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Subject: Re: Banks and Mortgages

Nick Michels
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Date Posted: 09:08:17 08/03/07 Fri
In reply to: Ka'obi Sweeny 's message, "Banks and Mortgages" on 12:41:03 07/11/07 Wed

>Apple Valley is exploring several banking and
>financial options. We're curious as to what other
>hoods are doing, especially in terms of mortgages and
>loans. Please describe your hood's banking methods.

Hi there, I handle mortgage loans for Simmington Hills ( http://www.freewebs.com/simmingtonhills/councilleadernotes.htm for detailed explanations on our Home Ownership and Mortgage policies.)

I think SimCity Bank in SH, has a pretty good system for handling mortgages.

Sims can purchase Home Ownership Rights (HOR) according to what county they live in. Willow County rights are $10,000, and Camden Park County is $20,000. Our Sims must pay the HOR plus 10% of a home's listing price. This is the cost to move in.

The cost to move in paid to the Hood Administration and subtracted from the home's listing price. The amount left over is the amount we finance into a mortgage.

A Microsoft Works 'Standard Loan Analysis' spreadsheet is used to calculate the amount of property tax payments it will take to pay off the mortgage. A regular calculator and some brain power can work the same way, however if you don't want to do that...I am offering my mortgage loan services to any SUN Hood who is interested, for only $500 each analysis.

Please feel free to contact me at: simmingtonhills@hotmail.com


Nick Michels
Business Advisor
Simmington Hills

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