When talking about East West Mortgage Bank, many are being confused with the wrong company. There are actually two different company that carry the similar name. One is East West Bank Mortgage and the other one is actually 1-800 East West Mortgage. Even though their name are quite similar but they are actually two different entity. Here I would try to differentiate this two companies for you.

Background of 1-800 East West Mortgage

1-800 East West Mortgage Company been in the market for more than 10 years when it was first established in 1988 on the North Shore of America as a mortgage provider. The company was bought off by Commerce Bank in 2000.

Because of the terrific demand for personal finance and mortgage loan , 1-800 East West Mortgage Company has developed into New England as well and provide the same services to the local citizen.

The company was then shifted its entire operations from Peabody, MA to Marlborough, MA in 2007. You can apply for various financing solutions through the company if you are having financial needs.

You can refer to the website for more information: East West Mortgage

Phone: (800) 327-8937

Address: 171 Locke Dr Marlborough, MA 01752

1-800 East West Mortgage Website Reviews

Pros
The 1-800 East West Mortgage Website is pleasant to look at but is light on content. The site holds an online application and few calculators but is devoid any substative articles or information mortgage shoppers need and want. All in all this was an oppotunity missed and it will reflect in my rating.

- by The Mortgage Insider

Cons
They offer a $500.00 closing cost program for mortgages and refinances. The staffs will pursue you to death. If you have any delay, they will warn you if your appraisal does not come in your rate will go up 0.25% point. Naturally your appraisal doesn’t come in so your in for higher rate. Then they won’t tell you there is a desk appraisal where if that doesn’t go through you have to also pay PMI and come to the closing with thousands of dollars in cash. We had credit scores in the 800′s and still went through this baloney with them. In our opinion they “stole” our $400.00 application fee and screwed us out of getting lower rates elsewhere with another company. They should be closed down for fraudulent business practices ASAP. We’re going to try to sue them in small claims for our money back. If you have had similar experiences be sure to post here and let’s shut them down!

- by Peeved Paula and Peter

Background of 1-800 East West Mortgage

East West Bank, owned by East West Bancorp (Nasdaq: EWBC), provides retail mortgage lending to consumers and also is a wholesale lender for brokers. Their corporate headquarters is located in Pasadena, California and a mortgage center in El Monte. The bank also having branches in New York, Georgia, Washington, Massachusetts, Texas, and overseas.

East West Bank Contact

Website: East West Bank

Phone: (626) 371-8660

Address: 135 North Los Robles Avenue Pasadena, CA 91101

East West Bank Mortgage Review

Pros
The Irving Branch of this UCB is quiet, has a really good staff, and generally manages their customers really well. When tellers are on break, the desk people will deposit your money for you. Go figure! Nowhere else do they do this, not even at their headquarters on Van Ness!

- by Michael C. from Daly City, CA.

Cons
If you don’t speak Chinese, you will face a true difficulty in communicate with the representatives there. I was there trying to open a new saving account and they did not understand half of the questions I had. I understand the bank is mainly servicing the Chinese Americans living in the bay area. But come on, we are in USA and they should at least hire bi-lingual people that speak both Chinese and English fluently. Customer service was also not too great. They showed no appreciation of my doing business there. Also, make sure you read all the terms. There are also a lot of hidden fees! I ended up not opening the account and decided to take my business else where.

- by Ting R from Burlingame, CA.

Debt to Income Ratios

One of the more confusing terms you are likely to encounter when purchasing a home is debt to income ratios. Most lenders prefer to keep these ratios within specific limits in order to ensure that you will pay your mortgage in a timely manner as well as meet your other obligations. While some loan programs, such as those offered by the Federal Housing Administration (FHA), allow for higher ratios, most traditional lenders cap the ratios at specific ceilings.

You may hear a lender refer to the numbers 28/36 as their preferred debt to income. What is not always evident from this information is how the lender arrives at these ratios and what they mean. Since lenders use these ratios to determine how much money you can afford to pay for a mortgage, it is important to dig deeper into their meaning and understand how they are calculated.

Gross income vs. expenses

The first ratio which is shown above as 28, is called a front end ratio. This number is somewhat misleading however, since it is based on gross income, not on net after tax income. When calculating the “front end ratio” lenders take gross income and then divide that number by total housing expenses. Total housing expenses include mortgage payments, tax payments and insurance payments.

The second ratio, 36, is called the back end ratio. This number is also based on gross income and includes housing payments, non-homeowners insurance payments and other debts including credit cards, car loans, student loans, etc. While many traditional lenders prefer this number to not exceed 36 percent, there are cases where a lender may be willing to exceed that ratio, especially if some of the debt is not considered long-term debt. For example, a car loan with less than 12 months left on the note may not be included.

When things go wrong

Even when a borrower meets the debt to income ratios established by a lender, this does not always mean that they will be able to make all of their payments without problems. Because these ratios fail to include payroll taxes, there is a possibility that a borrower may be in over their head even if their ratios appear to be in line with expectations.

Remember that debt to income ratios are intended to be a measure of how financially secure a borrower is. Before signing a mortgage, make sure that your debt to income ratios are within the standards allowed by the lender. While lenders may not consider your income on an after-tax basis, it may not hurt to do some checking of your own and see what your ratios are based on actual take home pay versus pre-tax pay.

For additional mortgage terminology tips as well as new home builder reviews such as this Fort Myers real estate for sale visit the California Apartments Blog.

Many people turn to online insurance services in order to get the best deal possible on their car insurance. For the most part this is easily the best place to make savings on one of life’s most essential expenses. However, there can be a number of downsides to this approach as well, making it well worth exploring what the pros and cons are to using this approach.

Pros

The biggest pro to shopping online is that you can get a number of quotes from a variety of different insurance providers almost instantly. That means there will be no lengthy and expensive telephone calls to make in order to ensure that you get the best deal.

Another convenience with shopping online is that many people work during the opening hours of car insurance sellers and therefore are unable to find a good time to call to compare quotes. Online quote comparison services allow you to compare quotes at any time of the day or night and once you find a quote you are happy with, you will also be able to purchase online without waiting for the insurance company to open up in the morning.

There are plenty of websites out there that will guide you through the process of purchasing car insurance.

Finally, with quote comparison websites is there is no salesman operating between you and the insurance company. While the owners of a website may make a small commission, they will not be making anywhere near as much as a salesmen would. The comparison format also means that companies will have to offer the cheapest auto insurance possible in order to secure you as a customer. These are deals you would probably never get if you called one insurance agent as they have no need to offer you the best deal. They know if they keep you on the phone long enough they will most likely make a sale. Unfortunately it is a common sales technique.

Cons

The major downside to online purchasing is the fact that it isn’t as personal as going through an insurance agent. You may have to spend hours navigating an automated system in order to have questions answered that may arise during your purchase.

As mentioned, there is wealth of information on the Internet, but at times this can be overwhelming. After all, you will have to do your own research and not all information on the Internet is always up to date or accurate. If you contact an experienced insurance agent, they will be able to filter out all the information that isn’t applicable to your situation, which can be a real time saver in the end.

Another thing to consider is that with an online insurance company you will have to file the claim on your own, so there is no helpful hand guiding you through the process like you would have if you had your own insurance agent.

While it is true that online insurance purchases are generally cheaper, you should weigh the costs and benefits to decide whether or not going this route is suitable for you. If you are not computer savvy at all, you probably should choose the more traditional route of contacting an insurance agent in your area. Many people still appreciate the fact that they get personal service offline and therefore are willing to pay extra for this assistance.

Whichever method you choose, the important thing is to reassess your insurance policies regularly as premiums can fluctuate from year to year.

The best time to remortgage your house is when the rates are low. There are a plethora of different refinancing options available to home and business owners, so there is likely some sort of plan to suit your needs. The rates are still low, and now is a great time to get a good rate on a traditional home refinance or an adjustable rate mortgage. Refinancing can lower your monthly payment, and it can also help you to pay down your loan faster.

Types of Refinance Loans
Many refinancing options are available. The typical remortgage is still the 30 year fixed loan. All fixed loans give you a set payment for 360 months. These fixed rate loans are also popular in increments of five years. For example, you could also get a 5, 10, 15, 20, or 25 year fixed rate loan. Some other loans allow you to get some money out for additional expenses. Another common type of loan is the adjustable rate mortgage. These loans give you a lower fixed rate for a shorter period of time. Once that initial period of time expires, the loan rate will fluctuate based upon the current market loan values. In most cases, the loan can only increase by one percent per year. This option is great for people that plan on selling in the near future. Another benefit of these loans is for people with bad credit. These loans will help you to get a lower payment each month for at least three years. During that time, you can rebuild your credit and help yourself out from the credit problems that you have had.

Getting a Loan with Bad Credit
It is usually much more difficult to get a remortgage with bad credit. The lenders are not as likely to give you the loan because you have not displayed successful repayment in the past. There are many lenders out there that will help you to get the loan that you want. You will simply need to take the time to find them. The website www.badcreditloans.com can help you to find a lender. These lenders will help you to get the loan that you want, but you must understand that your interest rates may be adjusted higher to combat your bad credit. These lenders need a guarantee that they will get their money. It is important to make sure that you have done all of the necessary research to insure that you get the loan that you can afford to repay.

Conclusion
It is possible to get a good loan even with bad credit. You will have to take the time to find a great lender that is willing to help you though. The aforementioned website should help you to get in contact with some lenders that will be able to assist you.

It is important to make sure that you truly understand what you are getting into before you sign any loan documents. Be a wise consumer to get a remortgage.

A property is an investment of a lifetime. Many working individuals opt for investing in property than in gold. This investment later serves as a steady income and security after retirement and in old age. People who own properties these days are generally opting for equity release on it.

Equity release plans offer the owner of the house to mortgage his property and get money in exchange of it. These mortgages give the owner of the property the freedom to re pay the interest later. Even if they don’t pay till they are alive, no one will force them to pay. The ownership of the property will be taken away and will not be inheritable.

There are two types of these mortgages. Life time mortgages and home reversion plans.

Life time mortgages

In this type of mortgage, when the owner of the property mortgages his house a loan amount is given to him. The loan has to be re paid by the owner in installments. A huge advantage of a life time mortgage is that you get a lump sum which you can use any way you like. You can spend a part of it and invest another part which might give you good returns in future. And till you can hold the ownership of the property till you live. If you re pay the loan amount the house will be completely yours. You can even make periodical payments as and if you can but many choose to make the payment later.

Home reversion plans

In this plan, owner can sell his property. He will get the entire sum immediately. But, even after selling it off, he can choose to live in the house till he passes away and he doesn’t even have to pay rent. Some companies even offer their services to get you good deals. This kind of mortgage plan is ideal for the elderly. They can spend the rest of their lives in peace without having to depend on others for financial help. And another relief this plan offers to elderly people is that they can live in their house without having to re pay the loan amount.

These are the many advantages of such mortgage plans. They are perfect for elders who do not have beneficiaries. They can then resort to the reversion plan by which they will live without paying rent and the sum that they receive from selling the house can be invested and spent on things they like to do in old age. Some elders, who have beneficiaries, can invest the amount they receive by selling the house and can leave behind an inheritance of money instead of a house which can be difficult to maintain.

These sorts of equity release mortgages are really beneficial for people who have a property to release equity on. These mortgages are not complicated and are easy for elders. Elderly people can lead tension free lives after retirement without having to worry about income and flow of money. These mortgages are plans that many people want to resort to since they don’t want to hassle others for money and lead secure lives.

If you’ve ever been rejected by the bank for a credit card, loan, or mortgage, you will probably know all about bad credit ratings. The term is widely spoken about in financial circles, but few people really know how their credit rating is impacting on them.

Whether you’ve recently been rejected or not, you should certainly take time to learn all about your credit rating. You may not be looking to take out a loan in the foreseeable future, but a poor credit score can impact on much more than a bank loan.

What is a Credit Rating?

Your credit rating is essentially a score of how financially attractive you are to lenders. If you’re trying to get a loan, overdraft, credit card, mortgage, mobile phone contract or even pay for your car insurance monthly, your rating matters. These lenders will ‘rate’ and ‘score’ you to predict your behaviour. In brief this means how likely you are to pay them back – or not as the case may be.

Depending on the product and the lender, the credit rating scoring systems varies, so just because you have been rejected once it doesn’t mean you will be elsewhere.  Your basic credit score means very little unless you are a lender; it is a number that indicates whether it is good or bad. While you might not understand what the facts and figures mean, you need to know what your rating is.

You can often find yourself with a bad credit rating if you miss repayments on credit and store cards, if direct debits return unpaid for things such as phone or energy bills, or you enter bankruptcy. The first sign of trouble is often being rejected for credit.

How Does it Affect Me?

Your credit scoring is important for a number of reasons. Not only does it dictate if you are eligible for any financial products; it also shows whether you’re entitled to the best deals or not. For instance, APR (annual percentage rates) are often ‘representative’, meaning that the better your credit rating, the better the deal you get. Likewise if your score is too low, you might be eligible for a credit card, just not the best deal on the market.

The only credit available to those with poor credit ratings, is available through is what is known as ‘the sub-prime market’. You will be accepted for these deals, but you will be charged high interest rates. This reflects your perceived ‘risk’ – essentially how unlikely you are to meet your repayments.

How Can I Fix My Credit Rating?

The truth is there is no ‘quick fix’ when it comes to improving your credit score. It will take time to build up your credit rating again, but it is certainly worth being pro active right away and striving to give your rating a boost. While they may take some time to come to fruition, there are a number of things you can do to help matters:

• Make sure you visit websites such as Experien to find out what your current credit score is.
• Ensure all debts are registered to your correct name and address and that there are no errors (such as someone else’s debt) attached to your file.
• Space out your applications, lenders will see lots of failed applications in a short space of time as desperation. It is also a good idea to make sure the credit you are applying for, you are likely to get.
• Prove you can pay it back. Take out a credit card, spend a little on it and make sure you pay it off in full at the end of the month for at least six months.
• Make sure you are registered to vote.
• Close any accounts you no longer use, and make sure you always meet the repayments on any accounts you do leave open.

Financial matters are complicated and confusing, especially for people who have little specialist knowledge in the field. It is important however, that you make sure you find out what your credit rating is, and take measures to improve it. Even if your score is quite good, it might be a good idea to take measures to give it a boost.

Claire Brady is a freelance financial journalist who writes about all areas of finance including credit ratings, payday loans, and small business financial advice.

Most people need to apply for a loan once in a while, whether it is a loan for a home, automobile, or to catch up on bills. Over the past few years there has been an economic downturn, and banks have scrutinized these loan applications thoroughly. Some loan applications will get denied for various reasons. The lender will let you know why your loan application was denied so that you can begin to work on those issues. The lender will also guide you on how to repair your credit problems. It does take work on your part, but it will all be worth it in the end. Once you have repaired these problems, you may reapply for a loan.

Make Sure You Have a Clean Payment History
The lender will look into your payment history, if they find you are not making consistent, regular payments this is a huge red flag. Pay all of your bills regularly each month, including credit card payments. These bills include utilities, cable, automobile insurance, car payments, and mortgage. If you have additional debts, they must be paid off before adding more debt. Often times, lenders will not lend to those who have a lot of debt, and have trouble paying those current debts. Once you have shown a pattern of paying each month, this is an indication that you will continue to pay loan payments on time. At that point you may apply for the loan again.

Marriage Problems Pile Up
If you are divorced and have good credit, you might apply for a loan. If you get denied, find out the specific reasons. If one reason is that when you were married, the bills weren’t getting paid on time, explain to the lender that it was your spouse who was careless with money. If you have any bills in your name only that you have been paying off, this could get you that loan. If you can show the lender that you are responsible, and you do pay debts back, you will qualify for a loan.

You Won’t Get It If You Can’t Return It

Ideally you should have full time income if you desire a loan. The lender is looking for you to have a stable, long term job, along with good credit to even consider loaning you money. If you lose your job due to downsizing, or the company is closing their doors, then you need to seek other employment options. Check your credit reports on a regular basis, pay off your debts, and prove to the lender that you can pay back a loan. Lenders do not want to risk a loan to someone who might not pay it back.

A Healthy Loan

One thing that you may not have thought about when asking for a loan is your health. Lenders consider your employment, your credit rating, your payment record, how much debt you have now, and your health issues when you ask for a loan. The lender has to be confident that you will be able to pay back the loan. That seems to be their biggest worry when loaning monies. People such as the elderly, those with a progressive disease, those that are overweight, and even people that smoke may not be good candidates for loans. There is a chance that those people may not be able to hold a job or may lose their jobs if their health issues get worse. The answer is taking good care of yourself by eating right, exercising, and stop smoking.

Andrew Handley got interested in the topics of personal finance because of recent large expenditures covering housing and tuition. The economic problems are making things harder and part time jobs, e.g. for An Excelsior Elevator or similar companies help to take some stress off you.

Insurance companies review their customers’ credit rating just like banks or other creditors do in order to determine how much of a risk they are taking on by offering you an insurance policy. A low credit score can affect your insurance policy in several different ways.

1. Higher Down Payments

While many auto insurance companies offer monthly payments for the customers, you may not be given the option for low monthly payments if your credit score isn’t up to par. Insurance companies see individuals with lower credit scores as higher risks, just like banks do. If you auto insurance provider thinks you’re less likely to make your monthly payments on time they might require that you pay for your entire policy up front to save themselves from possibly sending out late payment reminders and cancellations for non-payment.

2. Say Good-bye to Preferred Status

Many insurance companies have a number of subsidiaries that they write insurance through. They might have one company with all of their preferred customers, one for there standard customers and one for higher risks. If your credit score is low be prepared to find yourself in the higher risk category and pay more for insurance while being locked out of additional benefits that preferred customers might receive, like accident forgiveness.

3. Non-renewal

Insurance companies pull credit scores for existing customers on a regular basis just like they do for new customers. If your credit score takes a dip you might face a notice that your insurance company will not continue to cover you past your current policy period. If receive a letter stating your company will no longer cover you be prepared to shop around for a new insurer.

4. Refusal

Looking for a new insurance company is often more difficult for customers that have a low credit score. If an insurance provider thinks you are too high a risk for their taste they might make you pay more for insurance, or they may refuse to offer insurance to you at all. If an insurer denies you coverage keep looking until you find a company that will give you affordable coverage and work on increasing your credit score so your insurance rates will benefit.

5. Higher Deductibles

Because customers with low credit scores are considered at a higher risk for making claims on insurance, your insurance company may not offer you the option of carrying low deductibles. Even if your auto insurance provider has $100 deductibles available for some of their customers you might find yourself resigned to $500 deductibles or higher. The good news is it will help keep your rate a little lower. The bad new is you will have to pay more out of pocket if you make an insurance claim.

Work on improving your credit rating you find yourself facing one or more of these situations because of a low credit score. Making payments on time, paying down credit card balances and paying off loans are all ways you might be able to improve your credit score.

Guest author Patricia White is a personal finances guru and freelance blogger for carinsurance.org.uk, a site she often recommends as a great wealth of information for learning more about car insurance. They have a variety of helpful articles, such as this one: carinsurance.org.uk/common-hazards-for-cars-interior.html.

If you need to get a handle on your finances, you’ll want to get your hands on one of these personal finance iPhone apps. From the more intricate workings of PocketMoney, to the simpler interface of Pennies, there is a tool to match your needs and comfort level.

PocketMoney, $4.99, average user rating: 3.5/5 stars

PocketMoney is an app that has been around since before apps were a thing, and it has gained a lot of experience in its time. Enter income and expenses in real-time, and the longer you use PocketMoney, the easier it gets. It remembers previous transactions and can auto fill for you as you type. Plus, you can schedule regularly occurring transactions to populate automatically. There is no limit to the number of transactions or accounts you use, and syncing is standard to your desktop via Wi-Fi. Using photo receipts is a nice feature, and the ability to customize everything from filters to graphics to transaction entry preferences really makes the tool personal. You can also create budgets and reports and easily import and export data using several formats. PocketMoney is for the serious finance manager of the house, who can’t get away from her iPhone.

iReconcile, $2.99, average user rating: 3.5/5 stars

Remember how your mom always told you to keep track of your expenses in your check register and to balance your checkbook at the end of the month? Well, now you can tell her you do all that and more! With iReconcile, you can create a budget, group and organize multiple accounts, track and reconcile expenses, generate reports or export your data (csv or qif files), and sync and back-up everything when you’re done (optional). It doesn’t get much easier than that. iReconcile is a full service finance tool that allows users to really see the overall picture of their income and spending.

Expenditure, $2.99, average user rating: 3.5/5 stars

Expenditure is a more focused app. It concentrates on expense tracking, and does it well. Users add transactions, along with a note or picture if you want, and categorize them (no limit to the number of categories). There’s even a built-in currency converter so once you’ve saved enough money for your trip around the world, it will convert your dongs, drachmas and dinars to dollars so you can still keep track. Exporting and importing data is easy via email. It’s simple yet sufficient, and the design is not bad to look at.

Pennies, $2.99, average user rating: 3/5 stars

Pennies has a simple and clean interface. The fuel gauge lets you know in a glance how much money is left to burn for the rest of the month. Weather your checking on your grocery budget or if you have enough to cover the recent life insurance quotes you requested, Pennies makes the information quick and accessible. Entering your budget and daily transactions is a quick process because each expense category is an icon you need only tap.

Each of these are excellent apps for organizing and connecting more closely to your financial life. Which one you end up using is largely a matter of personality and preference.

Unless you are an expert, the language of finance can be puzzling. Rates and percentages can be difficult to translate and often, it can be hard to solve the one question that you want to answer: “just how much am I going to be paying?”
Before you can make the calculations, the first step is to understand what the different rates mean. Once this becomes clear in your mind then interest rates should become easier to understand.

APR
Three letters which we hear and see frequently, yet how many of us actually know what they mean? APR stands for Annual Percentage Rate – it is used to measure the cost that you will occur from interests and upfront charges when you borrow money. APR denotes the amount that you will be charged for borrowing over the course of a year. Therefore if you borrow £100 with a 6% APR, you will pay back £6 in charges and interest over the year.

APRs
are usually based on a borrowing history and personal circumstances therefore advertisements will tend to quote a ‘typical APR’. It is important to acknowledge that this may not be the APR that you will pay; it could be more or less than this. Having said this, in order to advertise a figure as their ‘typical APR’, lenders must have offered that rate (or a better rate) to 66% of their consumers.

Where mortgages are concerned, lenders will typically quote a headline rate and an APR. This is because there are often administration fees on mortgages so the APR will denote a higher figure which incorporates these.

EAR
Similar to APR in the sense that it refers to a chargeable annual rate when you borrow money however the Equivalent Annual Rate is the rate which you could be charged on an overdraft. In contrast to APRs, this does not incorporate charges too therefore you must be aware that you could be charged overdraft charges on top of this.

EAR will give you an idea of the cost you would occur if you remained overdrawn for a year. However do not fall into the trap of thinking that it is as simple as the percentage multiplied by 12 months as EAR is calculated on three factors: the interest rate charged, how often it is charged and also the effect of compound interest.

AER
Annual Equivalent Rate refers to the amount of interest that you will earn over a year as opposed to the interest that you will pay. It is quoted on savings and currents accounts and considers how often the interest is paid and the compounding effect.

This makes it easier for you to compare an account where interest is paid monthly with one where it is paid annually. The gross rate on an account where interest is paid yearly may appear higher than an account with monthly interest payments however when the effect of compounding is incorporated, this may not be the case. The AER also accounts for any interest that you are charged for making withdrawals. Some providers offer an ‘introductory bonus’ on the first few months of a financial product. It is important to check whether this is included in the AER.

There are a number of different savings accounts and bonds options on the market therefore it is important to do your research in order to find the best one for you.

This post was written by John Hughes who is the resident blogger at www.bestbonds.co.uk , a UK based site that provides access to market leading investment and savings bonds.