12 Nov Don’t Worry About the Mortgage
Some years ago I commenced my lending career chasing arrears as a collections officer for a Building Society (United Permanent). I would send out arrears notices to borrowers who had missed the monthly payment, initially with a polite reminder. Naturally as some might continue not to pay, the process could get to the point of a Writ of Vacant Possession for a mortgagee sale. Fortunately this was not often the case, however, collecting arrears was an interesting job.
There was one occasion I will always remember. A young mother of two small children who had received one of my notices called and spoke to me in a very quiet upset voice. It was difficult to understand her. She finally advised the loan number and I was able to look at the computer printout we had in those days. They were 3 months behind in the mortgage repayments. At this point our letters were getting fairly serious, heading into the legal stage.
The lady finally also advised that she had lost her husband 3 months ago in a work accident. That is when you tighten up as this meant in most cases they will need to sell the house. Without the husband and with two young children financial survival and maintaining the mortgage payments was grim.
As I checked the computer printout a sense of relief washed over me as I was able to advise her that they had taken out MPI “Mortgage Protection Insurance”. This made a world of difference to this family as the mortgage was to be paid out completely, nothing to pay!
When I became a loans officer and a branch manager, every time I took a mortgage application I always offered MPI and told this story to those who were not too interested initially. I rarely missed, however, I guess it was the fact that I believed in the MPI so much, due to my experience, that I made sure most of my mortgage clients were protected.
In the fast world we live in today many lenders skip the conversation because they just want to do the loan and move on to the next one. In many cases insurance for the mortgage client is not even in the broker’s mind. This is also true for bank loans officers. We at Finance For Life make sure the client is protected and offer insurance and peace of mind to all of our clients. There are so many cost effective premiums these days, if you go with the right independent people you will be surprised how cost effective that peace of mind can be.
Today you need a well rounded financial services provider who is able to look at your entire financial position. This is to include Personal Insurances, Investment Loans, Superannuation and Retirement Plans. We all need to take into consideration how long you have to go until retirement. If you are simply aiming for the old age pension you are planning to fail.
The most difficult thing is deciding where do you go for each of your financial requirements? Most people have a financial planner, a banker or broker, an insurance advisor and some have a business banker if you are self-employed. How would you like all those financial disciplines in one place?
We at Finance For Life have all those disciplines covered with specialists in each to cover all of your financial needs. We make it all much simpler and clearer. We help clear that financial mist you might have in your mind.
For an individual, personalised approach to your future, we welcome your contact either by phone or email. I guarantee after we have done a full assessment of your current financial position you will be surprised and pleased with the outcome. We have saved many people a lot of money by structuring loans correctly and then assisting in harnessing the savings into wealth creation.
We look forward to working with you!
The information provided on this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.