Apr
23
UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”
Filed Under Finance | Leave a Comment
Simon Burgess asked:
Depending on where you choose to buy the cover, UK mortgage protection insurance does not have to be a big “rip-off”. Buying the cover alongside your mortgage with the high street lender is the worst choice you can make when thinking of taking out protection. Choosing to go independently for the cover can save you an enormous amount of the money and an independent specialist provider will give you the advice needed to be able to make an informed decision.
Problems began for the sector in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice regarding mis-selling of payment protection. Fines were handed out by the Financial Services Authority and the sector was referred to the Competition Commission. Recently the Financial Services Authority revealed that despite them setting out recommendations for selling the cover they have investigated over 4,000 cases of mis-sold protection policies in 2007.
Along with this the Competition Commission said that banks are raking in high profits by as much as 80% on selling UK mortgage protection insurance cover and loan protection alongside mortgages, loans and credit cards. However they are not admitting they make around £4 billion a year from the sales and the Competition Commission will be exercising their legal rights to take a peek at the books.
While there are many faults with selling the cover it has to be remembered that it is not the cover which is to blame but those who use poor selling techniques. An independent specialist provider will always offer cheaper quotes for the premiums and give the essential advice needed to ensure the individual can make a more informed decision regarding the exclusions. There can be many exclusions and you have to check the small print in a policy.
Common exclusions include being in part time employment, if you are retired, self-employed or if you have a pre-existing medical condition. All ethical providers will make sure you have access to the key facts which contain all you need to know.
A good quality payment protection insurance policy would have the least exclusions and begin payment from between the 31st and 90th day and would then continue to provide you with a tax free income for between 12 and 24 months, depending on who you bought the cover from. The premium you are charged for the cover will depend on the amount your mortgage repayments are each month and your age when applying for the protection.
UK mortgage protection insurance can be a “rip-off” but you have to shop around for it if you are to get the information needed to be able to determine if you would be eligible to make a claim. Providing you have done this and know a policy is in your best interests then shopping with an independent specialist provider means that you can have peace of mind at an affordable cost. If in doubt always check with the providers FAQ page and take the free advice that they give by way of reviews and articles.
DION
Depending on where you choose to buy the cover, UK mortgage protection insurance does not have to be a big “rip-off”. Buying the cover alongside your mortgage with the high street lender is the worst choice you can make when thinking of taking out protection. Choosing to go independently for the cover can save you an enormous amount of the money and an independent specialist provider will give you the advice needed to be able to make an informed decision.
Problems began for the sector in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice regarding mis-selling of payment protection. Fines were handed out by the Financial Services Authority and the sector was referred to the Competition Commission. Recently the Financial Services Authority revealed that despite them setting out recommendations for selling the cover they have investigated over 4,000 cases of mis-sold protection policies in 2007.
Along with this the Competition Commission said that banks are raking in high profits by as much as 80% on selling UK mortgage protection insurance cover and loan protection alongside mortgages, loans and credit cards. However they are not admitting they make around £4 billion a year from the sales and the Competition Commission will be exercising their legal rights to take a peek at the books.
While there are many faults with selling the cover it has to be remembered that it is not the cover which is to blame but those who use poor selling techniques. An independent specialist provider will always offer cheaper quotes for the premiums and give the essential advice needed to ensure the individual can make a more informed decision regarding the exclusions. There can be many exclusions and you have to check the small print in a policy.
Common exclusions include being in part time employment, if you are retired, self-employed or if you have a pre-existing medical condition. All ethical providers will make sure you have access to the key facts which contain all you need to know.
A good quality payment protection insurance policy would have the least exclusions and begin payment from between the 31st and 90th day and would then continue to provide you with a tax free income for between 12 and 24 months, depending on who you bought the cover from. The premium you are charged for the cover will depend on the amount your mortgage repayments are each month and your age when applying for the protection.
UK mortgage protection insurance can be a “rip-off” but you have to shop around for it if you are to get the information needed to be able to determine if you would be eligible to make a claim. Providing you have done this and know a policy is in your best interests then shopping with an independent specialist provider means that you can have peace of mind at an affordable cost. If in doubt always check with the providers FAQ page and take the free advice that they give by way of reviews and articles.
DION
Apr
18
Joseph Kenny asked:
If you are unsure about any part of your mortgage agreement, it is essential that you contact your solicitor. However, it you just need a simple explanation of some of the terms they use to describe the mortgage contract you may check down this list for a simple description of a word or phrase.
* APR, is an abbreviation of the phrase Annual Percentage Rate and will represent the figure that is the total amount you are being charged for the credit.
* Assignment, this is where legal rights to a property transferred to a third party such as a mortgage lender.
* Certificate of Title, is a document that will be prepared by a solicitor for the land, confirming all the details are in order prior to completion.
* Charge, this refers to the mortgage company having security against your house.
* Completion, this is the end of the transaction, when all the money is handed over and the legal side is completed.
* Contract, this is a legal agreement drawn up between the seller and the purchaser. Each party must sign the document, then, the obligation to sell the property and for the other party to buy it is legally binding.
* Conveyance, this document transfers the ownership of the land.
* Disbursements, these are the various amounts of money that your solicitor has to payout to many different people and organisations, for services they have provided in connection with the house transaction.
* Endowment, this is an insurance policy that when combined with the mortgage should provide for paying off the loan at the end of the mortgage, life.
* Equity, this is the difference between how much you owe on the mortgage, and how much the house is worth.
* Freehold, means that you own the land the house stands on.
* Ground rent, the amount you have to pay annually if you do not own the land that the house sits on.
* Interest rates, this relates to how much interest you are charged each month on your mortgage payment.
* Land Registry fee, this amount of money is paid to the government land Registry to pay to have the property registered in your name.
* Lease, this is a contract between you and the owner of the land if the house is not freehold.
* Local authorities search; this refers to the search made by the buyer’s solicitor at the local council offices. The intention of the search to find out every detail about the surrounding area. Such as, if the property is legally connected to the drains and especially any proposed planning situations that may affect the purchase of the house.
* Mortgage, the loan, by which will pay for your house.
* Mortgage offer, this document will tell you that the mortgage company is prepared to offer your mortgage and will give exact details of their offer.
* Remortgage, this is a new loan on a property that you already own.
* Retention, and amount of money back at the mortgage company until you have completed repairs to the property.
* Stamp duty, this is a tax imposed by the government that varies depending upon the price you paid for the property.
* Standard offer conditions, these are the terms under which the mortgage company offers to lend you money to buy your house.
* Title, this refers to your right to own the property and is controlled by the government.
* Title deeds, documents which prove that you your home which are recorded at the Land Registry.
* Transfer, a document that transfers details of the ownership of the property
* Transfer of equity, the process of adding and removing names from a mortgage document.
* Valuation report, this is a report prepared on behalf the person buying a house, and deals with the condition of the property, and relates to how much the mortgage company will be prepared to loan to the potential homebuyer.
BEN
If you are unsure about any part of your mortgage agreement, it is essential that you contact your solicitor. However, it you just need a simple explanation of some of the terms they use to describe the mortgage contract you may check down this list for a simple description of a word or phrase.
* APR, is an abbreviation of the phrase Annual Percentage Rate and will represent the figure that is the total amount you are being charged for the credit.
* Assignment, this is where legal rights to a property transferred to a third party such as a mortgage lender.
* Certificate of Title, is a document that will be prepared by a solicitor for the land, confirming all the details are in order prior to completion.
* Charge, this refers to the mortgage company having security against your house.
* Completion, this is the end of the transaction, when all the money is handed over and the legal side is completed.
* Contract, this is a legal agreement drawn up between the seller and the purchaser. Each party must sign the document, then, the obligation to sell the property and for the other party to buy it is legally binding.
* Conveyance, this document transfers the ownership of the land.
* Disbursements, these are the various amounts of money that your solicitor has to payout to many different people and organisations, for services they have provided in connection with the house transaction.
* Endowment, this is an insurance policy that when combined with the mortgage should provide for paying off the loan at the end of the mortgage, life.
* Equity, this is the difference between how much you owe on the mortgage, and how much the house is worth.
* Freehold, means that you own the land the house stands on.
* Ground rent, the amount you have to pay annually if you do not own the land that the house sits on.
* Interest rates, this relates to how much interest you are charged each month on your mortgage payment.
* Land Registry fee, this amount of money is paid to the government land Registry to pay to have the property registered in your name.
* Lease, this is a contract between you and the owner of the land if the house is not freehold.
* Local authorities search; this refers to the search made by the buyer’s solicitor at the local council offices. The intention of the search to find out every detail about the surrounding area. Such as, if the property is legally connected to the drains and especially any proposed planning situations that may affect the purchase of the house.
* Mortgage, the loan, by which will pay for your house.
* Mortgage offer, this document will tell you that the mortgage company is prepared to offer your mortgage and will give exact details of their offer.
* Remortgage, this is a new loan on a property that you already own.
* Retention, and amount of money back at the mortgage company until you have completed repairs to the property.
* Stamp duty, this is a tax imposed by the government that varies depending upon the price you paid for the property.
* Standard offer conditions, these are the terms under which the mortgage company offers to lend you money to buy your house.
* Title, this refers to your right to own the property and is controlled by the government.
* Title deeds, documents which prove that you your home which are recorded at the Land Registry.
* Transfer, a document that transfers details of the ownership of the property
* Transfer of equity, the process of adding and removing names from a mortgage document.
* Valuation report, this is a report prepared on behalf the person buying a house, and deals with the condition of the property, and relates to how much the mortgage company will be prepared to loan to the potential homebuyer.
BEN
Apr
15
Scams and Frauds
Filed Under Personal Finance | Leave a Comment
Mike Samadi asked:
Allow me discuss a few tips with you.
1. Never trust people, who tell you that they can make you a lot of money over a very short period of time even if those people are driving very expensive cars, live in home worth millions of dollars so on and so forth. The person who is willing to make you rich overnight is one that you should avoid (believe me when I say this). In my previous article, I noted that I was taken by three con-artists who were associated with each other and they tossed me back and forth. Not until I was hit hard in a short time did I realize how good they were. No, I am not talking about Nigerians or any other nationals, but Americans right here in my hometown. Even as smart as I thought I was and with the resources I had to find information about these guys, I still was not aware of their deceptions until I was hit hard and lost a lot. No, I am not talking about thousands of dollars; try high five (5) to six zeros. The sad part is that two of these guys did not have any criminal records and they were all living in nice homes, with a list of clients that signed up well before me and even believed in these guys long after me. Unfortunately, one of those guys is still loose and hiding somewhere. The other two got just a little time, because our system of justice only severely prosecutes a person who robs a bank (financial institution). If a person robs a bank for 10,000.00 dollars or so, he will get over a decade of jail time but, if a person robs millions from innocent people (let’s say at minimum 100 people), that person gets a slap on the wrist or maximum 5 years. That’s justice for you and I.
The only way you can become rich is either with hard work or to hit the lottery (which I call “poor man’s money.”) Since the “ODDS” of you or I winning the lottery is very very remote, so let’s be normal and try to make money the right way. That is by using your GOD GIFTTED “BRIAN.” By the way, I know two people who won millions in the lottery and just a few short years later they ended up back in the same lifestyle they were before the winning…(so sad).
2. Never give your Social Security number (SSN) over the Internet or phone to anyone (especially if that person is not a part of any institutions that you have done business with previously). I tell people it is better you lose a thousand dollars than losing your SSN to some stranger. When a deceptive person gets a hold of your SSN, you will spend months trying to persuade creditors, collection agencies and bureaus that you were not the one who opened the accounts and made so many charges. I received this book called “Your Credit = Your Life, Fix It Now!” which offers a lot of information about fraud, collection agencies, protection and so much more. Please read this book. Even those creditors, who insist on having your entire SSN, MUST understand the fact when you tell them, “I can’t give you my SSN over the Internet.” If you already have an account with this creditor, then they MUST ask you other questions such as list of transactions, payment, history, etc. Believe me they know how, what and when to ask the questions to know if you are the account holder. Dissolving fraud usually requires a lengthy fight and much aggravation. Sometimes it may require hiring attorneys and paying exurbanite retainer fees in an attempt to get their lives back on track. IS IT WORTH the headache, frustration, lack of sleep, loss of so much money, or even worse? I know a couple of people who did not listen to me and did the exact opposite of what I had been telling them…
3. Do NOT volunteer checking, savings, investment account, or credit card information to collection agencies. Let’s assume (you do not know how much I hate this word “assume”) the best-case scenario. Let’s say that the collection agencies truly want to work something out with you for passed due accounts. When you agree to make A (one time) payment using a credit card, guess what happens the following months and without your authorization. Now go ahead try to fight the additional draft. The collection agencies will tell you that we never agreed “on a one time payment”, we agreed on a monthly payment. The credit card company WILL TELL you, “sorry you made an agreement and that the collection agency provided records.” If you want to make a payment to a collection agency, send the company “Certified Check”, “Cashier’s Check”, or “Money Order”. Do NOT send your regular check. Some of these companies may even share/sell your personal and financial information to other companies. When you provide the information to one and another company also initiates its aggressive collection (addressed in the book mentioned above), would you be able to tell where this company received such accurate information? Can you prove it? I bet your answers are both “No. I don’t know how to do that…” So, STOP giving out your information to people whose intentions are not to help you but to help their own paychecks. Please read “Your Credit = Your Life, Fix It Now!” to learn more.
4. Nobody hands you free money. So, when I call you and tell you, ”you won, all I need is a checking or saving account number to transfer all this money into your account,” please don’t immediately jump up and down and get excited and give me all the information I need. You can act excited, give me some bogus numbers if you want. Keep me on my toes so that you can get my information and pass it on to the FBI. But I bet most these calls come from private, unknown or some other dead end numbers or do not allow reply call (the number is not in service for incoming calls). If you want free money, look around your house and start seeing the money you wasted on useless items that have not been used or stuff that was used only once … You need to learn the concept of “Saving Your Money.” (another book out there). Please take advantage of the knowledge base I provided for you.
5. Watch out for the “Debt Consolidation”, “Debt Settlement”, “Debt Management” or other similar companies. There is a lot to say about these. It is discussed in the credit repair book (mentioned above). Here you leave all your accounts at a serious risk or if nothing else, you may be defrauded out of money. It is very detailed in that book. However, allow me to give you an example.
A couple of weeks ago, a “Debt Settlement” company out of Florida somehow found my number to offer me help to settle my debts for a lot less. Don’t ask me how they got my number, I am a unique individual who wears several hats and most telemarketers don’t know it. So, I became interested (since I try to protect others in a hope to reduce scam). I was so ready to jump on board and get “ALL MY DEBT CONSOLIDATED AND UNSECURED DEBT PAID FOR A LOT LESS” that I could not jump high enough for joy. I agreed to everything she said, and answered all the questions the way she wanted to hear. She sent me a package from some network company in Boca… and an 800-DEBT number.
After reading the information included in the package, I learned the trick of how people may get deceived. If I knew just a little less than what I know (with a Equifax score of over 820+), I would have DIVED on board head first without even having my hands or arms over my head. The document I received was suggestive to deception, included misrepresentations of facts, which can be misleading, directing to commit fraud under false pretense by giving suggestive ideas. The funny part about all this was the numbers thrown in there for fees. Of course the deal looks good (if I wanted to do this). Settling $35,000.00 worth of debt for about $19,250.00 of which $8,750.00 of it was fees to “a Law Center”. The contract stated, no down payment and monthly payments of $497.33 for 42 months were needed. Now, multiplying the number of month (42) times the monthly payment of ($497.33) equals to $20,887.86 which is a bit higher than the “Total Amount with Fees (55%): $19,250.00” (as indicted on the agreement). Of course the deal is still good; because it would have saved me a little over $14,000.00 dollars. That’s if the company’s intentions were true and they are not in the business of robbing people (I do not know). However, is it ethical???? What are your thoughts? Please contact me and tell me. I do not know what the FL Attorney General (A.G.) and the US Department of Justice would say. But, as stated in the Credit Repair book (introduced above) don’t look for the government agencies to do their job correctly.
There is so much more.
6. Do NOT co-sign a loan for someone else (does not matter how close you are to that person) unless you have the means and intent to make the monthly payment yourself irregardless of the person you co-signed for pays or not. I heard it all. I would like to hear someone’s story about a co-signed loan that remained good for the length of the loan. The best relationships break over this (exception: child-parents). You must either accept the fact that you will make the payment for the other person whether he/she pays you or not, or do not sign the loan document. There is no other way about it. If you have good credit and want to help someone (let’s say your children or immediate family member with the benefits and power of your excellent credit), then take the chance of signing the loan with the understanding that you will pay the loan no matter what. You do not have to announce your thoughts or decision, but just remember that if the person makes late payments or defaults, your excellent score is no more. And based upon how bad it damaged your credit, the effect of such negative may not be removed off your credit report-score for at minimum 2 –5 years (depending on how good your credit was/is on other accounts).
7. I advertised for something over the Internet (specially Criglist) and received so many emails from people who claimed to be from England or Australia. They all had the same thing in common. Bad or poor English yet claim to be educated and some even doctors or professors. So, I decided to play their game. As I would receive their first email, ALL were screaming “SCAM”. I prepared a Frequently asked questions list (Q & A)- answered all questions anyone could have had about my item. I would cut and paste my FAQ to all inquires (whether scam or not). In my FAQ, I clearly presented that “I do not accept money order, personal or company check. The only way, I accept funds is if it is Certified or Cashier Check from a reputable bank. I do NOT accept any funds over the amount to secure the item you wish to have.” It seems that the deceivers do not even take the time to read and after a couple of emails, they were ready to send me more than what was needed to secure the item. And, they ALL asked me to Western Union the remaining/overage amount to them or their associate in another state or country so that they would be able to make travel arrangement to meet me. Yeah. Right!! In fact, two of them went to the extend of sending me some homemade check or a copy of a printed check (with copy signature). The moral of the story. First of all, do NOT accept any funds coming from other countries, IF you do not know the source. Do not send money elsewhere when the source is not verifiable through a federally know agencies. If and when you receive a check, do NOT rush to the law enforcement, because they cannot help you and will brush you off with some excuses. The only agency that MAY be interested to know is FBI in the U.S. or the national enforcement agency in your country. However, if you receive cash/BILLS, contact the U.S. Secret Service or the Department of Treasury or the security department of the Federal Bank in your country to verify of the currency is good. Even if the checks look very very legitimate, you MUST contact the bank and see if the account is open, good standing, has funds, the payee’s name is the actual account holder and much more. Tell the bank security department what you have. I would be careful with the check even if the bank says (everything checks out and funds are there). Let’s say that all is good and you want to deposit the check; do not send any money to anyone until at minimum 10 days after the check clears your account. I would still be careful because. If I give you a check and you cash it, I may be able to dispute the check with my bank a month later.
8. Similar to No. 7 (above), do not accept employment of collecting funds for a large company in another country. How about having a part-time employment and collecting funds for me in your country. I will ask my associates or the companies in which my company is doing business in your country send you the payment, you take your fee of 25% or $500.00 (whatever we agree to) and send us the rest through Western Union, DHL or some expedited method. Please make certain you ship cash to me. It is a great deal. All you do is just wait for our payments (from our clients to reach you), rush to your bank, deposit and take the portion over you fees out and send it to me quickly. Don’t you love it?
These are only some of the simpler methods. I am certain that there are much complicated methods of scams out there. So it does not matter how much money you may have that losing a few hundred of thousand dollars may not matter to you, or that how broke and desperate you may be and any opportunity and hope for making money may motivate you, there are some things you do not want to do. It is like knowing a food is filled with poison and you intentionally eat it.
With love, care and best wishes.
Mike Samadi
You can go to my website and post your Questions & Comments. Your personal information will remain confidential and is NOT sold or shared with anyone else.
Here is something to make you smile. A joke: I hope you don’t find it insulting but funny. (NOT FOR KIDS). Adult discretion is advised.
A man walked into a supermarket with his zipper down. A lady cashier walked
up to him and said, “Your barracks door is open.”
Not a phrase that men normally use, he went on his way looking a bit
puzzled.
When he was about done shopping, a man came up and said, “Your fly is open.”
He zipped up and finished his shopping. At the checkout, he intentionally
got in the line where the lady was that told him about his “barracks door”.
He was planning to have a little fun with her, so when he reached the
counter he said, “When you saw my barracks door open, did you see a Marine
standing in there at attention?”
The lady (naturally smarter than the man) thought for a moment and said “No,
no I didn’t. All I saw was a disabled veteran sitting on a couple of old
duffel bags.
MAYNARD
Allow me discuss a few tips with you.
1. Never trust people, who tell you that they can make you a lot of money over a very short period of time even if those people are driving very expensive cars, live in home worth millions of dollars so on and so forth. The person who is willing to make you rich overnight is one that you should avoid (believe me when I say this). In my previous article, I noted that I was taken by three con-artists who were associated with each other and they tossed me back and forth. Not until I was hit hard in a short time did I realize how good they were. No, I am not talking about Nigerians or any other nationals, but Americans right here in my hometown. Even as smart as I thought I was and with the resources I had to find information about these guys, I still was not aware of their deceptions until I was hit hard and lost a lot. No, I am not talking about thousands of dollars; try high five (5) to six zeros. The sad part is that two of these guys did not have any criminal records and they were all living in nice homes, with a list of clients that signed up well before me and even believed in these guys long after me. Unfortunately, one of those guys is still loose and hiding somewhere. The other two got just a little time, because our system of justice only severely prosecutes a person who robs a bank (financial institution). If a person robs a bank for 10,000.00 dollars or so, he will get over a decade of jail time but, if a person robs millions from innocent people (let’s say at minimum 100 people), that person gets a slap on the wrist or maximum 5 years. That’s justice for you and I.
The only way you can become rich is either with hard work or to hit the lottery (which I call “poor man’s money.”) Since the “ODDS” of you or I winning the lottery is very very remote, so let’s be normal and try to make money the right way. That is by using your GOD GIFTTED “BRIAN.” By the way, I know two people who won millions in the lottery and just a few short years later they ended up back in the same lifestyle they were before the winning…(so sad).
2. Never give your Social Security number (SSN) over the Internet or phone to anyone (especially if that person is not a part of any institutions that you have done business with previously). I tell people it is better you lose a thousand dollars than losing your SSN to some stranger. When a deceptive person gets a hold of your SSN, you will spend months trying to persuade creditors, collection agencies and bureaus that you were not the one who opened the accounts and made so many charges. I received this book called “Your Credit = Your Life, Fix It Now!” which offers a lot of information about fraud, collection agencies, protection and so much more. Please read this book. Even those creditors, who insist on having your entire SSN, MUST understand the fact when you tell them, “I can’t give you my SSN over the Internet.” If you already have an account with this creditor, then they MUST ask you other questions such as list of transactions, payment, history, etc. Believe me they know how, what and when to ask the questions to know if you are the account holder. Dissolving fraud usually requires a lengthy fight and much aggravation. Sometimes it may require hiring attorneys and paying exurbanite retainer fees in an attempt to get their lives back on track. IS IT WORTH the headache, frustration, lack of sleep, loss of so much money, or even worse? I know a couple of people who did not listen to me and did the exact opposite of what I had been telling them…
3. Do NOT volunteer checking, savings, investment account, or credit card information to collection agencies. Let’s assume (you do not know how much I hate this word “assume”) the best-case scenario. Let’s say that the collection agencies truly want to work something out with you for passed due accounts. When you agree to make A (one time) payment using a credit card, guess what happens the following months and without your authorization. Now go ahead try to fight the additional draft. The collection agencies will tell you that we never agreed “on a one time payment”, we agreed on a monthly payment. The credit card company WILL TELL you, “sorry you made an agreement and that the collection agency provided records.” If you want to make a payment to a collection agency, send the company “Certified Check”, “Cashier’s Check”, or “Money Order”. Do NOT send your regular check. Some of these companies may even share/sell your personal and financial information to other companies. When you provide the information to one and another company also initiates its aggressive collection (addressed in the book mentioned above), would you be able to tell where this company received such accurate information? Can you prove it? I bet your answers are both “No. I don’t know how to do that…” So, STOP giving out your information to people whose intentions are not to help you but to help their own paychecks. Please read “Your Credit = Your Life, Fix It Now!” to learn more.
4. Nobody hands you free money. So, when I call you and tell you, ”you won, all I need is a checking or saving account number to transfer all this money into your account,” please don’t immediately jump up and down and get excited and give me all the information I need. You can act excited, give me some bogus numbers if you want. Keep me on my toes so that you can get my information and pass it on to the FBI. But I bet most these calls come from private, unknown or some other dead end numbers or do not allow reply call (the number is not in service for incoming calls). If you want free money, look around your house and start seeing the money you wasted on useless items that have not been used or stuff that was used only once … You need to learn the concept of “Saving Your Money.” (another book out there). Please take advantage of the knowledge base I provided for you.
5. Watch out for the “Debt Consolidation”, “Debt Settlement”, “Debt Management” or other similar companies. There is a lot to say about these. It is discussed in the credit repair book (mentioned above). Here you leave all your accounts at a serious risk or if nothing else, you may be defrauded out of money. It is very detailed in that book. However, allow me to give you an example.
A couple of weeks ago, a “Debt Settlement” company out of Florida somehow found my number to offer me help to settle my debts for a lot less. Don’t ask me how they got my number, I am a unique individual who wears several hats and most telemarketers don’t know it. So, I became interested (since I try to protect others in a hope to reduce scam). I was so ready to jump on board and get “ALL MY DEBT CONSOLIDATED AND UNSECURED DEBT PAID FOR A LOT LESS” that I could not jump high enough for joy. I agreed to everything she said, and answered all the questions the way she wanted to hear. She sent me a package from some network company in Boca… and an 800-DEBT number.
After reading the information included in the package, I learned the trick of how people may get deceived. If I knew just a little less than what I know (with a Equifax score of over 820+), I would have DIVED on board head first without even having my hands or arms over my head. The document I received was suggestive to deception, included misrepresentations of facts, which can be misleading, directing to commit fraud under false pretense by giving suggestive ideas. The funny part about all this was the numbers thrown in there for fees. Of course the deal looks good (if I wanted to do this). Settling $35,000.00 worth of debt for about $19,250.00 of which $8,750.00 of it was fees to “a Law Center”. The contract stated, no down payment and monthly payments of $497.33 for 42 months were needed. Now, multiplying the number of month (42) times the monthly payment of ($497.33) equals to $20,887.86 which is a bit higher than the “Total Amount with Fees (55%): $19,250.00” (as indicted on the agreement). Of course the deal is still good; because it would have saved me a little over $14,000.00 dollars. That’s if the company’s intentions were true and they are not in the business of robbing people (I do not know). However, is it ethical???? What are your thoughts? Please contact me and tell me. I do not know what the FL Attorney General (A.G.) and the US Department of Justice would say. But, as stated in the Credit Repair book (introduced above) don’t look for the government agencies to do their job correctly.
There is so much more.
6. Do NOT co-sign a loan for someone else (does not matter how close you are to that person) unless you have the means and intent to make the monthly payment yourself irregardless of the person you co-signed for pays or not. I heard it all. I would like to hear someone’s story about a co-signed loan that remained good for the length of the loan. The best relationships break over this (exception: child-parents). You must either accept the fact that you will make the payment for the other person whether he/she pays you or not, or do not sign the loan document. There is no other way about it. If you have good credit and want to help someone (let’s say your children or immediate family member with the benefits and power of your excellent credit), then take the chance of signing the loan with the understanding that you will pay the loan no matter what. You do not have to announce your thoughts or decision, but just remember that if the person makes late payments or defaults, your excellent score is no more. And based upon how bad it damaged your credit, the effect of such negative may not be removed off your credit report-score for at minimum 2 –5 years (depending on how good your credit was/is on other accounts).
7. I advertised for something over the Internet (specially Criglist) and received so many emails from people who claimed to be from England or Australia. They all had the same thing in common. Bad or poor English yet claim to be educated and some even doctors or professors. So, I decided to play their game. As I would receive their first email, ALL were screaming “SCAM”. I prepared a Frequently asked questions list (Q & A)- answered all questions anyone could have had about my item. I would cut and paste my FAQ to all inquires (whether scam or not). In my FAQ, I clearly presented that “I do not accept money order, personal or company check. The only way, I accept funds is if it is Certified or Cashier Check from a reputable bank. I do NOT accept any funds over the amount to secure the item you wish to have.” It seems that the deceivers do not even take the time to read and after a couple of emails, they were ready to send me more than what was needed to secure the item. And, they ALL asked me to Western Union the remaining/overage amount to them or their associate in another state or country so that they would be able to make travel arrangement to meet me. Yeah. Right!! In fact, two of them went to the extend of sending me some homemade check or a copy of a printed check (with copy signature). The moral of the story. First of all, do NOT accept any funds coming from other countries, IF you do not know the source. Do not send money elsewhere when the source is not verifiable through a federally know agencies. If and when you receive a check, do NOT rush to the law enforcement, because they cannot help you and will brush you off with some excuses. The only agency that MAY be interested to know is FBI in the U.S. or the national enforcement agency in your country. However, if you receive cash/BILLS, contact the U.S. Secret Service or the Department of Treasury or the security department of the Federal Bank in your country to verify of the currency is good. Even if the checks look very very legitimate, you MUST contact the bank and see if the account is open, good standing, has funds, the payee’s name is the actual account holder and much more. Tell the bank security department what you have. I would be careful with the check even if the bank says (everything checks out and funds are there). Let’s say that all is good and you want to deposit the check; do not send any money to anyone until at minimum 10 days after the check clears your account. I would still be careful because. If I give you a check and you cash it, I may be able to dispute the check with my bank a month later.
8. Similar to No. 7 (above), do not accept employment of collecting funds for a large company in another country. How about having a part-time employment and collecting funds for me in your country. I will ask my associates or the companies in which my company is doing business in your country send you the payment, you take your fee of 25% or $500.00 (whatever we agree to) and send us the rest through Western Union, DHL or some expedited method. Please make certain you ship cash to me. It is a great deal. All you do is just wait for our payments (from our clients to reach you), rush to your bank, deposit and take the portion over you fees out and send it to me quickly. Don’t you love it?
These are only some of the simpler methods. I am certain that there are much complicated methods of scams out there. So it does not matter how much money you may have that losing a few hundred of thousand dollars may not matter to you, or that how broke and desperate you may be and any opportunity and hope for making money may motivate you, there are some things you do not want to do. It is like knowing a food is filled with poison and you intentionally eat it.
With love, care and best wishes.
Mike Samadi
You can go to my website and post your Questions & Comments. Your personal information will remain confidential and is NOT sold or shared with anyone else.
Here is something to make you smile. A joke: I hope you don’t find it insulting but funny. (NOT FOR KIDS). Adult discretion is advised.
A man walked into a supermarket with his zipper down. A lady cashier walked
up to him and said, “Your barracks door is open.”
Not a phrase that men normally use, he went on his way looking a bit
puzzled.
When he was about done shopping, a man came up and said, “Your fly is open.”
He zipped up and finished his shopping. At the checkout, he intentionally
got in the line where the lady was that told him about his “barracks door”.
He was planning to have a little fun with her, so when he reached the
counter he said, “When you saw my barracks door open, did you see a Marine
standing in there at attention?”
The lady (naturally smarter than the man) thought for a moment and said “No,
no I didn’t. All I saw was a disabled veteran sitting on a couple of old
duffel bags.
MAYNARD
Apr
14
Kevin Bilberry asked:
In Part 1 a general understanding of mortgages was explored. Part 2 investigates the many different types of mortgages which can generally be classified into two groups: changeable and static. Static allows you to budget more effectively as you know the figures that you will be dealing with each month. This raises the question of why so many people appeared to choose changeable and lose their homes as their rates zipped up.
It is difficult for many borrowers to resist the initial lower monthly repayments that are often offered on the changeable mortgages. This gives new home owners extra cash to repair and redecorate and sometimes an optimistic outlook can over-rule prudence. There are also genuine cases where a variable mortgage is advantageous; understanding mortgages can clarify these choices.
Mortgages have both similarities and differences; interestingly most of the similarities are favorable for the borrower.
-For instance you can usually move (called portering) a mortgage to a new property if you move house. This means that you will not have to pay a penalty for terminating the mortgage earlier than agreed.
-Another advantage is that often when you sell your house and do not want to keep the mortgage on it, the prospective buyer can ‘assume’ the balance of your mortgage; this can make it easier to sell.
-Renewal is automatic once you have been accepted into a mortgage scheme.
-You can usually pay off a lump sum every year on the anniversary of your mortgage date.
However, similarities aside, it is the differences between mortgages that are usually the deciding factors, and there is more variety of choice in the changeable or variable mortgages. These changeable mortgages come in several different forms, the most popular being:
Adjustable Rate Mortgages (ARMS) start at a low rate (perhaps it is a giveaway that this is called the teaser rate!) and moves up to a higher rate after an interim period, usually of six months. There are also steady and/or irregular increases, which make it difficult for the home owner to keep up. These increases are also difficult to estimate as they are calculated on a formula based on the Lender’s Index and Margin.
Two Step Mortgages lock the interest rate in for about seven to ten years; this later adjusts to a higher rate. This can be advantageous if you plan to stay in one place and know that your salary will increase drastically in the future i.e. if you are on an apprenticeship course).
Lender Buy Down is a similar idea, with the interest rate gradually increasing and can be practical for the same reasons as above. All the above mortgages start off with a lower monthly repayment which increases over time. Any of these mortgages could be subject to the whim of the financial markets and/or a Lender’s formula.
This means that they can change and if this means a big increase it could be insurmountable for the home owners. A mortgage broker can explain the positives or the negatives of a variable mortgage which will reflect your own particular set of circumstances.
One of the alternatives to the above choices and one which is easier to understand is a Fixed Rate Mortgage, sometimes called a ‘locked in rate’ mortgage which means that once the term has been agreed, your monthly payment will stay the same for the duration of the term or contract.
The contract can be for five years, or three or twenty or thirty. The interest rate will most likely be different for each term. A mortgage is usually amortized (completed) over a thirty year period, so you may have several terms in the life of your loan.
When you first start paying off a mortgage almost all of it is simply paying down the interest, but as the years pass, your monthly amount will start to pay off more of the principal and less of the interest.
This happens regardless of how many short or long terms you sign up for, as long as you are renewing each time with the same Lender. However, because of the high interest repayments in the beginning of a mortgage, it may be cheaper to rent if you plan on staying only two or three years in a new town.
With a mortgage that has a locked in interest rate, even though the rate at which you are paying down the balance of your property is changing, your monthly amount does not change because you have signed for a fixed rate of interest for a fixed time. This static payment can buy a large amount of peace of mind!
MAYNARD
In Part 1 a general understanding of mortgages was explored. Part 2 investigates the many different types of mortgages which can generally be classified into two groups: changeable and static. Static allows you to budget more effectively as you know the figures that you will be dealing with each month. This raises the question of why so many people appeared to choose changeable and lose their homes as their rates zipped up.
It is difficult for many borrowers to resist the initial lower monthly repayments that are often offered on the changeable mortgages. This gives new home owners extra cash to repair and redecorate and sometimes an optimistic outlook can over-rule prudence. There are also genuine cases where a variable mortgage is advantageous; understanding mortgages can clarify these choices.
Mortgages have both similarities and differences; interestingly most of the similarities are favorable for the borrower.
-For instance you can usually move (called portering) a mortgage to a new property if you move house. This means that you will not have to pay a penalty for terminating the mortgage earlier than agreed.
-Another advantage is that often when you sell your house and do not want to keep the mortgage on it, the prospective buyer can ‘assume’ the balance of your mortgage; this can make it easier to sell.
-Renewal is automatic once you have been accepted into a mortgage scheme.
-You can usually pay off a lump sum every year on the anniversary of your mortgage date.
However, similarities aside, it is the differences between mortgages that are usually the deciding factors, and there is more variety of choice in the changeable or variable mortgages. These changeable mortgages come in several different forms, the most popular being:
Adjustable Rate Mortgages (ARMS) start at a low rate (perhaps it is a giveaway that this is called the teaser rate!) and moves up to a higher rate after an interim period, usually of six months. There are also steady and/or irregular increases, which make it difficult for the home owner to keep up. These increases are also difficult to estimate as they are calculated on a formula based on the Lender’s Index and Margin.
Two Step Mortgages lock the interest rate in for about seven to ten years; this later adjusts to a higher rate. This can be advantageous if you plan to stay in one place and know that your salary will increase drastically in the future i.e. if you are on an apprenticeship course).
Lender Buy Down is a similar idea, with the interest rate gradually increasing and can be practical for the same reasons as above. All the above mortgages start off with a lower monthly repayment which increases over time. Any of these mortgages could be subject to the whim of the financial markets and/or a Lender’s formula.
This means that they can change and if this means a big increase it could be insurmountable for the home owners. A mortgage broker can explain the positives or the negatives of a variable mortgage which will reflect your own particular set of circumstances.
One of the alternatives to the above choices and one which is easier to understand is a Fixed Rate Mortgage, sometimes called a ‘locked in rate’ mortgage which means that once the term has been agreed, your monthly payment will stay the same for the duration of the term or contract.
The contract can be for five years, or three or twenty or thirty. The interest rate will most likely be different for each term. A mortgage is usually amortized (completed) over a thirty year period, so you may have several terms in the life of your loan.
When you first start paying off a mortgage almost all of it is simply paying down the interest, but as the years pass, your monthly amount will start to pay off more of the principal and less of the interest.
This happens regardless of how many short or long terms you sign up for, as long as you are renewing each time with the same Lender. However, because of the high interest repayments in the beginning of a mortgage, it may be cheaper to rent if you plan on staying only two or three years in a new town.
With a mortgage that has a locked in interest rate, even though the rate at which you are paying down the balance of your property is changing, your monthly amount does not change because you have signed for a fixed rate of interest for a fixed time. This static payment can buy a large amount of peace of mind!
MAYNARD
Apr
12
Kevin Bilberry asked:
Not all mortgages are created equal; this seems to be one lesson that we have all learned in the last two years, even if only indirectly. For those who have suffered through an unpaid mortgage and lost a home, the importance of small print need not be further emphasized.
There are few debts that can actually leave a family homeless and this possibility makes it critical that borrowers understand the terms of their mortgage.
A mortgage is just another name for a house-purchasing loan. The home that you are attempting to purchase will be the ‘guarantee’ for you to borrow the money. The Lender is paying for the house that you have chosen and he (she) is holding it in his possession as insurance until you have paid him back the full price plus agreed interest.
This means, of course that if you do not make the legally agreed payments then the Lender is permitted to take the home as you did not give him the money that he lent you to buy it.
It has not always been the case that Lenders have taken back ownership of a house, there are odd instances where the buyers have moved out and voluntarily given up their home. This may be because they did not put any of their own savings down as a deposit and the price of the house dipped drastically.
For instance, if they borrowed $300,000 to buy a house and the realty market says this house is now worth only $200,000, families have chosen to walk away. This is not advisable as it does adversely affect credit ratings etc.
So on the face of it, a mortgage system seems fair, you think? However, the first thing is that there can often be variables in the mortgage that you may not know about. These may never come to your attention, or you may have skimmed over their importance, but in troubled times they may have dire consequences.
Secondly, any time you are required to lie to get a mortgage (and you can get away with it) a red flag should go up in your mind’s eye.
The Financial Services Authority has initiated what they called ‘one of the biggest crackdowns in history’ after being alerted to systematic loan abuse. They have so far investigated the ethical practices of 345 mortgage firms in the USA. Some have been closed down or fined and some have been asked to produce past records.
Although you will almost certainly deal with one of the thousands of Lenders out there who only want to do honest business, it is still smart to protect yourself by becoming better informed about mortgages.
There are many different types of mortgages but they fall into two main categories: the ones that change and the ones that do not change. Obviously if you choose one that does not change then you probably will feel safer as you will know what your budget will be – so why doesn’t this happen?
Well, there is a temptation to choose the changeable one because it starts off at a lower rate of interest and this means you will not be so broke moving into your new home. There are also good reasons why borrowers in certain situations will benefit from one of the variable choices.
Similarities and differences of mortgage types are explained in ‘Meandering Thru The Mortgage Maze’ – Part 2.
WILFORD
Not all mortgages are created equal; this seems to be one lesson that we have all learned in the last two years, even if only indirectly. For those who have suffered through an unpaid mortgage and lost a home, the importance of small print need not be further emphasized.
There are few debts that can actually leave a family homeless and this possibility makes it critical that borrowers understand the terms of their mortgage.
A mortgage is just another name for a house-purchasing loan. The home that you are attempting to purchase will be the ‘guarantee’ for you to borrow the money. The Lender is paying for the house that you have chosen and he (she) is holding it in his possession as insurance until you have paid him back the full price plus agreed interest.
This means, of course that if you do not make the legally agreed payments then the Lender is permitted to take the home as you did not give him the money that he lent you to buy it.
It has not always been the case that Lenders have taken back ownership of a house, there are odd instances where the buyers have moved out and voluntarily given up their home. This may be because they did not put any of their own savings down as a deposit and the price of the house dipped drastically.
For instance, if they borrowed $300,000 to buy a house and the realty market says this house is now worth only $200,000, families have chosen to walk away. This is not advisable as it does adversely affect credit ratings etc.
So on the face of it, a mortgage system seems fair, you think? However, the first thing is that there can often be variables in the mortgage that you may not know about. These may never come to your attention, or you may have skimmed over their importance, but in troubled times they may have dire consequences.
Secondly, any time you are required to lie to get a mortgage (and you can get away with it) a red flag should go up in your mind’s eye.
The Financial Services Authority has initiated what they called ‘one of the biggest crackdowns in history’ after being alerted to systematic loan abuse. They have so far investigated the ethical practices of 345 mortgage firms in the USA. Some have been closed down or fined and some have been asked to produce past records.
Although you will almost certainly deal with one of the thousands of Lenders out there who only want to do honest business, it is still smart to protect yourself by becoming better informed about mortgages.
There are many different types of mortgages but they fall into two main categories: the ones that change and the ones that do not change. Obviously if you choose one that does not change then you probably will feel safer as you will know what your budget will be – so why doesn’t this happen?
Well, there is a temptation to choose the changeable one because it starts off at a lower rate of interest and this means you will not be so broke moving into your new home. There are also good reasons why borrowers in certain situations will benefit from one of the variable choices.
Similarities and differences of mortgage types are explained in ‘Meandering Thru The Mortgage Maze’ – Part 2.
WILFORD
Apr
9
Sean Horton asked:
There are many advantages to obtaining the help of a commercial mortgage broker. Of course the main reasons are that you will get your mortgage in the shortest time possible along with getting the best deal attainable. While you will have to pay the brokers fees it is still possible to save money on your development project.
The biggest advantage when it comes to shaving money off the loan is the fact that a commercial mortgage broker will have the knowledge of where to look when it comes to lenders. From past experience they will know from looking at your proposal which lenders are likely to offer what you want for the cheapest rates of interest. A broker will also if need be, be able to search with the whole of the marketplace to secure the cheapest and best deal possible based on your individual circumstances.
Commercial mortgage funding will vary and this is dependent on the circumstances of the individual and the project you are proposing. The amount of experience in the field of commercial property development goes a long way to determining how much finance you will receive. 100% is usually held for those who can show an excellent track record and who have completed several successful projects in the past. The majority of property developers will be offered around 70% to 75% for their mortgage. The shortfall will have to be found by the individual and depending on the size of the project this could be a substantial amount so thought as to be given as to how to obtain it.
Another big advantage a commercial mortgage broker will have over the individual going to a lender is when it comes to negotiating the rate of interest for the loan. The rate of interest will depend on the projects size, what your plans are for the development and how much you wish to borrow. However as a general rule you could expect to pay somewhere in the region of 1.5% and 2.5% and lenders are in the best position when it comes to negotiating the most attractive rates.
As the majority of commercial mortgages involve huge costs, lenders will usually offer them on an interest only basis to keep the monthly repayments as low as possible. When taking a mortgage over what could be 20 years or more the loan will accumulate a large amount of interest and this is what you will be paying back over the term of the mortgage. Upon completion there will be the capitol amount you borrowed to pay back in full. Any lender will ask for proof that you will have the ability to do this before lending you money based on interest only.
Any type of mortgage comes with terms and conditions and a commercial property development mortgage is no exception. Again a broker can help to explain the technical jargon by offering information by way of articles and FAQs. Reading the terms and conditions that come with the quote a commercial mortgage broker finds is of the essence. This crucial information contains such as how much interest you will pay on the mortgage, how much you will pay in full over the terms you have chosen and reveal any hidden costs attached to the mortgage.
GARRY
There are many advantages to obtaining the help of a commercial mortgage broker. Of course the main reasons are that you will get your mortgage in the shortest time possible along with getting the best deal attainable. While you will have to pay the brokers fees it is still possible to save money on your development project.
The biggest advantage when it comes to shaving money off the loan is the fact that a commercial mortgage broker will have the knowledge of where to look when it comes to lenders. From past experience they will know from looking at your proposal which lenders are likely to offer what you want for the cheapest rates of interest. A broker will also if need be, be able to search with the whole of the marketplace to secure the cheapest and best deal possible based on your individual circumstances.
Commercial mortgage funding will vary and this is dependent on the circumstances of the individual and the project you are proposing. The amount of experience in the field of commercial property development goes a long way to determining how much finance you will receive. 100% is usually held for those who can show an excellent track record and who have completed several successful projects in the past. The majority of property developers will be offered around 70% to 75% for their mortgage. The shortfall will have to be found by the individual and depending on the size of the project this could be a substantial amount so thought as to be given as to how to obtain it.
Another big advantage a commercial mortgage broker will have over the individual going to a lender is when it comes to negotiating the rate of interest for the loan. The rate of interest will depend on the projects size, what your plans are for the development and how much you wish to borrow. However as a general rule you could expect to pay somewhere in the region of 1.5% and 2.5% and lenders are in the best position when it comes to negotiating the most attractive rates.
As the majority of commercial mortgages involve huge costs, lenders will usually offer them on an interest only basis to keep the monthly repayments as low as possible. When taking a mortgage over what could be 20 years or more the loan will accumulate a large amount of interest and this is what you will be paying back over the term of the mortgage. Upon completion there will be the capitol amount you borrowed to pay back in full. Any lender will ask for proof that you will have the ability to do this before lending you money based on interest only.
Any type of mortgage comes with terms and conditions and a commercial property development mortgage is no exception. Again a broker can help to explain the technical jargon by offering information by way of articles and FAQs. Reading the terms and conditions that come with the quote a commercial mortgage broker finds is of the essence. This crucial information contains such as how much interest you will pay on the mortgage, how much you will pay in full over the terms you have chosen and reveal any hidden costs attached to the mortgage.
GARRY
Apr
5
New Non Resident Mortgage in Turkey
Filed Under Mortgage | Leave a Comment
John Domanic asked:
Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.
A)FAQ About Mortgage in Turkey:
B)How to Apply Non Resident Mortgage
FAQ ABOUT MORTGAGE IN TURKEY
•What is the amount of minimum loan i can borrow ?
The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros
•What is the amount of maximum loan i can borrow ?
The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros
• What are the avaliable the currencies for mortgage in Turkey ?
Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies
•What is the minimum length of turkish loans ?
The minimum length of turkish loan you can borrow is 6 months.
•What is the maximum length of turkish loans ?
The The maximum length of turkish loan you can borrow is 240 months.
•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?
The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.
•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?
The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.
•Do I need any Insurance on the property ?
Yes. You need a insurance on property which will be asked by mortgage lender.
•Do Turkish Mortgages need any decleration of income to qualify for loan ?
Yes. Turkish mortgage system need decleration of any income to qualify you for loan.
How to Apply Non Resident Mortgage
There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.
• Tax ID Number given by Turkey.
• Appraisal review report of the property.
• Non- Resident submission form which is provided by the branch.
• Copy of the passport.
• Credit Bureau record from your home country.
• Utility bill which will show your full address.
• Security check obtained from military authorities in Turkey.
• Report of previous three month’s bank account, credit card, overdraft statements.
Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )
ADOLPH
Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.
A)FAQ About Mortgage in Turkey:
B)How to Apply Non Resident Mortgage
FAQ ABOUT MORTGAGE IN TURKEY
•What is the amount of minimum loan i can borrow ?
The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros
•What is the amount of maximum loan i can borrow ?
The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros
• What are the avaliable the currencies for mortgage in Turkey ?
Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies
•What is the minimum length of turkish loans ?
The minimum length of turkish loan you can borrow is 6 months.
•What is the maximum length of turkish loans ?
The The maximum length of turkish loan you can borrow is 240 months.
•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?
The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.
•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?
The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.
•Do I need any Insurance on the property ?
Yes. You need a insurance on property which will be asked by mortgage lender.
•Do Turkish Mortgages need any decleration of income to qualify for loan ?
Yes. Turkish mortgage system need decleration of any income to qualify you for loan.
How to Apply Non Resident Mortgage
There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.
• Tax ID Number given by Turkey.
• Appraisal review report of the property.
• Non- Resident submission form which is provided by the branch.
• Copy of the passport.
• Credit Bureau record from your home country.
• Utility bill which will show your full address.
• Security check obtained from military authorities in Turkey.
• Report of previous three month’s bank account, credit card, overdraft statements.
Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )
ADOLPH
Apr
4
Simon Burgess asked:
All payment protection policies can be hard to understand, however none more so than income payment protection insurance. This is due to the fact that there is a similar product with a very similar name, this is income protection insurance. While the two insurance products have similarities they are also very different.
Income payment protection insurance is taken for the short term to cover accident, sickness and unemployment. This form of payment protection would payout after a short space of time of you being incapacitated or if you are made redundant. The deferment period is usually around 30/90 days and some providers offer to backdate the protection to the first day of you becoming unemployed or of being incapacitated. Once you have made a claim on the policy it would then last for between 12/24 months and then it ceases regardless of the fact you might not have found work or be fit enough to go back to work.
Income protection on the other hand pays out over the longer term yet it does not cover unemployment. This policy would continue paying an income to you right up to the age of retirement if need be. However there is a longer deferment period.
To ensure that you make the right choice between income payment protection insurance and income protection make sure you take the advice of a specialist payment protection provider. An ethical provider will offer FAQs and articles along with adequate information so that you are able to make the right choice.
Income payment protection would provide the policy holder with the sum of money they insured against. This is amount of their income, up to a certain amount which is set by the provider. This is income is paid tax-free and allows you to keep on top of all your essential outgoings. You would have the money to be able to continue meeting the demands of your mortgage each month. This means that you would not have to worry about falling behind and getting into arrears and be faced with the possibility of having your home repossessed. Just a single missed payment would have the mortgage lender sending you a letter asking you to catch up and another missed payment would mean you would have to try and make an agreement with the lender if possible. However without an income this would be next to impossible and the next step would see the lender taking you to court to seek repossession.
You would also have the money needed to be able to pay credit card or loan repayments and keep your credit rating in good order. This mans you avoid the lender taking action against you and are not at risk of bailiffs coming to your home to take your possessions to sell.
Other essential outgoings could also be maintained such as your food bill, electricity, gas and all other monthly outgoings that need to be maintained. Income payment protection insurance eases a great deal of worry and anxiety at a time when you need to concentrate on making a recovery and getting back to work or when looking around for another job.
CORY
All payment protection policies can be hard to understand, however none more so than income payment protection insurance. This is due to the fact that there is a similar product with a very similar name, this is income protection insurance. While the two insurance products have similarities they are also very different.
Income payment protection insurance is taken for the short term to cover accident, sickness and unemployment. This form of payment protection would payout after a short space of time of you being incapacitated or if you are made redundant. The deferment period is usually around 30/90 days and some providers offer to backdate the protection to the first day of you becoming unemployed or of being incapacitated. Once you have made a claim on the policy it would then last for between 12/24 months and then it ceases regardless of the fact you might not have found work or be fit enough to go back to work.
Income protection on the other hand pays out over the longer term yet it does not cover unemployment. This policy would continue paying an income to you right up to the age of retirement if need be. However there is a longer deferment period.
To ensure that you make the right choice between income payment protection insurance and income protection make sure you take the advice of a specialist payment protection provider. An ethical provider will offer FAQs and articles along with adequate information so that you are able to make the right choice.
Income payment protection would provide the policy holder with the sum of money they insured against. This is amount of their income, up to a certain amount which is set by the provider. This is income is paid tax-free and allows you to keep on top of all your essential outgoings. You would have the money to be able to continue meeting the demands of your mortgage each month. This means that you would not have to worry about falling behind and getting into arrears and be faced with the possibility of having your home repossessed. Just a single missed payment would have the mortgage lender sending you a letter asking you to catch up and another missed payment would mean you would have to try and make an agreement with the lender if possible. However without an income this would be next to impossible and the next step would see the lender taking you to court to seek repossession.
You would also have the money needed to be able to pay credit card or loan repayments and keep your credit rating in good order. This mans you avoid the lender taking action against you and are not at risk of bailiffs coming to your home to take your possessions to sell.
Other essential outgoings could also be maintained such as your food bill, electricity, gas and all other monthly outgoings that need to be maintained. Income payment protection insurance eases a great deal of worry and anxiety at a time when you need to concentrate on making a recovery and getting back to work or when looking around for another job.
CORY
Apr
3
M Petrone asked:
Most people use refinancing to take advantage of lower interest rates that may be available now but were not available when they took out a mortgage on their condo. More to the point, it is going through the procedure of taking out a second mortgage, and turning around and using that cash to close, or pay off a current mortgage.
If you are lucky enough to refinance your condo with a lower interest rate then when your first got the mortgage then your monthly payments should be lower, even if your new mortgage on your condo is for the same amount than your old one. Before you start the refinancing process, you need to weigh the savings of a lower monthly payment with the costs associated with refinancing.
Usually, the rule on refinancing a condo is that the interest rate of the new mortgage should be -2% (about two percent lower) than your current mortgage. These days there are tons of no cost refinancing options available. Overall it is probably likely that should you decide to refinance your condo, you will be saving money (by obtaining a better interest rate)
Condo refinancing is a good opportunity to gather a quick large sum of cash. You can use this cash to upgrade your condo and increase its future value even more. Probably, your condo has also risen in value, that will be taken into account in the second mortgage. That means good news for your with the new refinancing!
Things to know before starting the refinancing process:
Know YOUR reasons to Refinance
1. Most likely a condo mortgage rate is lower now than it was when you bought. Refinancing will put cash in your pocket, with a lower interest rate your monthly condo mortgage payment is smaller.
2. Obtain a Fixed rate mortgage instead of the A.R.M. (adjustable rate mortgage) you have now.
3. Obtain a A.R.M. for your condo with better terms than the one you are in now.
4. Fast way to grow equity. Just by refinancing your condo
5. Turn equity into cash. With the new smaller interest rate you receive through refinancing on your condo you will most likely have a good sum of built up cash coming to you!
-M. Petrone
Condominium Refinancing Expert
DARIUS
Most people use refinancing to take advantage of lower interest rates that may be available now but were not available when they took out a mortgage on their condo. More to the point, it is going through the procedure of taking out a second mortgage, and turning around and using that cash to close, or pay off a current mortgage.
If you are lucky enough to refinance your condo with a lower interest rate then when your first got the mortgage then your monthly payments should be lower, even if your new mortgage on your condo is for the same amount than your old one. Before you start the refinancing process, you need to weigh the savings of a lower monthly payment with the costs associated with refinancing.
Usually, the rule on refinancing a condo is that the interest rate of the new mortgage should be -2% (about two percent lower) than your current mortgage. These days there are tons of no cost refinancing options available. Overall it is probably likely that should you decide to refinance your condo, you will be saving money (by obtaining a better interest rate)
Condo refinancing is a good opportunity to gather a quick large sum of cash. You can use this cash to upgrade your condo and increase its future value even more. Probably, your condo has also risen in value, that will be taken into account in the second mortgage. That means good news for your with the new refinancing!
Things to know before starting the refinancing process:
Know YOUR reasons to Refinance
1. Most likely a condo mortgage rate is lower now than it was when you bought. Refinancing will put cash in your pocket, with a lower interest rate your monthly condo mortgage payment is smaller.
2. Obtain a Fixed rate mortgage instead of the A.R.M. (adjustable rate mortgage) you have now.
3. Obtain a A.R.M. for your condo with better terms than the one you are in now.
4. Fast way to grow equity. Just by refinancing your condo
5. Turn equity into cash. With the new smaller interest rate you receive through refinancing on your condo you will most likely have a good sum of built up cash coming to you!
-M. Petrone
Condominium Refinancing Expert
DARIUS