Reviews

Free Money!

What is the difference between the $7,500 and $8,000 Tax Credit?

In an effort to decrease the inventory of homes for sale in the United States, Congress passed legislation in July 2008 to provide first-time home buyers a $7,500 tax credit (which is more like an incentive versus a credit) if you purchased a home between April 9th, 2008 and before January 1st, 2009. Then, to really make things interesting, in February 2009 they passed the American Recovery and Reinvestment Act which provided a true $8,000 credit for first-time home buyers who purchase a home between January 1st, 2009 and December 1st, 2009. That’s right… it says December 1st and not December 31st. There is no published information as to why the credit ended on the first of the month versus the end.

There is plenty of confusion as to who can use the credit, whether it has to be repaid, and how it’s collected. Here is chart that separates the key differences between the two credits.

Figure 1:

$8,000 $7,500

Required to be Repaid: No Yes

Term of Repayment: N/A 15 years

Interest Rate: N/A 0

When Repayment Begins: N/A 2010

Purchase Date to Qualify: 01/01/09 - 12/01/09 04/09/08 - 01/01/09

Tax Return to Claim the Credit: 2008 or 2009 2008

Income Limits to Qualify: Single: Up to 95k Single: Up to 95k
Married: Up to $170k Married: Up to $170k

Maximum Credit Calculation: 10% of Sales Price 10% of Sales Price
Up to $8,000 Up to $7,500

Property Types that Quality: New, Resale, Construction, New, Resale, Construction,
Townhomes, Condos, Townhomes, Condos,
Manufactured, Houseboats, Manufactured, Houseboats,
Mobile Homes Mobile Homes

IRS Form Used for Credit: Form 5405 Form 5405

Financing Restrictions: None Mortgage Bonds Ineligible

While this chart lays out the key differences between the two different credits, there are other key points that need to be addressed. If you’re purchasing a newly constructed house from a home builder then the purchase date will be determined by the settlement date and having this occur before December 1st, 2009 will be key to eligibility for this tax credit. In order to receive the maximum tax credit then your income must be below $75,000 for individuals and $150,000 if married.

The Baldest Guy In Houston

Zeus Mortgage Complaints and Reviewes

Your Closings Will Be Delayed!

New Rules Require at Least a 7 Day Delay before Closing… and Maybe 10

Federal Reserve Chairman Ben Bernanke recently stated “It is often said that a home is a family’s most important asset, and it is the Federal Reserve’s responsibility to see that borrowers receive the information they need to protect that asset.” On July 30th, 2009 new Truth in Lending Act requirements, otherwise known as Regulation Z, became effective.

The biggest impact of the new guidelines is that consumers will be required to receive a 7 business day delay as a cooling off period before they close on transactions after July 30th. There are a few other provisions that are worth noting (see Figure 1), but this is significant because typically mortgage lenders and banks could, if necessary, close a home loan within a few days or even hours. The 7 days is calculated from the date the Initial Disclosures are personally given or mailed to the consumer. It doesn’t depend upon receipt.

As you know, a consumer must receive a Good Faith Estimate (GFE) and Truth in Lending (TIL) Disclosure within 3 business days of a completed application. This provision will remain the same. What is new is the 3 day requirement when there are any changes to the initial Truth in Lending Disclosure. If the Annual Percentage Rate (APR) increases by more than 0.125% from the previously disclosed APR, then a new Truth in Lending Disclosure (TIL) must be provided to the consumer AND the loan cannot close until 3 business days after the re-disclosure is received (with acknowledgment of receipt) by the consumer. In short, if the APR on a loan changes then the consumer can’t close on that loan until they’ve had an additional 3 day delay. According to Calvin C. Mann, a Partner with Black, Mann & Graham, L.L.P., you can expect this delay on most transactions which will put the total waiting period at 10 business days. Incidentally, business days include all days except Sundays and federal holidays.

The only other major point regarding these new provisions is that no upfront fees, other than reasonable credit report fees, can be charged to a consumer until after they’ve received the Initial Disclosures which is expected to reduce the amount of “bait-and-switch” type loans previously offered.

Here is a chart that I think will help and can be used for quick reference.

Figure 1:

Initial Disclosures
3 days from application
This requirement is currently in place

Cooling Off Period
7 day waiting period
Starts after the initial disclosures before the loan can close are sent to the consumer

Changes to the APR
3 day waiting period
The consumer must acknowledge before the loan can close receipt or add 3 more days

This may not be all that bad. With HVCC time delays running havoc on many transactions this new 7 day cooling off period and 3 day APR delay could allow buyers to work with less mortgage distractions during the contract Option Period and allow time for the appraisals to come back. Of course, consumers who purchase with cash, purchase commercial properties or use certain hard money loans may be exempt from this. This isn’t the end of the changes and it’s expected that additional changes will be here in the coming months. Stay tuned…s

The Baldest Guy In Houston

Zeus Mortgage Complaints. Zeus Mortgage Reviews

Enterprise Champion Award

So, Houston Business Journal says we made the "Houston Fast 100", but appearently we've also become a finalist in the "Enterprise Champion Award" which is based on community involvment. We have a live interview Thursday with 6 judges so wish us luck. This is probably because of our work with the Park to Park Fun Run and Fanatical Change. Check out details of the next Fanatical Change event at www.fanaticalchange.org.

The Baldest Guy In Houston and Zeus Mortgage Complaints and Reviews

Extra! Extra! - READ ALL ABOUT IT

The Houston Business Journal just named Zeus Mortgage to the "Houston Fast 100" list which are the fastest growing companies in the city. Our official ranking will be announced at the awards luncheon on September 11. Stay tuned for our offical ranking and other details. Thank you to our friends and Customers for making this possible. All my best!

Houston Mortgage Zeus Complaints Reviews

The Baldest Guy in Houston