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Reject Rejections To Your Application For Home Mortgage Refinance

  • Posted on March 24, 2018 at 2:12 am

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By Rony Walker

Who doesn’t dislike rejection? We all live in fear of rejection – be it from parents, teachers, or friends. However, rejection becomes particularly painful and burdensome when it’s issued by a loan officer. So, give your application for home mortgage refinance the best chance to be accepted!

Application Anxiety

Filling out applications is an aspect of everyday modern living, but the Internet has made it much easier and faster. Whether we are applying to for a job, college admittance, a credit card, an auto loan, or a membership in the Big Ugly Chicken Flying Club, we apply with the hopes of being accepted. This also holds true when we submit an application for home mortgage refinance. To avoid receiving our application with a big red “DENIED” stamp across it, it is wise to know all about the application requirement itself.

Application Arrangement

Many lenders today offer online applications for a variety of loans. Usually, an application for home mortgage refinance will request for the following information.

* Employment information can include information, such as the applicant’s position, monthly income, and duration of employment.

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* When you file your application for home mortgage refinance, you will also be asked to provide the approximate loan amount, the terms of repayment sought, the type of residence and property type, and the quantity of units.

* Housing expenses on an application for home mortgage refinance can include such expenditures as monthly rent payments, homeowner’s insurance, first and second mortgage, mortgage insurance, and property taxes.

* Liabilities that applicants list could include taxes, credit line, mortgage, installments, and revolving credit. Under a revolving credit, credit is repeatedly made available after repayment has been made.

* Assets reported can consist of the value of cash deposits, savings and checking accounts, automobiles, and life insurance.

* Personal information requested can include your name, birth date, number of dependents, educational level, contact information, and co-applicant’s information, should you have one.

Application Advice

When completing an application for home mortgage refinance, you should also consider some general approaches in the application process. These tips could help you avoid being denied a mortgage. First, as the saying goes, “honesty is the best policy.” Ensure that all data on your application is true, to the best of your knowledge. Lenders will probably do some additional checking on your mortgage and credit history after you have submitted your application. Furthermore, take the general approach that a monthly payment is more important than an interest rate. After turning on your TV in the middle of the afternoon, mortgage lenders’ commercials seem to tell us otherwise. But remember one simple mantra: sodas, sneakers, and houses are bought with money — not rates!

Rejection is part of life, so we must learn to deal with it. However, it need not be a part of your application for home mortgage refinance. Don’t let it be one.

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Understanding Professional Indemnity Insurance

  • Posted on March 7, 2018 at 2:21 am

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Professional Indemnity Insurance is more widely demanded than ever before, with professions from Accountants to Zoologists valuing the protection it offers. However, Professional Indemnity Insurance is complex and unlike most other types of insurance so it is important that policyholders understand how their cover works.

When deciding if a policy is suitable for your business consider the following:

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  • Professional Indemnity Insurance is written on a ‘claims made’ basis. This means that if you need to make a claim there must be a live policy in place and you must claim on that policy, even if the cause of the claim dates back many years when a previous policy or no policy was in place.
  • Because of the claims made nature of Professional Indemnity Insurance, if you do not maintain cover then you will not be protected if a claim comes out of the woodwork. Therefore if you retire or cease trading you should consider ‘run-off’ cover that will ensure protection continues. If your business merges then you should ensure that there is continuity of cover.
  • Again, because Professional Indemnity Insurance is claims made, insurers may not want to expose themselves to the risk of any past mistakes being claimed for. Therefore they may set a ‘retroactive date’ on the policy and will then not accept any claims that have their root before that date.
  • Professional Indemnity policies will have a Limit of Indemnity, which is the maximum value that can be claimed. The limit will either be ‘Any One Claim’ or ‘In The Aggregate’. An Any One Claim limit is the maximum that can be claimed per claim/incident but the number of claims that can be made on that policy is unlimited. An In the Aggregate limit is the total amount that can be claimed in a policy year. Therefore the latter version gives far less cover and you risk one large claim leaving you without cover.

These are just some of the peculiarities of Professional Indemnity Insurance. In addition, the actual policy wordings can vary widely between insurers, with some policies offering broad cover whilst others are prohibitively restrictive. Professional Indemnity Insurance can be far from straightforward so before you waste money on the wrong cover speak to an independent broker.

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  Sutcliffe & Co because Provides honest, impartial insurance advice, a personal and professional service and quality insurance at competitive premiums. We specialize in Landlord Protection Insurance Professional Indemnity Insurance, Surgery Insurance, and PI insurance.  Author: Duncan Sutcliffe