Real Solutions, Real Time!
The Mortgage Optimizer!
July 2008
Volume 2, Number 7
In This Issue
The three amigos!!!
Voicemail -- the death of customer service!
High Touch, High Technology
From the President’s Desk
Your Monthly Mortgage Tip: Secrets Lenders don't want YOU to know!
Links:
Repossessed Homes
xmloans.com/repos
Link: Construction
Attorneys
The three amigos!!!
Insurances are one of the most important components of most mortgage transactions, and most people are not familiar with how they work. In order of importance they are as follows:
1. Life insurance
2. Home insurance
3. Mortgage indemnity insurance (MII)
Life insurance is the policy which insures the lives of the persons applying for the mortgage. The amount of this insurance coverage must be equal to or more than the amount being borrowed and must be in place for both persons (in the case where there is two persons applying for the mortgage). It serves the purpose of paying off the mortgage balance in the event that one of the homeowners passes away during the term of the mortgage. As such, the policy must be assigned to the lender so that the disbursement will be made to them in the event of your death (should you have a mortgage balance at the time). The surviving homeowner therefore does not have the pressure of paying a mortgage.
Homeowners insurance is the policy which protects the lender and the borrower from non payment of the mortgage in the event of a catastrophic event (fire, flood, or most other major damage). If the home is determined to be inhabitable and un-repairable, the homeowners insurance will pay-off the mortgage balance relieving the homeowner of the burden of monthly payments. This policy must also be assigned to the lender.
Mortgage indemnity insurance (MII) is the arrangement which allows borrowers to put a down payment on a home purchase which is less than the lender would like. Unbeknownst to most borrowers, most lenders desire that your down payment be upwards of 25% of the purchase price of the home. However, a reasonable compromised has been arrived at in order to make homeownership affordable for the average Bahamian family. Here is how it works;
If the house you’re purchasing costs $300,000.00, your down payment would be 25% or $75,000.00 without MII. With the MII your down payment is only 5% or $15,000.00, a savings of $60,000.00. This savings ($60,000.00) is insured for a one time premium which is paid by the borrower.
For more information on insurances, email us at info@xmloans.com
Voicemail - the death of customer service!
If you have ever called a modern Bahamian company it is likely that you have experienced the challenge of reaching the desired party. Most telephone systems seem to operate in a circular matrix which oftentimes leads you through a maze of options. Eventually the calls end where they began instead of at the desk of the person you want. Your time and business is valuable and wherever businesses are not attuned to your service needs, you should see this as an opportunity to move on. There are companies that realize that the customer’s needs are above those of the comfort and convenience of the organization, find them and give them your business. Don’t do as most people do and just grumble and complain, change your own behavior and take your business where it’s valued!
High Touch, High Technology!
How the world does business is rapidly changing and XM Loans is proud to lead the Caribbean technical revolution in online mortgage services. Our XM technology makes it easy to get pre-qualified for a loan when it's convenient for YOU! Our online pre-qualification module contains proprietary business rules that can perform a qualification regardless of your citizenship, mortgage product or how long you need the loan for. Our service is geared to handle unique situations for unique individuals, at a time that fits into your busy work day.
We are continually re-evaluating our software to find ways to improve the technology or to improve your online experience. Our belief is that technology is here to solve your business problems, not create obstacles or inconveniences. By creating a High Touch, High Technology environment, XM can provide fast and friendly service for all your mortgage needs. Try us online and let us know how we are doing!
If you have any problems, feel free to contact our Technology department directly at technology@xmloans.com.
From the President’s desk
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HAPPY 35THBIRTHDAY BAHAMAS For all of our short-comings, we should be pleased with the progress of our young nation. While there is still much to do to fulfill the vision of our founding fathers, I think that |
they would be pleased with what we have accomplished thus far. While it would be easy to wax on about all that is amiss in our country, I prefer instead to borrow the words of Bill Clinton and paraphrase them as he said, “there is nothing wrong with [the Bahamas] that cannot be fixed by what is right with [the Bahamas]”. It is very easy to compare our country with those around us of more mature stature, but I would challenge all of us to step off of the sidelines of bickering and complaining and grab hold of our county and make a contribution in some way to help us move…..
FORWARD, UPWARD, ONWARD, TOGETHER!
XM Loans Ltd. “Real Solutions, Real Time!” ©
Your monthly mortgage tip:
Secrets Lenders don't want YOU to know!
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Did you know that if you are a single parent of a young child (2 – 12 yrs old) and are receiving court ordered child support, that this can also be included as part of your monthly income when applying for a mortgage? Child support (where evidence can be supplied) can help to increase the amount you can qualify for. But if your loan officer doesn’t ask about it, |
it can go unused. There are various sources of income that can be used to aid in you qualifying for a mortgage, but unless a seasoned mortgage professional who is interested in your success is interviewing you, you may not benefit from those sources.
To find out if there is undeclared income at your disposal, email us at info@xmloans.com
CONSULT YOUR BROKER – EXPERIENCE MATTERS!
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