The Biweekly Mortgage Scam – How To Avoid?

A mortgage broker will tell you that the biweekly mortgage payment scheme can be both good and bad. If you don’t handle your payments in the right manner the biweekly mortgage payments aren’t going to work for you. However, dealing with biweekly payments can in fact be a good thing, as long as you avoid a few simple errors. So, how can you avoid the biweekly mortgage scam? Click here to read more info about mortgage broker.

Set Up Regular Payments Directly To the Lender

If you want to avoid the so-called biweekly scam you may want to ensure you handle the payments. You should set up a payment system so that you personally send a check off to the lender without going through the bank. This is probably the very best way to help avoid the so-called scam and ensure your lender receives the payments. A mortgage broker can help you to set this system up or tell you more if you are interested in these payment types. Read more at

Is This A Good Idea?

Biweekly mortgage payments can in fact be extremely good for most home buyers. They have the ability to save a great deal of time repaying their loans back. For example, many home buyers have found they are able to make one or two extra payments per year; so instead of the standard twelve payments, buyers make thirteen or fourteen. However, there are many who don’t like the idea of the biweekly payments because they think it’s a scam but in reality it isn’t as long as the payments are handled correctly. It can be a good idea if you are willing to give it a try. Ask mortgage brokers Melbourne for more information.

The Biweekly Mortgage Scam – How To Avoid?

Avoid Automated Banking Systems

To be honest, when the bank sets up the biweekly mortgage payment you can easily spend more money than you save. For instance, some banks may charge you a set up fee and while the fee isn’t usually more than a few hundred dollars, it can still be quite costly. Secondly, you can’t be sure whether or not the bank is in fact directing the money as it should. It may be they are sending the money in one sum rather than two. Automated banking systems can work for a lot of utility bills, but sometimes for a mortgage payment, they don’t always work properly. You may want to talk to a mortgage broker about setting up one of these systems.

Avoid the Scams

There are quite a few little scams when it comes to the biweekly mortgage payments. However, hopefully you won’t fall victim to them. If you are going to choose to make payments every two weeks, you might find you can repay your mortgage back potentially five or six years ahead of time. This can make all the difference and it certainly will be something you want to give a lot of thought and consideration to. Biweekly payments don’t always have to be a scam, not if you handle them correctly. If you want to know more contact a mortgage broker or talk to a mortgage adviser.

Five Facts about Mortgage Underwriting Services

Mortgage brokers are crucial services to have when it comes to buying a home but they are only one service you require. Underwriting services are also something you have to consider and despite the fact you haven’t thought about these services, they are crucial because they can determine whether or not the mortgage is successful. The following are just five facts you should know about underwriting mortgage services.

You Have Professionals Working On Your Side

Usually, there is one person who handles the verification process of the documents presented; and it is the same person who approves or denies the loan. This person is the mortgage underwriter. However, while he has the final say over the loan, he gathers all necessary documentation from others. Loan officers and processors, along with the real estate agent come together working to ensure all facts are given. A mortgage broker Melbourne can play a part in this too but usually the underwriter has the final say. Read more at

Helping To Prevent Fraud

Mortgage underwriting services can also help stop fraud in its tracks. There are special services that work with the underwriting services that not only help to stop fraud but prevent it from occurring also. Some of the services can help to check on the title, giving special reports on the home and clearing the loan conditions, too. Your mortgage broker Melbourne can give you more information here.

Five Facts about Mortgage Underwriting Services

Your Lender Can Bring In Their Own Underwriting Services

Most lenders will look to ensure they are loaning money to a good buyer and that means they will bring in an underwriting service. Some lenders will bring in a service they are closely associated with or to make the buyer feel at ease, will bring in a third party, unbiased underwriting service. These services will still do the same with the exception that they don’t have any ties to either party. If you are worried about this, why not talk to a mortgage broker Melbourne.

Mortgage Underwriting Services Check the Eligibility of Buyers

Underwriting services are the people who decide who gets a mortgage and who does not. However, this effectively means they take a very close look at every area within a buyer’s life. They will look at their income today, what type of job they do as well as take a very in-depth look over their history and credit. All of these things can of course affect a mortgage and it is the underwriting services that have the task to check important information. Mortgage brokers can of course pass most of the information on but the underwriting services must complete certain checks too.

All Buyers Go Through the Process

An important fact to remember is that each and every buyer, whether they are accepted for a mortgage or declined. This is a crucial step and something everyone has to go through. Though, this can be a great service to use simply because they ensure you are going to be able to handle a mortgage. Talk to your mortgage broker Melbourne and see what they think about this service.

Underwriting Services Are Crucial For Every Buyer

It doesn’t matter what type of home you wish to purchase or the amount it will cost, buyers have to go through underwriting services. These are quite important because they determine your eligibility which is what you need of course. If you are thinking about buying a home you will need to use mortgage brokers and mortgage underwriting services.