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Social Articles - Why Lenders Are Not Your Friends - Part 2
I told my son that normal closing costs for a re-fi of $148,638 at 6.5% for 30 years is $2,500. Total closing costs for his $134,999 proposed loan were $5,412, only $2,912 more. So I asked him "Could you be paying too much for closi
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ng costs?" Answer: Yes.
Then we looked at his original principal balance owing of $123,773 versus his new principal amount owing of $134,999 should he accept the loan. I pointed out that he is losing $11,226 before he even starts s
Then we looked at his original principal balance owing of $123,773 versus his new principal amount owing of $134,999 should he accept the loan. I pointed out that he is losing $11,226 before he even starts s
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ervicing the new loan. Yes, he is getting a home equity loan of $10,409, but what is he really gaining? Answer: Nothing. He is losing again.
Then we calculated the closing cost recovery rate of $5,412 using a financial planning program.
Then we calculated the closing cost recovery rate of $5,412 using a financial planning program.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
He learned it would take 30 months of payments just to recover his closing costs. I pointed out that until you recover your closing costs you have not saved a cent in the transaction.
He had already made 12 payments on his existing $12
He had already made 12 payments on his existing $12
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
3,773 loan, reducing his principal amount owing to $122,623. He had earned $1,150 in equity by making 12 payments at $862 a month.
Then we looked at what his principal amount owing would be when he reached his 30th payment with the new
Then we looked at what his principal amount owing would be when he reached his 30th payment with the new
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
oan. (Remember, it is going to take 30 payments to recover his closing costs.) Answer: $133,085 at a monthly payment of $1,233.
Then I asked him what his principal amount owing would be if he just kept paying another 30 months on his cu
Then I asked him what his principal amount owing would be if he just kept paying another 30 months on his cu
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
rrent loan plus the 12 months he had already paid. Answer: $119,342 at $898 a month.
The lights began to turn on in his mind. Now he recognized that he would be $13,743 ahead in principal owing if he just kept paying on the existing loa
The lights began to turn on in his mind. Now he recognized that he would be $13,743 ahead in principal owing if he just kept paying on the existing loa
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
n at the lower monthly payment ($335 less!).
This sudden revelation begged the question: How can this be? Answer: The interest on mortgage loans is front loaded. He learned that if he went for this nationally known lender's great loan d
This sudden revelation begged the question: How can this be? Answer: The interest on mortgage loans is front loaded. He learned that if he went for this nationally known lender's great loan d
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
eal that he would be making loan payments for 30 months (2.5 years) and still owe $13,743 more in principal balance than if he kept his present loan and paid $335 less in his monthly payment.
Finally we looked at what it would cost to s
Finally we looked at what it would cost to s
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ervice both loans. His current loan had 348 months remaining (29 years) at $898 monthly. Total cost? $312,504. The proposed loan had 360 months remaining (30 years) at $1,233 monthly. Total cost? $443,880. The difference? $131,376.
Just
Just
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
how badly did he need that home equity loan? Answer: Not at all.
And how much would he save in actual dollars by not accepting the proposed re-fi from the lender who was supposedly helping him out? Answer: $157,495.
Here are the saving
And how much would he save in actual dollars by not accepting the proposed re-fi from the lender who was supposedly helping him out? Answer: $157,495.
Here are the saving
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
s:
1) $11,226, the difference in the original amounts of the loans.
2) $1,150, the equity he already had earned from making 12 payments on his present loan.
3) $13,743, the difference in principal owing if he continued paying his pres
1) $11,226, the difference in the original amounts of the loans.
2) $1,150, the equity he already had earned from making 12 payments on his present loan.
3) $13,743, the difference in principal owing if he continued paying his pres
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ent loan.
4) $131,376, the difference in the cost to service the proposed loan.
Never forget that finance is a dirty business like finding a cockroach on a cow pie.
The banker, mortgage broker or financial predator you are dealing wit
4) $131,376, the difference in the cost to service the proposed loan.
Never forget that finance is a dirty business like finding a cockroach on a cow pie.
The banker, mortgage broker or financial predator you are dealing wit
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
h is not your friend trying to help you. He (or she) is your enemy trying to hurt you so his company can profit at your expense while he gets his big commission check and looks good to his employer.
If you want an excellent example of h
If you want an excellent example of h
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ow your banker educates you about your finances, try swallowing his line about your first home purchase being probably the greatest and most rewarding investment you will ever make.
Remember that he talked about how your new home would
Remember that he talked about how your new home would
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
e such a great asset for you. Anything to get you thinking you could not possibly afford your new home without his help, and that it would be your greatest investment.
Your banking friend never told you that your fantastic new asset is
Your banking friend never told you that your fantastic new asset is
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
not even an asset but a liability. A liability, you say? Of course, silly, the bank holds the paper on your home until you pay it off, and your loan is really an asset on the bank's balance sheet, not on yours.
By lending you the money
By lending you the money
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
to buy your home, your bank creates an asset on its balance sheet, and if it is an asset for the bank, it must, by straight accounting procedures and common sense, be a liability on your personal balance sheet.
Heck, if the banker told
Heck, if the banker told
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
you this, you might think twice about becoming a 30-year employee of the bank while you are making your payments for the next 360 months.
Are all bankers and mortgage brokers bad people? Naw, only 95%. When you go to borrow money for yo
Are all bankers and mortgage brokers bad people? Naw, only 95%. When you go to borrow money for yo
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ur next mortgage, my best advice is Good Luck, and God Speed. I certainly hope you educate yourself enough to realize that dealing with the 5% will save you a ton of money and grief over the next 30 years.
Copyright © 2006 Ed Bagle
Copyright © 2006 Ed Bagle
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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