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Posts Tagged ‘home;improvement’

Life Insurance Quotes Canada: There are Banks Out There Who Are Writing Mortgages

Wednesday, July 15th, 2009

There is no doubt that home loan originations are lower than they have been in years, but there are still many banks that are making mortgage loans.

Smaller, community focused banks are still extremely active in the home loan business. This should not really be a surprise. The beginning of the home loan business was really small building and loan associations that funded local expansion with local deposits. These banks may no longer be called by the same name, but they are performing the same task, staying local, and this has protected them from many problems.

They are actively lending to their customary clients and even expanding to pick up the slack where other lenders are no longer active.

Big commercial lenders have cut back drastically in mortgage lending, but the small community banks are continuing their mission, even if their growth has slowed.

But there are still many organizations, community-development banks, credit unions, and other institutions that are not only still making loans, but lending to sub prime customers, because they are involved in shoring up the communities they are located in. These lenders are not only remaining in business, they are earning a profit on their loans.

Organizations such as Chicago’s Shorebank, which has $2.3 billion in assets and predominantly serves low income communities boasts a delinquent loan rate of 3.1% of assets, compared to the national average of 18.7%. They do lend at higher rates than for prime rate customers, but they are careful about the risks they take. And their goal is only to be profitable, not profit maximizing, a fine point made by Mark Pinsky, the head of Opportunity Finance Network, an umbrella group for these types of banks. Reading between the lines, profit maximizing may be understood to mean the greed that has been one of the causes of the financial markets’ current woes.

If you look at the salary of a CEO of one of these small community based organizations, such as that of Douglas Bystry of Clearinghouse CDFI, at $190,000 in comparison to that of Angelo Mozilo, CEO of Countrywide Financial at $22.1million, you can realize the problem. Besides salaries, another example might be business decisions; Shorebank is headquartered in a renovated building, not a new corporate high rise.

This breed of sub prime lenders are committed to the locale and so to the loans they make, and instead of merely originating the loans and reselling as most big lenders do, they use initiatives that help insure the loans will be paid. Shorebank, for example, runs an energy conservation program because they realize that the home loan is more likely to be paid if the homeowner can afford to pay his electric or heating bill.

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A Quick Review of Some Home Security Products

Wednesday, July 1st, 2009

Our cities are becoming more frightening and we need to devote more attention to basic security. Common sense protects more than your home and home security is also about keeping people safe. Good home security is about how you think. Do you ever forget to lock up? Do you usually forget to lock the garage? Does your house offer lots of hiding places like shrubs, beside doorways and lower windows? When you’re away, does your house seem deserted? Do trusted family members know where to locate you if necessary? Once you can master these simple basics, you can look at different products.

Home alarms have been in use for many years and have evolved in with every passing year. There are systems with or without monthly monitoring or ones that will call you on your cell. Many systems have wireless components so that you can rearrange them when you decide to and they’re simple enough to install quickly and without any expensive help. The old fashioned rigid one-size for everything security systems are truly a thing of the past.

Security lighting is the foundation of many good systems. It’s quite irreplaceable. A brilliantly illuminated home has a first line of defense against vandals and it’s hardly the ideal environment for people who are doing things they don’t want others to see. Lighting also helps you arrive safely home, showing you places like darkened paths to be certain that it’s safe to move around.

It’s great to notice the abundant commitment to solar powered security systems. It means we can be green and cut our spending while we’re at it. On top of that these systems are really are easy to set up and delightfully affordable. All the pieces in one place and you won’t need an electrician.

Remotely controlled security cameras take home security to a new place. Imagine that you’re lounging comfortably and very safely in your upstairs and controlling cameras strategically situated around you entrances. You can see everything. Nursery cameras with conveniently small monitors, with sight and sound and remote control cameras mean you never need to worry about what might be happening in the nursery, again. Many of the remote controlled products can be monitored though the net. Now, worried parents of party loving teenagers control the party.

Do you recall the original nursery monitors? Nursery systems are much better now. They cover the ground from the basic audio monitors to very complex hidden cameras. Everyone has heard of options like the Nanny Cams, but you’d be quite surprised at all the places they might be hidden.

Hidden cameras have evolved considerably from the original boxy versions that were wildly expensive and took terrible images on top of that. Today’s hidden cameras are small and have lots of different features. You can have hard wired or wireless, colored or black & white and a growing number can even pick out an image in almost total darkness. What you won’t find audio recording- that’s illegal.

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Term Life Insurance Ontario: What Is Used to Price Mortgage Insurance Premiums?

Wednesday, June 24th, 2009

How much you pay for your mortgage insurance premiums will depend largely on three factors. For any given policy with all the same features, the premiums will be fixed by the size of the loan, the age of the homeowner and whether or not he is a smoker.

Both kinds of mortgage insurance-life to pay down the mortgage, or disability to pay mortgage payments-use these three things to calculate the premium.

The age and health of the insured is of the utmost importance to the insurance company, since they will determine for its actuaries what the chances of paying out are. Many mortgage life and disability policies will not require a physical, merely a statement of health condition. It is very risky to claim good health without it, however, because the insurance company can deny any claim if it comes from a condition that they can prove to be known to you at the time the policy was issued. Smokers, especially have to be careful of risking that ever present question: “How will the company know?” The answer is, they will know; if you have a debilitating heart attack, the cause can almost always be found, and you will have paid all those premiums and still left your family unprotected.

There are two basic policies, regular, which includes smokers and non smokers, which does not (and also includes those who have not smoked during the last 12 months.) The smoker’s policy is of course bound to be more expensive than the non smoker’s.

Needless to say, if a policy is going to cover someone without looking to his physical health, there is a built in premium cost for that. Anyone who has exceptional health should think about getting a physical screening, since the premiums are much lower.

These factors can have a great effect on premiums, and the premiums for a 50 year old, with the same amount of mortgage, will be more than twice as much as that of a 38 year old. Lowering the loan amount insured does not change the premium a great deal. That age has the biggest impact should not be a surprise; the insurance increases its collection period and decreases its payout period.

The mortgage amount has an affect at a certain level, however. Prior to the $250,000 threshold, however, there is not a great impact on prices. But once the value of the property insured starts to go up, the insurer will require a full application and an individualized quote, and of course, the property itself will have to be assessed.

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