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Education

Personalized Mortgages in an Increasingly Digital World

October 11, 2021 By David Wolfe

As with most industries, the increased use of technology has changed many aspects of the mortgage origination experience.  When I first started in this business over 15 years ago, 90% of my interactions were in person and I computed my calculations/payments by hand.  

The trust and confidence developed between the borrower and lender during these face-to-face interactions.  Personally, a good portion of my days involved setting up meetings and driving to houses in the evenings, sitting at kitchen tables with customers. The purchase of a home, which is one of the biggest financial transactions that most people will make, deserved this high level of personal connection. Over the past 10 years, the mortgage industry has become increasingly digital and less personal…BUT small boutique mortgage companies continue to provide a high level of service that remains unmatched by bigger players.  

While digital signing and portals have become the norm, personal and authentic communication continues to be a valuable part of the customer experience in this industry, whether in-person, by phone or via email/texting.  Generally speaking, fully digitalizing the mortgage industry on a scalable level has been somewhat limited by the many rules, regulations and nuances of obtaining a mortgage loan.   As advancements are made in the automation of the mortgage approval process, the future proves to be more and more digital and less relational.  Currently, up to 70% of all mortgage originations are being processed online and at centralized call and processing centers.   Borrowers today are more likely than ever to feel comfortable online with no face-to-face connection, but some kind of personal interaction is still highly beneficial for such an important purchase.  The interaction between the mortgage originator and borrower has moved more towards texting, online and navigating portals, but the value added by a small boutique company far outweighs the lack of any personal connection with completely digital platforms.  

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If you were to add up all the various types of tax If you were to add up all the various types of taxes you pay, have you ever wondered what percentage you really pay? Here is a list of common taxes an individual pays:

• Federal Income Tax on Income (10%-37% Varies on Income)
• State Income Tax on Income (3.07% of Income)
• Local Income Tax (1% of Earned Income)
• School Tax on Real Estate Owned (Varies Tied to Value)
• State Unemployment Insurance Tax (1.29-9.93%) 
• Fed Social Security(7.65 employee +7.65 employer) (15.3% self employed)
• Fed MedCare (1.45%)
• Local Service Tax (LST) ($2 a pay check, $52 a year)
• City Tax on Real Estate Owned (Varies Tied to Value)
• Municipal Tax on Real Estate Owned (Varies Tied to Value)
• Restaurant Tax on Food consumed at a Restaurant (6%)
• Gas Tax baked into price (18 cents per gallon fed and 60 cents PA)
• Beer and Wine baked into price (18% PA , Federal tax is complicated)
• Transfer Tax on Real estate (2-4% of Purchase Price)
• Tax on Consumer Goods (6%)
• Tax on Leased Items (6% +3% special lease tax = 9%)
• Short Term Capital Gain Tax (10%- 37% depending on Income)
• Long Term Capital Gain Tax (15%- 20% depending on Income)
• Dividend and interest income Tax (10%-37%)
• Corporate Income Tax (21%)

Other odd taxes include:
• Local Hotel Excise Tax
• Pa Hotel Tax
• Pa and Fed Gambling tax
• Inheritance Tax
 
The only thing the government can’t tax is relationships!
 
#taxes #realestate #realestatelancasterpa #lancasterpa #principalmortgagegroup #primehomerealestate #fyp
💡 Saturday Tip 💡 If you can prove that you 💡 Saturday Tip 💡 

If you can prove that your property is worth less than the assessed value x CLR, you can reduce your taxes. With new CLR’s jumping 20% & more, its a good time to run the numbers. The appeals process is easier than you think.

To view your county’s current CLR, click the link in our bio!

#realestateadvice #realestatetip #realestatelancasterpa #lancasterpa #principalmortgagegroup #primehomerealestate
Need help with your retirement plan? We asked our Need help with your retirement plan? We asked our owner, David Wolfe, if he had any helpful tips for a retirement plan and he said: 

“Buy 1 house every year for 15 years and put it on a 15 year amortized loan. Here are helpful thoughts to accomplish this: Make sure payment doesn’t surpass rent, use the BRRR technique, resist the urge to grow too fast (1 per year is healthy), convert everything to ACH (rent, payments, etc.), and take advantage of the tax depreciation & value appreciation. It takes work, but it is worth it in the end!” - David Wolfe. 

#retirementplan #retirementips #realestatelancasterpa #lancasterpa #principalmortgagegroup #primehomerealestate #investments
Inflation is on the rise 📈 Here are some ideas Inflation is on the rise 📈 Here are some ideas to reduce inflation that most likely won’t get you elected:

 - Increase Taxes
 - Increase Rates
 - Produce More Goods
 - Balance Government spending

#inflation #realestatelancasterpa #lancasterpa #principalmortgagegroup #primehomerealestate #investments
Happy 4th of July from our families at PMG to your Happy 4th of July from our families at PMG to yours! 🇺🇸

#realestatelancasterpa #lancasterpa #principalmortgagegroup #primehomerealestate #investments
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