Let me start by saying that I am thankful that you and your loved ones safe and sound.I’m sorry to hear that things for your home did not turn out quite as well.Hopefully the damage was minimal and you will be back in the swing of things very soon. And, in many cases, that means getting your insurance check endorsed by the mortgage company.
One thing I have been reminded from going through Hurricane Matthew (yes, my home was hit too.I am writing this as much for myself as for you), is most people are good.Neighbors are checking on each other’s homes.They are sharing information.Neighbors are safeguarding each other and their communities.They are banding together to clean up and share supplies.Neighbors are helping each other.
Yes, most people are good.This includes your mortgage company and your insurance company.They want your home to be safe, secure and returned to normal as quickly and conveniently as possible.
While this post is specifically written for the aftermath of Hurricane Matthew, many of the tips will apply after any natural disaster and will also apply anytime that you have to get an insurance check processed by your mortgage company. So here we go…it’s all about getting your insurance check endorsed by the mortgage company quickly.
Whether you’re buying your dream home or refinancing your existing home, deciding on the right loan product is a crucial decision. It is an important step in laying the foundation for your family’s financial future.
There are a lot of loan choices. The one that was right for your friend or family member may or may not be right for you. It truly depends on your situation and your financial goals.
I am not suggesting that mortgages are a commodity like fries and a milkshake. I am not even suggesting that you should eat French fries for lunch. In fact, should you decide to skip out on your normal grilled chicken and spinach salad and splurge on French fries for lunch you probably don’t think that all fries are the same. I know I don’t think they are all the same. I prefer skinny French fries that are very crispy, but not burnt. And there is a hole in the wall in Auburn, AL that makes the best vanilla milk shakes on the planet. Enough about that before I have to run an extra three miles today.
Mortgages are exactly like those fries and shakes; there is one that is just right for you.
The answer to this question largely depends on you. Just how much of a gambler are you? Do you like to go to Vegas and bet the house on the single roll of the dice or does putting a dollar into the slot machine make you break out in hives? The answer to this question could very well tell you whether to lock or float your mortgage interest rate.
I don’t know about you, but I rarely have time to watch TV. When I do have a spare moment to collapse on the couch and entertain myself, one of the shows I like to watch is Myth Busters. I have only seen a few people that enjoy their jobs as much as these guys PLUS they get to educate people while making science fun. I call that a win-win.
The way the world works, I started thinking about Myth Busters and that lead to Ghostbusters…”who you gonna call?” reverberating in my head. This lead to what myths abound in the mortgage industry that need busting? There are many myths that I run into each time I have the privilege of speaking to someone looking to buy a home.
So grab your ectoplasma gun. Put on your safety goggles. It’s time to put some mortgage myths to the test!
If you have a mortgage it is highly likely that your payment includes your property taxes. The majority of mortgage loans have an escrow account where your payment includes not only the principal (the money you pay to pay back the money you borrowed) and interest (the money you are paying for the privilege of borrowing money), but also money to pay your taxes, insurance, and mortgage insurance. Your total payment is also referred to as your PITI payment (short for principal, interest, taxes, and insurance).
The old saying, out of sight out of mind pops up for me here. Since you pay your real estate property taxes each month you might just throw away your tax bill or not give it a second thought once you have mailed it to your mortgage company to pay. This could be a costly mistake.