CNC Mortgage Blog

Some borrowers are worried about the bank that will be lending them the money for the mortgage on their house. Don’t worry!! Keep in mind that when you borrow money it is the bank that needs to be sure that they are going to get paid.

A much greater concern should be the insurance company that you are using to protect you house and other assets from disasters and accidents. In case you need to make a claim you need to have an insurance company that will have the financial and technical capacity to respond to your needs quickly.

People don’t think too much about the quality of their insurer. They usually pay less for a full year’s insurance premium than what they pay in one month’s mortgage payment.

A good strong bank is important. However all the banks make you sign a servicing disclosure form that allows the bank to sell your loan to another investor. Your loan and your monthly payments are an important asset on the bank’s balance sheet. It is important that the bank is set up to give you good customer service while you owe them money and that they adequately report your payment status to the credit rating agencies.