updates

Alesis Fusion book update

I aim to have this in the can (as in completed) before Monday, January 22nd 2007. After that I just have to find a suitable means of distribution where people can purchase it easily, and then that's that.

I sincerely appreciate all the buzz about this book, and I'm certain those who buy it will be very pleased with the information and tutorials presented in it.

Condo follies

Recently I got some severe sticker shock concerning mortgage costs. The price of the condos I'm perusing are actually quite reasonable, however, I am completely disgusted with the finance companies.

What am I disgusted with? Two things. Closing costs and interest.

Mortgages work on a system known as PITI (oddly enough), which is principal, interest, taxes, insurance.

The principal is the amount you're borrowing from the lender. Interest is what the lender charges you for the "priviledge" (if you can call it that) of having the loan. Taxes are easy enough to understand; there are yearly taxes one must pay on a property if you own a home. Insurance concerning mortgages is a really weird animal. There's hazard insurance (fire, storm, theft, etc.), the dreaded PMI (private mortgage insurance), and so on.

I have no doubt that lenders get away with murder, because the interest kills you financially. Over 75% of each payment you make on a mortgage goes towards nothing but interest.

Now if the interest wasn't bad enough, the closing costs were enough to make me want to smash my face into a wall.

I recently got pre-approved for a mortgage. A small one. I started reading over the documents and then I got to the closing costs section. Ridiculous. The costs alone added 6% to the final amount. Doesn't sound like it a lot, but trust me, it is. Several thousand dollars worth, in fact. My father's mortgage was just a hair over 2% in closing fees by comparison.

I haven't decided yet whether I should start shopping with other lenders. At this rate I'm not even sure if I want to. Most likely I will.. but this whole finance thing is just such a pain.. ugh.