Bonnie Clark

Branding yourself is so important. We only have one chance at a first impression. It bugs me like crazy when I see pictures of a listing that are so dark I can't see the room. Don't you agree that shows a sloppy agent that doesn't care enough to get it done right? How about when you get a business card and when you meet the person you realize their picture on the business card must be 15 years old?

If you are local to the Temecula area I highly recommend a woman named Su for your professional pictures. She has been doing real estate and mortgage professionals for many years. She is expert at what she does and charges way less than anyone half as good. And she is too shy to promote herself.

Many agents will be getting new cards due to recent requirement changes. So if you plan to put your picture on your business card and brand yourself, her name is Su and she can be reached at 951-907-4441.

Tell her Bonnie Clark sent you. I know you will be happy with her work.

The Inland Valley Business and Community Foundation non-profit organization will present a Family Spring Expo on Saturday, April 25, 2009 at Chaparral High School. This great business and community event will open to the public 10:00 a.m. and will end at 3:00 pm. Chaparral High School is located at 27215 Nicolas Road in Temecula, California.

This event is open to the general public and ADMISSION IS FREE! There will be lots of FREE give-a-ways and free entertainment too.

Local Businesses will gather to showcase their products and services in an open air setting that is expected to generate excitement and support for local business-to-business networking, community service, and charitable work.

As a community service this event is being sponsored by the Chaparral Education Foundation and a portion of the proceeds will directly benefit this wonderful foundation while supporting local businesses.

Exhibitors can expect a great setting to showcase their products and services and the public will enjoy a wonderful time with family and friends, great food, child friendly entertainment and attractions, prices and giveaways!

Meet some of the Temecula Police Department who will be handing out finger printing kits to families and welcoming questions. The Temecula Fire Department will have safety videos and displays to educate children and adults alike. Festival style food vendors will be on hand with a variety of food choices available for purchase.

So spread the word and come enjoy this FREE family event and meet and support your local businesses and service providers.

Visit http://www.ivbcf.com for more information.

It is very exciting to many people that interest rates dropped below 5 percent for the first time in a few years. IF people have enough equity in their home many are rushing to see if they qualify to get in on this window of opportunity to refinance. Let's get a few points out in the open so people can make an educated decision and determine if this well worn path is the best road to travel.

Let's take a hypothetical $200,000 mortgage at a current interest rate of 5.875%. Jane and Joe Plumber have had this loan for 4 years. They pay $1183.08 in principal and interest on this mortgage. When they got the loan they contracted according to the Truth in Lending Disclosure Statement they signed to pay $425,904 over the next 30 years in total payments on that $200,000.

But hey, things are great here in 2009 and today they can get a 4.875% interest rate. They get a Good Faith Estimate and are pleased that they live in a state where with just 1 origination point and closing costs that they will roll into the loan (doesn't everybody?) the grand total only comes to an additional $4,000. Since they have made payments of for 48 months (56,787.84) they are now paying a whopping 256.53 of the 1183.08 payment toward principal. Their $200,000 original balance is now down to $188,996.

They have spent $56,787.84 (to the lender) and only $11,004 has gone toward reducing the principal and building equity for them. Who is getting the better deal here?

But let's roll the $4000 onto the loan and round the new loan amount to $192,000. Let's ignore the fact it took them 35 ½ months of making that $1183.08 payment month after month to get down to a $192,000 balance (41,999 dollars spent). With a new 30 year loan of $192,000 at 4.875% their new payment will be $1016.08 which a savings of $167 a month. Sounds good, right?

This is a habit we are comfortable with. A savings of $167 a month is worth it in many homeowners minds. It is costing nothing really, at least not out of pocket, except for maybe a $400 appraisal fee.

Let's look at some facts. They can't recoup the $56,787.84 they already paid on the last loan. Though their payment is $167 lower than the last one they are adding 48 additional payments of $1016.08 = $48,771.84.

The new TIL disclosure now shows the new total of payments they are contracting to at $388,652.77 rather than the original $425,904 for a savings of $37,251.23. $56,787 has already been spent and now they are committing to pay an additional $48,771.84 to save $37,251.23. Who loses?

I know this is what we are used to doing but would someone please show me where there was any real savings? Am I alone in seeing this as great for the banks to make money and a scam on the consumer? Quite an expensive proposition as I see it.

And we all know that the 4.875% rate is only 4.875 IF they keep that same loan for the full 30 year term, right? If they only keep it 3-5 years (again the habit) the true interest rate is much, much higher. Just don't get me started.

Yes, there is a way to break this cycle. Yes, it takes a paradym shift in the the way we look at loans but if there is a better way, when would you want to know about it? Visit www.dynamicpayoff.com for more information or contact me at bonnie@dynamicpayoff.com

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Bonnie Clark