Mortgage Redemption Insurance or MRI is a type of Life Insurance required by Banks and other Lending Institutions when you apply for a Home Loan. An MRI pays off the outstanding mortgage balance of the borrower in case of his or her death or total disability.
While there are those who do not see the need for an MRI, as it supposedly just adds to the money that needs to be shelled out. The purpose of an MRI is two-fold: First, it protects the bank – the MRI guarantees that the bank will be paid back the amount that was lent out. Therefore, the bank or lender does not have to sequester the house from the borrower’s surviving family. Secondly, it protects the borrower’s surviving family – the MRI helps settle the outstanding house loan amount so that the borrower’s surviving family does not have to worry about how to pay off the outstanding loan amount.
Whenever you make a significant investment, you need to protect it via insurance. To be clear, MRI is not like fire insurance which is typically an add-on to your property insurance, or insurance that includes protection from Acts-of-God. Hopefully, You now have a better understanding of MRI and how it is different from fire insurance.
Should you have any other real-estate related questions, please feel free to comment or email your questions to broker.doah@philrep.com.ph
Are you planning of buying a property in Laguna or thinking of migrating into the South area for the purpose of work or other personal matters?
Let me share Southwoods City as one of my apple of the eye for its accessible location and establishment availability. We are always in the area for walking and jogging activity since 2010 and the area is developing very well. There is condominium constructed at the center of all the vicinity.
I made a list of tested insights on what Southwoods City can offer you…
Ease of access to SLEX both South and North
The area is very convenient for entry and exit if you are going to Manila or Calamba
Accessible road going to Governors Drive going to Carmona, Cavite, or Tagaytay
A passing road inside subdivisions that will shortcut you going to GMA and Governors Dr.
Accessible road going to the service road of Binan Laguna
A road going to National Rd. if your way is going to Binan, Pacita, San Pedro, or other Laguna areas and wanting to avoid toll gate fees
A walking distance Mall, School, Church, Hospital, Resort, and businesses
Sto. Niño De Cebu Church, Southwoods Mall, Colegio San Agustin, Unihealth Hospital, and Splash Island Resort can be found in the proximity of Southwoods City
Explore the vicinity by watching this video…
Future Development from Megaworld
Southwoods City is the largest and only fully-integrated township with a golf course to rise in the South of Manila. This 561-hectare prime property will imbibe the LIVE-WORK-PLAY-LEARN lifestyle concept pioneered by Megaworld to position it as the next residential, business, commercial, and leisure hub in the South of Manila located in the boundaries of Cavite and Laguna. As a mixed-use development, Megaworld’s Global Estate Resorts, Inc. will add the “golf” component as the 125-hectare Jack Nicklaus-designed Manila Southwoods Golf and Country Club is located right at the heart of the township. Southwoods City will also feature a central business district, commercial and retail stores, lifestyle malls, schools, church, a cyberpark, a medical facility, open parks, leisure facilities, and its own transport hub.
Within Southwoods City, the company is introducing Pahara, a 26-hectare sprawling residential village, which consists of 602 available lots ranging from 239 square meters to 523 square meters on hilly terrains with spectacular views of the golf course and the Laguna de Bay. This residential village will feature a Mediterranean-inspired architectural theme with its own exclusive amenities such as a clubhouse, swimming pool, function halls, children’s playground, an outdoor circuit gym, jogging paths, landscaped parks, as well as green open spaces.
If you have a knack for marketing, buying-and-selling, and you have that client-comes-first, positive attitude and never-say-die personality, the real-estate industry is one of the most rewarding jobs you can venture into right now.
Most people who are really good at selling normally start out on a small scale. You’ll see a lot of enterprising individuals (a lot of them OFWs) who sell their hand-me-downs for affordable prices on FB live and make a good profit. They’re usually good at building rapport with their target audience and this is a critical skill for anyone in the buy-and-sell business.
A lot of aspiring real-estate sellers have experience and good people skills, but why are most of the folks I talk to hesitant to get into real-estate selling? One of the biggest challenges I have observed with the people I’ve interacted with boils down to the fact that they get overwhelmed by the price tag of what they’re selling. Most of them have been used to selling items that range in the hundreds to couple of thousands of pesos. But in real-estate, they suddenly have to sell properties that can be anywhere in the hundred of thousands up to several millions of pesos. And the price tag somehow intimidates most of them.
I’ve been in the same boat before, so I can understand how they feel, I used to be part of a startup IT company earlier in my career. One of my roles included coming along with the marketing team to present our proposal to clients. As a technical person, that was the time I had to quickly learn how to explain and justify to clients why the solution they were buying was so expensive. Trial by fire experiences come one after another, some worse than others, but I took it all in stride, because I learned what I did correctly, and more importantly, I learned what NOT TO DO in the future. So here’s my unsolicited advice to all you aspiring real-estate sellers…
You are selling something of great value to someone. It is not just a structure built out of concrete and steel, it is a FUTURE HOME of a family. It is where fond memories will be built upon and preserved. These intangible things are PRICELESS and cannot easily be assigned a monetary value.
If you are still not convinced, think of if this way: Do not look at the total contract price, think in terms of Monthly Downpayments and Amortizations instead. It becomes easier as you look at the bigger picture. Also, your client is making an INVESTMENT that can pay for itself in the future if they decide to rent/lease out their property. Real estate very rarely depreciates in value after all.
And if you do your job well and show your client that you actually care about their dream of finding a HOME, then just might be pleasantly surprised at repeat business and referrals from your happy clients!
HAPPY SELLING EVERYONE!!!
About the author:
Jay Dominic Sto. Tomas is a board member of PHILREP Realty Corporation and a certified IT Architect at IBM
Planning to acquire a property but not in a hurry to move in? That’s good thinking and your best option is the Pre-Selling properties! In real estate, a pre-selling means a property is sold before it’s completion, during its construction, or while still in the planning stages. Know these two advantages of buying a pre-selling property that will benefit you at the end.
Pre-Selling House and lot or condominium are cheaper
Since it is the planning or construction stage, the developer offers a 30-50 percent off for all the buyers. One of the reasons for these is the additional fund that they need to be added for the construction, and to be able to do this is to attract buyers to buy now while the building is still under construction. It is like you became an investor and a buyer at the same time. It is a win-win situation for the developers and the buyers as there is a lot of offers for this.
You have the wide option for your preferred unit location
You can choose the best part location for your house and lot, whether you want it facing the sun, near the gate for the subdivision or corner lot which is most buyers is looking for. Same as in the condominium, you preferred what floors and views facing your unit.
We at Philrep Realty Corp. has a wide connection for the different developers. Let us help you by finding the right home you are looking for.
Every Filipino has a dream of owning a house of there dream and as part of the benefits of becoming a Pag-IBIG member is the privilege of home financing. We here at Philrep Realty Corp. is committed to guiding you from start to finish in buying your dream home. We want to help you understand the process of dealing with the application smooth and less hassle. See this summary guide on where and how you can start applying for your Pag-IBIG home loan.
Before we start, let’s check out first the requirements.
Have made at least 24 monthly savings. The lump-sum payment of the required 24 monthly savings is allowed.
Not more than 65 yrs. old, and not more than 70 yrs. old at maturity of the date of the loan application.
Have the legal capacity to acquire and encumber real property.
Have passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund.
Have no outstanding Pag-IBIG Fund Short-Term Laon (STL) in arrears at the time of loan application.
Have no Pag-IBIG Fund housing loan that was foreclosed, canceled, bought back due to default, or subjected to dacion en pago.
(Dacion en pago is a Spanish term that means the giving back of the property mortgaged to the lender in exchange for the discharge of a mortgage debt.)
Click Here for Requirement Checklist or Pag-IBIG Checklist Note: Better to complete first all the requirements before submitting.
Schedule an appointment through Online Housing Loan Application (OHLA) Click Here
Note: A special lane in Pag-IBIG Fund branch offices is available for those who made an online schedule. They will be given priority over walk-in applications. But you can still apply over the counter if you like, you can file your housing loan application personally at Servicing Department, 2/F JELP Business Solutions, 409 Shaw Blvd. Mandaluyong City, or at any Pag-IBIG Fund brand office.
After submitting all the documents required. Wait for your approval – Pag-IBIG will notify you within 17 days
If approved, you will receive the Notice of Approval (NOA) and Letter of Guaranty (LOG)
Sign your loan documents and complete other documents needed for check release
House and Lot or Condo? A confusing decision if you don’t know what are the pros and cons before buying the property.
I experienced this myself when the time I was looking to buy a property for the purpose of investment. This is a long-term payable (If you’re into financing) that you really need to think about before signing those contract to sell and paying your equity or down payment. We at Philrep Realty Corp. wants to make sure that you decided for the right investment!
I made a comparison in general and case to case basis that will fit for any situations that you had.
In General,
house and lot have more freedom to modification while condo is limited because of building policy.
house and lot are all yours to keep with a full land title that you can pass to your children while condo you only own part of space in the building.
house and lot you had your own backyard, you can have some pet and hobby if you want while most of the condo does not allow a pet.
condo is easy to maintain while house and lot need more time to clean.
Case to case reason for buying,
if you are working in the city, a condo is more accessible than house and lot located in subdivision far from the access.
if your lot is big, you can have your own garage inside your house and lot property while in a condo you need to rent or purchase your own parking space.
if your condo is expensive, it is luxurious and the amenities are great and the cost of living is class.
if you plan to bring it to business, a condo has a good opportunity for rent at a higher rate(base on my personal experienced) while house and lot has a lot of things to consider.
Point of View:
You know yourself and your situations, nobody can tell what is best for you, only yourself. Any consultant can only give advice for you to realize the pros and cons of both properties. Think of where you are now and the future plans.
