Is Credit life a good type of insurance to have? Credit life insurance is offered, generally, by your mortgage company, automobile loan company, and other companies. Credit life will only pay off the loan on the debt that it is purchased for. It is declining value. As the loan amount decreases over time, so will the value of the insurance. Term life, however, can be used for any debt. It is a flat value that does not decrease with time. It is generally much cheaper than credit life. Keep in mind however that with credit life, there is usually no medical exam required, so for those that may have medical issues that prevent them from qualifying for term life, credit life may be a good option for them.
For more information on credit life insurance and term life insurance or on employee benefits and wealth management, contact Mike Tedford, Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.
Where does all this mail come from regarding my new or refinanced mortgage? Every time you get a new mortgage or refinance it is recorded at the Courthouse. Some businesses subscribe to this information and will send mail out to those people. This information is not sold by BOK.
BOK does sell groups of loans to Freddie Mac. This is part of how the loans are serviced.
For more information on refinancing, new mortgages, or these many offers in the mail, contact Karen Heston, Bank of Oklahoma Mortgage, 918-230-9432 or http://kheston-boklo.mortgagewebcenter.com/Default.asp?bhcp=1.
Are there many options for loans when buying a home that needs repair? There are many options for loans on homes that need repair. One option is a 203K loan. This loan does however require extra paperwork and fees, so be well informed about this type of loan before you select it. BOK does not offer this type of loan at this time. There are also hard money lenders that will give a short term loan, say 4-5 months at a higher interest rate to investors who may want to purchase a home in need of repair but the home won’t qualify for a standard loan.
How Green is My Home? What Can I do to make my Home Green? Green simply means that a product or practice reduces the impact on the environment. It could be simple things such as energy star appliances, recycling, and properly disposing of chemicals.
To find out if you and your home are green, take the survey at www.greenplusregistry.com or contact Carissa Pankey of the Green Team at 918-295-TEAM or www.thegreenteaminc.com.
For more information regarding real estate and going green, or to list or buy a home, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com
The Bug of the Week- Clover Mites Clover Mites are tiny red bugs often found near pools. Many times, kids will kill these bugs becase they leave a red stain. These mites are usually found outside, which is the best place to control them and keep them from going inside.