Mortgage Campaigns!

Typically early in the summer months are when the lenders roll out their Mortgage Campaigns. These campaigns generally consist of discounted rates, reduced fees and other incentives such as cash rewards. While they last for only a month or two, these campaigns are sometimes opportunities for persons who were previously declined to become approved based on the relaxed terms.

Some of the you incentives you can expect (depending on the lender) are as follows;

100% Financing
Reduced interest rates
Reduced legal fees
Reduced bank fees
Extended loan terms
Credit card offers
Landscaping, security system or security bars allowances
Financing of closing costs

For more information on current Mortgage campaigns, email us at info@xmloans.com

No Free Lunch!

While the above represents a humorous example of what may be in the minds of many borrowers, having no intent to repay ones loans is the fastest way to destroy your credit rating and ability to borrow in the future. Many individuals are of the opinion that because the lender is holding their collateral, they do not have to repay the loan. This view of the lender/borrower relationship is flawed for many reason, of few of which are;

The lender is not in the real estate sales business.
The lender prefers to receive the interest income from your payment.
The lender is more interested in helping to fund stable communities.
The lender wants to establish a long term relationship with you.

If you keep these ideas in mind, you will find yourself being welcomed to borrow from the lenders as the need arises. However as with everything, proper use of your borrowing ability ought to be the rule of the day.

From the President’s desk….

Troy Sampson
Troy Sampson, President & CEO

Summertime ≠ Vacation Loans

With the summer months right around the corner, the streets, malls, parks and shopping centers will be filled with kids. Moreover, the long awaited summer vacations will be on everyone’s agenda, and as usual Florida will feature greatly in the potential destinations.

On the surface, this all seems like the typical family summer plans. However, when one looks a little below the surface, it is usually discovered that these kid friendly vacations are not so benign after all.

Let’s examine this phenomenon a little closer; The cost for a family of four (dad, mom and two kids) to travel to Miami for a week would be as follows:

Airline & Hotel	$1,220.00
Shopping	$2,000.00
Food	$700.00
Entertainment	$200.00
Transportation	$150.00
Miscellaneous	$50.00
TOTAL:	$4,320.00

This scenario is based on the most economical travel package we could find. Ultimately, I am aware that some travelers tend toward the higher end of the travel package spectrum. However, of larger concern is HOW these vacations are being financed. While everyone wants their kids to be exposed, exposure at the risk of damaging or overextending your credit may not be worth it. My advice therefore is, save for your vacation and if you can’t pay for it from your savings maybe you should take a lesser vacation or postpone it. In any event, borrowing for a vacation should not be an option on your list.

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

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Mortgage Jargon!

Debt Service Ratio defined.

Your debt service ratio is simply the percentage of your monthly income that you are allowed to use for your loan or credit card expenses. In the Bahamas, the Central Bank has mandated that the maximum amount (as a percent) of your monthly income that can be absorbed by loans or credit card payment is 45%.

For example; if you earn $1,000.00 monthly, your total loan and credit card payments cannot exceed more than $450.00 per month. When you total all of your loan payments (car, vacation, furniture, education) keep your future goals in mind as your continued borrowing may impede your ability to get a mortgage. Keep loans to a minimum, visit our website www.xmloans.com

KNOW THE RULES – KEEP YOUR DEBT SERVICE RATIO TO A MINIMUM!

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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