When you purchase a new home expect a lot of mail solicitation. Some things you may want to consider and others not. In California I really recommend that you place the home in trust and encourage you to read my blog regarding trust.
You will receive life insurance solicitation to cover the mortgage in the event of many mishaps; death, disability, and even unemployment.
You will receive solicitations regarding bi-weekly payments. These programs are good but I have a couple of concerns. The first is that the program is not really a bi-weekly processing . Some banks such as World Savings had true bi-weekly programs and the 1/2 payment was posted every other week and the loan amortized based on the posting of the half payment. The companies that solicit you will collect 1/2 payment every other week but make your mortgage payment on a monthly basis. Also I am concerned that I pay company “A” and then company “A” pays my mortgage. That concerns me no matter how solvent the company “A” may be. I suggest that if you want to accelerate the mortgage then pay an additional 1/12th with each monthly payment and that will give you the benefit of paying an extra payment each year and will save interest and pay the mortgage off sooner. Personally I would be uncomfortable using this service.
You will receive solicitations for a service to obtain a copy of your deed of trust. This will normally cost between $80 and $100 dollars. These solicitors make their material look very official and the solicitation comes across as something that you must do. There are the words You can obtain a copy of your deed or other records of your title from the county recorder in the county where your property is located for a nominal fee. If this is something that you want my guess is that most Realtors or mortgage brokers would get you this form for free. I know if my customers asked for this I would get this to them for free.
You will receive a lot of solicitation. If you have questions call your mortgage broker or Realtor and they will be glad to help.
