Love it or Hate it, Rate it!

What is your opinion about the service provided by local lenders? Do you feel like you are being offered world class service, or do you think that their service leaves much to be desired? Now you can rate each local bank and give your comments about what makes their service excellent or conversely what they can do to improve their customer satisfaction quotient.

We will compile the results of this survey and submit it to each of the banks in our survey with the hope that those that are doing well continue in that vein. For those whose service is sub-par, your feedback will allow them to react to how they are perceived by you, the valued customer.

Visit www.xmloans.com to vote on the service level of local banks!

Fidelity’s Money Back Mortgage, a closer look!

The ads for the Fidelity Money Back Mortgage have generated lots of questions about this product, especially those about how it works. So here are our thoughts on this product based on a review of the terms and conditions.

In a nutshell, the Money Back Mortgage works like this; when you make a mortgage payment each month, a portion of your payment is deducted and invested in a fund earmarked for you. The hope is that this fund will have an annualized return (advertised at 9%) which will allow the money invested on your behalf to compound into a sizeable amount by the natural retirement of your mortgage. However, you must pay heed to the conditions which are attached to this program as a breach of certain conditions could disqualify you from the program and more importantly, the invested funds.

For example,

If your mortgage is 180 days or more past due anytime during the life of your loan you will forfeit all of the funds invested on your behalf.
You are not allowed to access any of the funds invested on your behalf until it has been invested for a minimum of ten years.
If you make a mortgage payment 60 days or more late, the rebate for that month is forfeited (i.e. no funds invested on your behalf from that month’s payment)

There are also several benefits to this mortgage program offered by Fidelity, however like any loan product or investment vehicle it has conditions which apply. Accordingly, we suggest (as does Fidelity) that you evaluate the offer in a comprehensive manner before engaging it. Having done a thorough review of the Money Back Mortgage, it is our view that this product is well worth looking into further. The benefits offered are unique in this market and new home owners could benefit tremendously if they meet the conditions and if the quoted rate of return on the investment is met or exceeded.

As XM Loans Ltd. is not in the product endorsement business, please be advised that this review is not intended to be an endorsement or recommendation to engage this product.

From the President’s desk….

Troy Sampson
Troy Sampson, President & CEO

Spread ‘ Em!

Have you ever considered the relationship between depositing your money with a banking institution and getting a loan from them?

If this thought has never entered your mind before, you may find it curious that you are only paid a marginal interest amount on your deposits. Conversely, when you borrow YOUR money back you are charged a hefty interest rate. This is the basic premise of banking, pay low rates on deposits and charge high rates for loans.

This difference (between deposit and loan rates) is referred to in banking terms as “the spread”. Clearly as with most commercial enterprises, this game is stacked against the consumer.

However, until a more equitable form of banking is established we will all be subject to low deposit rates and high loan interest charges (unless you consider playing the stock market). Accordingly, we encourage you to find out what is being paid on your bank deposits compared to what you are being charged for your loans.

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

Four Simple steps to home ownership

Step 1 – Get pre-qualified (knowing how much you can afford is key)

Step 2 – Meet with your realtor (choose a lot that fits your budget)

Step 3 – Meet with your architect (select a plan that keeps your project within the pre-established budget)

Step 4 – Meet with your broker to have them submit your proposal to multiple lenders

If you follow these simple steps, we believe that you will have less stress getting a mortgage!

Of course you must have already saved your down payment and closing cost, while also being careful to use your other financial resources properly. For example, there have been clients who paid for elaborate architectural plans drawn prior to getting pre-qualified. This approach resulted in much anxiety because they had no idea if they would ever get a mortgage for their dream home.

Keep it simple, visit our website www.xmloans.com to get started.

KNOW THE FACTS – KNOW HOW MUCH YOU QUALIFY FOR BEFORE YOU BEGIN ENGAGING PROFESSIONALS!

1(242) 225-3873 or 1(800) 303-3934
www.xmloans.com

The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

As your Trusted Advisor, we always want to make sure you are clear on all details of the home financing process. If you or someone you know are interested in purchasing or refinancing a home, give us a call today! XM Loans Ltd. is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Mortgage Optimizer does not grant to the recipient or distributor a license to any content, features or materials in this email. You may not download, or save a copy of any of the content except as otherwise provided in our Terms and Conditions.

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