Payments?

[grasshopper]

I recently applied for a Mortgage Broker Bond through your company after getting my bond dropped from my former carrier due to my poor credit. Latley the market industry has been rough for mortgage brokers and I need this bond but will have a difficult time paying for it. Can I make multiple monthly payments?

[Surety Wizard]

I am sorry but we do not offer a structured payment program for bonds. Unfortunately, full premium must be sent in for the bond to renew. Our company can take credit cards and we could combine that with other forms of payment if it helps. I suggest you call your agent and inquire about payment options.

[Surety Wizard]

Some good news for you if you needed a payment plan. I have been told there are some loan companies out there that will finance Insurance and Bond premiums for a fee and interest. They pay the bond or insurance premium up front and then structure a payment plan to suit your needs. I suggest an internet search on the subject.

[grasshopper]

Do you have any idea of the premium on something like this? If it costs too much then I m still in the same boat but only with a little wiggle room.

[Surety Wizard]

I have heard of a company that will charge you up to 25% interest on the money you borrow to pay a premium. You will essentially be paying much more than the bond premium. I recommend you think the entire process out before deciding to use a company like this. You may want to consult your lawyer or financial advisor.