- Item 1...
- Desired Color Scheme
Please make use of logo and application design color schemes, not using more than three colors
• Easy - we want our service to be seen as easy and simplistic as possible Ease-of-use is an overriding topic in our communication policy. The website needs to reflect that: easy to navigate, easy to read, and easy to recognize
• Serious – we are not a consumer brand and while we want to look fresh and modern, the website should be not too playful or even funny
• We want to stick to the style that seems to have established itself for enterprise 2.0 apps and especially like the following sites:
o http://www.apple.com/macpro/technol…essor.html - I really like the way the headline and text and spacing is laid out. It seems easy free flowing an very trustworthy
o http://www.planhq.com/ - What I like about this is the Green background at the top of the page and white below this.
o Top level navigation menu for the site that we see these going on the top as tabs: see ww.eqxl.com we like those menus to stay the way they are- right on top only
o Bottom navigation tabs at the very end should stay as well
o Everything else is the site can be removed or redesigned
o Below the tabs there should be the main area of the page (like in the sample sites that we like – see above) with the headlines.
o Below the headlines we can either have columns of text or the way apple has laid out their par.
Imagery: screen shots of application or stock photography, all fine with us – but to be used if they are to enhance the message only. I would prefer very limited use of pictures.
O Please see the text belowt. Text must be laid out described above
Layered Photoshop (psd)
Basically set up so that my programmer can load the file
• Easy, serious, modern (see “description”)
• Has to fit with our logo (see above)
• Composition of site should match sample sites we reference (see above)
• Please name the font(s) you are using- The new page will contain the following content:Mortgage Interest…
The Great American Rip-Off
5 Ways You Can Get Swept Into Spending More of Your Paycheck on Mortgage Interest Without Even Realizing It
When it comes to your mortgage finances, there is no shortage of tasks to dread much less blow off. There is the mortgage bill, paying taxes, shelling out for insurance, paying that dreaded Private Mortgage Insurance, avoiding your mortgage brokers phone calls each time the rates drop, finding the paperwork when you are about to refinance, and the list can go on.
But what a lot of people do not realize is that ignoring your mortgage finances is even worse! You are now faced with debt, late fees, delayed retirement, unhappy kids who have to pay for their own college education, a miffed spouse, dreaded job as you are only in it to pay your mortgage and, again, the list can go on and on.
Starting to feel a little overwhelmed? There is no need to panic. You are certainly not alone and it is not your fault. What you are about to find out is that banks have strategically designed a system where you end up paying more of your paycheck in interest for longer! This results in getting you hooked into a long-term relationship where you are spending all the cash. Imagine that!
So what instances will cause you to spend more?
1. Refinancing or borrowing from your mortgage in a way that could land you in hot water with “Uncle Sam.” Taxes. Just when we think we understand it, the IRS changes the rules. Well, the rules have actually been there all along but how well do you know or understand them? While it is tempting to take a tax deduction for the mortgage interest on a refinanced loan, do not do it blindly! Let us assume you refinanced and used the money for purposes other than the improvement on your home. In certain cases, the IRS may classify this as ‘non-deductible interest’.
What does non-deductible interest mean? It is the IRS preventing you from getting a tax deduction on mortgage interest for refinanced loans in specific circumstances. In other words, if you refinanced, and used the money to buy a car, and it falls within certain rules you could be setting yourself up for a tax trap.
It is a tough position to be in and you could unknowingly end up paying more in taxes and penalties to dear Uncle Sam. In situations like this, we recommend talking to your tax advisor if you have refinanced your home or plan to borrow or refinance your mortgage in the current year.
The last thing you want to do is agonize over taxes and use you hard earned paycheck to fund costly mistakes. Take the steps now to protect yourself in the long run.
If you would like to find out more information, please click here and we will send you a newsletter on this specific topic conveniently into your email inbox.
2. Turning a Blind Eye to your mortgage and painfully adding extra years of interest payments
We all tend to turn a blind eye to the rusted corners in the bathroom drain -- where no one is likely to look.
The same goes for choosing the right mortgage while your existing one is leeching onto your paycheck. Have you turned a blind eye or relied solely on your broker when choosing your current mortgage?
How long do you expect to make your mortgage payments for?
Let us assume you have an Adjustable Rate Mortgage (ARM) or Interest Only Mortgage. If you have five years left on your ARM, how long is your mortgage payment?
Is your answer 5 years?
If it is, you have been tricked. This is what banks want you to believe.
The cold hard fact is that the ARM is now a 35 year mortgage. What are you going to do after the ARM expires? Hopefully you will take out a 30 year fixed mortgage. If not, then you could end up taking 40, 45 years or longer to pay of that mortgage!
This can result in thousands of dollars literally washed down the rusty drain.
Taking a look at your mortgage today can save you tens if not hundreds of thousands of dollars later on. Unclog your mortgage today and protect yourself.
Click here to go directly to our free mortgage calculator, which will reveal the secret to knocking off your mortgage early irrespective of the type of mortgage.
3. Unaware that you are hurting your “Credit Reputation”?
What you do not know may hurt you. The interest you pay on your mortgage is directly linked to your credit score. Were you aware of this? Most people are not!
What your banker or broker may never tell you is that if you pull up your credit application multiple times when you refinance or apply for a new mortgage, this will cost you thousands of dollars in interest.
Every time you make a credit request to a credit bureau, especially if it is multiple requests within a short period of time, your credit score drops.
The credit bureaus assumes that if there are multiple people accessing your account then you are shopping around for credit and this results in a drop in your score.
Do not let anyone talk you into believing that this is standard practice. You are paying interest on your mortgage for a long time and every extra digit added to your interest rate could make a huge dent in your paycheck.
The suggested strategy is to request your own credit score in advance of your refinance date and use your score to shop around for the best quote. This way you are planning ahead and can improve your credit score if necessary which will save you thousands of dollars in interest in the long run.
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4. Planning to move to a new home without building equity?
Are you planning to move in the next 5 years?
If you are like me, you would rather stuff as much cash into your own pocket rather than paying more towards your mortgage.
I always planned to take care of my mortgage later and hopefully start building equity at my ‘next home’ but deep down I always had this sinking feeling that “later” would never come.
Satisfying your desire for instant gratification can provide you with a little extra money now but a lifetime of mortgage payments… maybe 37 years, 47 years or perhaps even longer!
Even your advisors are likely to confirm what a bad idea it is to pay any mortgage principal especially if you plan to move to another home.
One key note to remember is that in the end, it is YOU and only YOU that is going to be paying your mortgage interest every month. Most people do not know that banks seldom reveal the power of the Home Equity Line of Credit (HELOC) account because they do not want people paying off their mortgages early. They disguise the fact that you can turn your HELOC account into a checking account, which will allow you to pay less interest. You could essentially use these extra interest savings to pay off your mortgage!
Still sound confusing? Click here for free chapter of our e-book and we will show you how to put back more money in your pocket in the first month and get you out of the rat race.
5. Your mortgage contract is cleverly set up to work against you
I know what you must be thinking. If I have a good mortgage and pay bills on time, why should I be worried?
Good question. Simple answer. The ways the bank charge you interest is sophisticated. You may not even realize you are paying more than you have to and this is not your fault.
Banks set up their system so that you end up spending more on your monthly mortgage repayment towards interest rather than principal in the preliminary years of your payment schedule. For example, if you have a $1,200 monthly repayment, it is not uncommon to spend $1,100 in interest and $100 in principal.
However, did you know you can and have the right to change the situation to your favor each month? You could end up spending $900 in interest and $300 to principal should you choose to with a little more applied towards your principal payment every other month. Do you notice the trend? Even an eagle-eye read-through of your bills each month will not catch this method. Therefore it is imperative that you take control of your finances, strap yourself in the driving seat and strategically stuff more money into your pocket instead of the bank.
If you want to learn more, please click on this link and we will send you a chapter of our e-book to get you started.
Staying on top of your mortgage finances can sometimes feel like a full-time job. And most of us already have a lot to deal with. In times like this, it is easy to get tempted by promises to find quick fix solutions that will help you take control of your situation. There are a lot of claims in the market that promise to pay off your mortgage in less than 10 years without spending more money. These are myths. Do not be fooled. Safeguard yourself and your money. Go directly to our “mortgage myth calculator” to find out what is really involved in paying off your mortgage.
If you are nervous about navigating new options and need more guidance, EquityExcel advisors are readily available to help you learn the ropes. Email us at email@example.com and we will work closely with you to address your needs. We also encourage you to sign up for our newsletter, where you can receive concrete, actionable advice that will measurably improve your mortgage financial well-being right away.