Personal Finance guide

Well, in a way, they should, since it is another creation to satisfy the needs of a market that increases its complexity on a daily basis. Although the definition would fit into one short sentence, we’ll give you a more extense insight to this type of loan program and the good uses you could put it to.

By Definition

It is a loan that “covers” more than one piece of real estate. So, the practical application would be, when a loan needs to be covered by the value of more than one property added up. You may be wondering, “So, only people who have more than one property can use them to cover the purchase of another piece of real estate, worth as much as the other two together?” Continue reading ‘Blanket Mortgages Should Be Warmer Than Others’ »

The following is a review of certain, but not all of the title insurance issues which you may encounter in a loan transaction, and of procedures that may be considered in dealing with title insurance coverage or the general processing and closing of loan transactions. This is only a highlighting of certain steps to be taken, and may not be comprehensive.

In all title insurance related dealings / actions, keep in mind that there are two separate and distinct contracts in existence in each insured loan transaction: (This does not include a third contract, with the escrow agent.)

• The contract between the lender and the borrower
• The contract between the insurer (title co) and the insured (lender) Continue reading ‘Title Insurance Checklist’ »

Shopping online for a loan can save a lot of time and even money. But if you don’t know how to use online mortgage information to your advantage, you might miss out on savings and maybe even end up paying too much.

Here are six simple and easy tips to get you started on the right track.

* Protect your credit score by only filling out online applications during a limited span of time–no more than two weeks. Any longer, and your credit score could take a hit. In order to do this correctly, make sure that your credit is in good shape, and that you’ve gathered everything you need to apply online.
* Look before you leap! Always check to see if a website is secured before giving out your personal credit information online. It’s never a good idea to put personal info on unsecured websites. Secured means that safeguards have been put in place to protect your information.
* Do your homework. Give the Better Business Bureau a quick call to see if a website or mortgage company is a member in good standing. You can also contact a potential lender via their “contact us” page or customer service email or link, and ask them a few questions. In this way, you can quickly get a good idea which lenders are legitimate. Lenders with good reputations will respond and do their best to answer your questions. Bonus tip: Some great questions would be, “How does your approval process work?” and “What type of loans do you specialize in?”
Continue reading ‘Online Mortgage Loan Shopping – 6 Tips to Save Time and Money Shopping Online For Mortgage Loans’ »