Grant is a loan to be paid back to AIG at the end of the current financial year for a period equal to 15 months.
Is there a grace period?
Yes. A small grace period applies for first-time delinquent accounts and the maximum grace period is 20 months (18 months if less than one credit account); it applies retroactively to the date that the account was opened or last paid (not counting payment made by the lender).
What happens if I move and need to move the money?
If you move but your previous mortgage still remains, you must notify AIG’s Customer Care team. If you are receiving new mortgage, you will need to request an authorization to make the new payment or move the funds.
What else do I need to know?
1. A new mortgage is recommended if your previous mortgage (for credit card loans) is no more than 55% of the total mortgage. A second mortgage is advised if the previous one is 55 percent or lower. Mortgage insurers may require extra documentation or additional fees if the previous credit was less than 55 percent of the total mortgage.
2. The total amount financed may not exceed the purchase price that may be paid in the prior year, but may not exceed the amount of the new mortgage (see note 8, page 9). You may also make an additional loan up to that amount.
3. Mortgage insurance premiums are the total insurance premium paid by the mortgage insurer for all mortgage insurance coverage up to the amount financed, the amount of the new loan, or a total of $1,075.
4. If you do not qualify for a credit card with AIG, then your mortgage loan is only covered by the loan insurance portion under your existing mortgage contract. AIG does not cover the loss of principal.
5. A bank mortgage guarantee insurance is a type of loan insurance that is available only to a bank (not through a collection agency).
6. To view your credit history, you can also click the “View Credit Information” link as shown above.
AIG offers free credit monitoring 24×7 through the Credit Karma service to all new and existing AIG customers using Smart Choice™.
For more information, visit the AIG website.
A former state senator was charged with sexually abusing a teenage boy at a hotel in the San Diego suburb of San Clemente and was charged with molestation of an adult man in November. (Photo: Michael Chow
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