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Mortgage Checking Account Tips

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Part of the video series: Personal Finance Tips

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Summary: Mortgage checking accounts are set up to accrue money for a business to eventually buy real estate. Be much more likely to get approved for a mortgage loan using tips from an experienced businessman in this free video.

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By Patrick Munro
eHow Presenter

Contact: www.northstarnavigator.com

Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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Video Transcript

"This is financial adviser Patrick Munro talking about a mortgage checking account. Many times, a bank will entertain your business in order to get a real estate transaction taken care of. They will grant you a mortgage. That's where a bank, of course, takes their deposits and places it in the way of a mortgage so that you can purchase real estate; perhaps a home or an office building, things of that nature. The bank wants to make sure that they get paid on time. So what they'll sometimes require you to do is set up a mortgage checking account. This is a separate account, which is separate from your own retail accounts, has a different account number, etc. And therefore, you're able to place money into that account on a regular basis. And the bank, in turn, will go to that account and debit it so that it can get paid. This is a very important factor for them so that they know that the account exists and that they will have the security to be able to go there and get the regular payments as they come due. It's important that you make sure that there's enough money in there on a pre-determined time basis. So that when the bank goes to get their payment, there definitely will be the money there. That's an important factor. That's why banks have a mortgage checking account. This is Patrick Munro, financial adviser, talking about the benefits of a mortgage checking account."

eHow Article: Mortgage Checking Account Tips