Old School Mentality Meets New School Banking
A news story about ING Direct was shown on ABC's Nightline last night. They interview the CEO of ING Direct, Arkadi Kuhlmann, who is known for his straight forward way of doing business and keeping things simple. To read the story or view the video clip, CLICK HERE. If you don't have time to read it, here are some amazing statistics about ING Direct.1) Roughly 100,000 new members sign up with them each month.
2) 93% of their employees enjoy working there.
3) They have sold about 70,000 mortgages and only 6 have foreclosed!
If you think you can easily convince ING Direct to provide you with a mortgage, you will have your work cut out for you. This is the main reason why they have such an incredible foreclosure percentage. They simply do not deal with risky borrowers. Times have most definitely changed in the past year and it seems that more and more banks will begin to follow this simple and effective strategy.
I do not find it surprising that the CEO of an internet savings bank is telling people they should save more money, but it will be interesting to see how people's mentality over credit will change in the future.
Labels: foreclosure, ING Direct, mortgage crisis, Nightline
1 Comments:
When going to buy or sell a home, your first step should be finding a honest and hard-working realtor.
When going to buy or sell a home, your first step should be finding an honest and hard-working realtor. You can find a real estate agent by keeping an eye out for advertisements, calling your local real estate broker, or through the internet.
The role of a real estate agent is to represent your best interests in a real estate transaction. They work off of a commission, normally 6% of the sales price of the home. In most cases, that commission is split equally between the realtor representing the buyer and the realtor representing the seller. For a person buying a home, the service of the real estate agent is free, because commission is paid by the seller. The buyer, however, is responsible for most of the closing costs. The closing costs will be explained to you by your realtor and will be on the documents you sign when you go to the title company. Closing costs can also be negotiated on during the contract process.
The real estate agent, through their broker, has access to all of the MLS (Multiple Listing Service) listed homes in your area of interest. If you are a home buyer, the realtor can provide you with information about homes for sale that meet your criteria. They will then bring you to these homes and let you inside to see them. If you are selling a home, the realtor will list your home in the MLS, post a "For Sale" sign in your yard, and hold open houses to attract buyers. Be wary of discount realtors that offer to list your home for a lower commission. Studies show that, in most cases, your home will stay on the market longer and you end up selling it for a lower price than what you intended.
A real estate transaction is a complicated process that involves many steps and is best done with the help of a trained, licensed professional. A realtor can save you the headache of dealing with the other party in the sale, getting together the contract, and submitting all the documents to the title company. So when you are ready to buy or sell a house, contact the local real estate agent.
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