Insurance FAQ
 

Confused About Mortgages: Do I Need To Take Out A Buy-to-let Mortgage If I Want To Rent Out My Property?

Question by doc | Posted in Renting & Real Estate

I am a first-time buyer looking for a flat in Surrey.
If I decide to rent it out straight away, would I need to get a buy-to-let mortgage?
If I live in the flat for a while and then decide to rent it out do I need to change my 'standard' mortgage to a buy-to-let?
How much rent should I be charging in order to cover the mortgage plus insurance/service charges etc?

Answer: If you are buying the property specifically to let you should get a buy to let mortgage. However if you aren't sure and don't currently have a residential mortgage then it would be in your interest to try and go down that route. Residential mortgages generally require less of a deposit. You are unlikely to get a buy to let for more than 85% of the value of the property. If you subsequentally decide to let the property you must ask permission of your lender. This won't change your mortgage to a buy to let as such but may affect the conditions by which you can get a second residential mortgage.
 
 

Has Anyone Ever Heard Of Lenders Mortgage Services?

Question by missy | Posted in Personal Finance

I have very bad credit and I'm being offered a loan from Lenders Mortgage Services out of Kingston Jamaica for $10,000.00. at $247.00 a month. They need one of 3 things- collateral or 3 months payments up front,or to purchase an insurance policy on the loan- that would be 600 up front, I'm leary...does this seem legitimate or is it just a scam?

Answer: Missy,

Jamaica is not part of the United States, thus not subject to ANY banking or other regulation. The probability of this being a scam is close to 100%

I would not seek a loan from any offshore or foreign source that is not backed by serious baking and lending standards.

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Does Anyone Know Of A Website/service That Provides Good Insurance Or Mortgage Leads And Is It Really Worth It

Question by Jason J | Posted in Insurance

I sell insurance, annuities, and mortgages (we use various types of mortgages to see if we can free up money to invest elsewhere). I can sell, but am not crazy about going out and trying to find people. Is their a service or website that provides GOOD leads? Also, are these leads services even worth the money? Thanks

Answer: Hi, my sister used to do the exact same thing as you and she had Great success by picking up the yellow pages or white pages and just cold calling the phone numbers of businesses and or people listed in there. give it a try

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What Is Your Experience Of Using Financial Services Online?

Question by Quattro formaggi | Posted in Personal Finance

Examples include: online banking, high interest savings & investments, purchase of loans/insurance, mortgage etc

How could these services be improved?

Answer: Extremely good.

By sticking to well known / existing 'brands' and shredding all the paperwork they sent through the post, I've managed (so far) to avoid being taken for a ride ..

Main improvement would be when companies start to accept automatic liability for all on-line fraud (this will force them to start using things like 'one time Credit Cards' and RSA Key Fobs etc)

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Why Am I Charged Private Mortgage Insurance?

Question by Juan R | Posted in Renting & Real Estate

At closing, I have not found any reference to this. Citi purchased my loan from Principal who did not have this and now we have found our you have been charging us the amount for the service without my consent. I want this resolved now!

Answer: Your loan balance is more than 80% of the appraised value.. To fix this, you would need to have a first loan for 80% and a second loan (at a higher rate) for the remaining balance.

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Free Internet Services: Save Money ? Save Time ? be Entertained ...

by admin

Credit reporting companies sell your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, a mortgage, insurance, employment, or renting an apartment. com is the only free credit report site that is sponsored by the three nationwide credit reporting companies, Equifax, Experian and Trans Union. Buy into all this and you might be left with 15 credit cards, 6 mortgages, and a stolen identity. We’re bombarded with telemarketers, sketchy promotions, and mortgage brokers all wanting to dip into our wallets. Honest people and websites presenting free offers are out there, it just takes some looking. Going online can be just as horrifying with internet offers promising free computers, and get rich quick schemes. Here are a few good, honest, legitimate and free opportunities to get you started. The good news is the internet offers much more than just bait and switch scams....

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