6 Tips to Grow Your Savings on an Irregular Income

For the past seven years, the vast majority of my income has come from freelance work.

While I enjoy the entrepreneurial aspect of my career and the notion that through hard work I can significantly increase my income in a way a standard salaried job would not necessarily allow me to do, there are still drawbacks to this lifestyle. Most significantly, I never really know how much I will make from month to month.

And worse, while some months I bring in an adequate amount of money, there are plenty of months when my income drops sharply.

These fluctuations are challenging at best (particularly as a single mother, which means I’m a single income household.)

I’m not alone in experiencing this sort of volatility. Countless Americans experience income fluctuation.

In fact, a 2017 Pew Research Center survey found that 34% of American households experienced year-over-year fluctuations in their income of more than 25%.

If you’re among the households with a fluctuating income, here’s a look at some of the ways to manage your money from month to month and stabilize the roller-coaster ride throughout the year.

1. Create a Budget

Establish a budget that identifies every penny that comes in and goes out of your bank account. This will help you get a handle on your cash flow.

Create a spreadsheet online that details all monthly bills and essential spending items such as food and gas, or use one of the many budgeting apps now available. Options include YNAB – otherwise known as You Need a Budget; Mint; and Wally.

Developing a budget allows for clearly identifying the minimum amount you need to get by each month.

“The best possible way to stabilize an unpredictable income is to create a spending plan and budget,” said Bobbi Olson, a budget coach and host of CentsAble Chat. “This will … give you a simple, easy-to-follow plan for any money that comes in, whenever it comes in.”

In addition, for those with unpredictable income, it’s a good idea to plan as far ahead as possible so that you’re not forced to borrow money to cover forgotten or overlooked expenses, Olson said. And don’t forget to account for any irregular expenses that don’t necessarily require being paid monthly.

“Car insurance, car repairs, annual subscriptions, medical expenses – these can creep up on you and really trip you up if you’re not thinking about them,” Olson said.

2. Treat Savings as a Mandatory Bill

As you’re tallying those bills, don’t neglect to include savings contributions among monthly expenses.

People with variable incomes can and should still save, said Sean Fox, co-president of Freedom Debt Relief.

“For those with variable incomes, saving will likely be a variable versus fixed expense,” Fox said.

To get started, identify a percentage of your income to contribute to savings each month. With each check received, whenever and however often you get paid, set aside that pre-determined percentage for savings. While many experts suggest setting aside 15% to 20%, even 10% is a good amount, Fox said.

The “variable” element of your savings each month is tied to the fact that 10% of your income will increase and decrease as your income fluctuates, but the contribution percentage should not vary.

To ensure you’re contributing to savings each month, set up an automatic deduction that regularly transfers money from a checking to a savings account, Fox said.

3. Start an Income Stabilization Fund

The rationale for establishing savings is that it will serve as your income stabilization fund, or as money coach Beverly Miller likes to call it – your “hill and valley fund.”

“Those who live with large income fluctuations — for example, Realtors — especially when just starting out, need to have a savings account that we call a hill and valley fund,” Miller said. “You plan your monthly budget based on a monthly income that is at or below your overall monthly average.”

When you earn an income higher than that budget amount, the extra goes into the hill and valley fund. Conversely, when you have a month where you’re short, you withdraw from the hill and valley fund to get back to that normal monthly budget amount.

Ideally, this savings account should have anywhere from three to six months of living expenses in it, Fox said.

“Those with fluctuating incomes can take from the emergency fund during lean times and then pay it back when income increases,” he said. “When doing this, it’s critical to get comfortable with pulling from, and replenishing, these funds on a regular basis.”

Fox also advises saving any “windfalls” you might receive during the course of the year.

“If you receive a bonus, a gift or any other ‘extra’ money, get in the habit of saving that money. If you keeping doing this – in addition to saving the regular pre-determined percentage of your income, your savings will increase much more quickly,” he said.

4. Look for Trends

Typically, people with fluctuating incomes will see some earning patterns emerge over the years.

Those patterns include identifying when your income tends to be higher and lower.=

This information is critical to planning ahead for the lean months, during which you will ideally have a savings to tide you over.

5. Develop a Side Income

Finding a manageable side hustle is a good way to add some cushion to your fluctuating income, says Matt Edstrom, an expert in finance, professional and personal development, and chief marketing officer of GoodLife Home Loans.

“You shouldn’t take on more side work than you can handle because that can be a recipe to burn out, which will impact all of your work,” Edstrom said. “However, setting aside a reasonable amount of weekly hours you can dedicate towards bringing in money from outside sources will allow a wave of relief to wash over you when those bare times approach.”

6. Maintain the Right Financial Mindset

There will likely be good times during the course of a year when you’re earning more money, perhaps even flush with cash. When these seasons arrive, don’t start spending frivolously.

Rather, continue to save plenty of money, says Lauren Klein, a certified financial planner and founder of Klein Financial Advisors, a firm whose mission is to help women gain the confidence to navigate life’s transitions, including situations that create income volatility.

“When you’re earning more, be careful not to overspend,” Klein said. “Instead, keep an eye on your longer-term budget.”

Nancy Butler, a professional motivational speaker, business coach and award-winning author echoes this sentiment, suggesting that the key to ultimately surviving a fluctuating income over the long term is adopting the proper mindset during the lean times.

“It’s been said that people do not know how to handle financial success. That especially applies to people with variable income,” Butler said. “What I mean by that is when the income is there, you can sometimes feel like you can finally spend the money you have not been able to for a while.”

The problem with that thought process, however, is if you continually think that way, you’ll never get escape the financially difficult position you’re in.

Read more:

• 12 Enemies of Good Spending Habits
• What to Do When Your Financial Improvements Are Making You Unhappy With Your Life
• The Gap Between Your Goals and Your Actions

Mia Taylor is an award-winning journalist with more than two decades of experience. She has worked for some of the nation’s best-known news organizations, including the Atlanta Journal-Constitution and the San Diego Union-Tribune. 

The post 6 Tips to Grow Your Savings on an Irregular Income appeared first on The Simple Dollar.

Source The Simple Dollar http://bit.ly/2IYXxTc

Cabi: Building Momentum Throughout the Direct Sales Season

Sponsored by cabi One thing that I've always wondered is, how do direct sales consultants continue to keep the momentum going throughout the season? I get that when a new product line launches that there is a buzz around the latest merchandise, but once your clients have seen the new goods and made their purchase, […]

The post Cabi: Building Momentum Throughout the Direct Sales Season appeared first on The Work at Home Woman.

Source The Work at Home Woman http://bit.ly/2Fj7tFY

Wolf wants power plant emission plan to fight climate change

HARRISBURG, Pa. (AP) — Gov. Tom Wolf is asking Pennsylvania's Republican-controlled Legislature to take steps toward authorizing the state to join a regional consortium that sets a price and caps on greenhouse gas emissions from fossil fuel-fired power plants.The Democratic governor's move is part of his effort to fight climate change in the nation's No. 3 electric power state. If the state does enter the cap-and-trade program, the price paid by power plant owners to emit [...]

Source Business - poconorecord.com http://bit.ly/2Zzjcrz

Monroe County assessment notices go out July 1

The informal review process for the Monroe County Reassessment Project has ended. Monroe County will now mail the Formal Assessment Change notices to all property owners on July 1.In 1989, appraisers assessed Monroe County properties at values of just 25% of a property’s market value. In 2020, Monroe County will shift to tax assessment based on the full amount of the property’s market value.Starting in 2018, Tyler Technologies began to take pictures of all [...]

Source Business - poconorecord.com http://bit.ly/2Xmi9Oa

LMCU Mortgage Rates Review

Lake Michigan Credit Union began in 1933 as Grand Rapids Teachers Credit Union. Its name changed to LMCU in 2002, and it expanded to Florida in 2015.

Today, LMCU has more than 400,000 members and holds nearly $6 billion in assets. It has an A+ Better Business Bureau score and has been BBB accredited since 2014.

In this review, we will cover everything you need to know before purchasing a mortgage through LMCU.

LMCU Facts

• Offers a $300 refund if it can’t beat a borrower’s most competitive offer
• Provides numerous programs including fixed-rate, adjustable-rate, and FHA loans–as well as refinancing options
• Certain programs offer up to 100 percent financing
• One-time closing construction, land, and renovation loans make financing the construction or remodeling of a new purchase seamless
• Offers a Doctor Mortgage product specific for medical, dental, and orthodontic professionals buying a home or relocating a practice
• First lender in Michigan to offer The USDA Rural Development Construction Loan
• States serviced: Services offered throughout Michigan’s lower peninsula and in 14 Florida counties.

LMCU Overview

LMCU is a credit union that serves 421,251 members in Michigan and Florida. It’s Michigan’s largest purchase loan originator, having processed 11,411 mortgages in 2017, totaling more than $2.3 billion.

However, it is still not among the top 10 mortgage originators in the U.S., the least of which (United Wholesale Mortgage) originated a total of $22.9 billion in 2016. It’s also not named in the Consumer Finance Protection Bureau’s 2017 Mortgage Market Activity and Trends report, probably due to its size. That said, LMCU offers many of the same loan types that some of the top players in the mortgage market do, and may be able to provide competitive rates.

Concerning loan options, LMCU offers many products that can be geared toward many members in various fields and levels of income. Though it has received some complaints on the BBB, the credit union has generally responded in a timely fashion, and attempted to resolve the issues.

It has a good reputation on sites like BBB, and other online resources like Zillow show plenty of positive reviews. Its mortgage qualifications appear to be flexible. While LMCU generally prefers to work with borrowers with a specific debt-to-income ratio and credit score, there also seem to be options for people who don’t meet these requirements, such as the FHA mortgage loan.

News about LMCU is generally positive. The credit union offers scholarships and sponsors a Home Makeover Giveaway. The most recent winner of this random-draw contest received a $50,000 prize.

Home Loans Offered by LMCU 

LMCU carries a wide range of loan products that can benefit many types of consumers. The credit union offers loans for purchases, refinancing, building, or renovating homes. A dedicated mortgage staff is prepared to walk consumers through the process.

LMCU prides itself on helping its members save money. This ideal comes through with The Lake Michigan Credit Union Guaranteed Low Rate, which ensures that borrowers get the lowest rate they can find, or be credited $300 at the time of closing if a legitimate competitor offers a lower rate.

Fixed Rate Loans 

LMCU provides conventional fixed-rate mortgages, with terms ranging from 15 to 30 years. This is the credit union’s most popular mortgage product and is usually good for homebuyers who want to stay in their home for many years.

Adjustable Rate Loans

Variable rate mortgages or ARMs are available in 3/1, 5/1, 7/1, and 10/1 year terms. This means the interest rate will remain unchanged for 3, 5, 7, or 10 years, respectively, and will then will be adjusted annually based on market conditions. Rate increases have a pre-set cap to protect borrowers from extreme market changes. ARMs are ideal for people who may need to move within a few years or want a low monthly payment at the beginning of the loan.

Jumbo Loans

LMCU offers jumbo mortgages for loans that exceed the conventional mortgage limit, which is $453,100 in most markets. Jumbo loans can provide financing up to $2 million or more, in some cases. It requires a five percent down payment for these loans.

FHA Loans

LMCU provides 15- and 30-year fixed-rate FHA loans. These have flexible approval requirements, which means this mortgage option may be well-suited to buyers who have little or no credit history, or those whose credit has some dings. These also features low down payments and private mortgage insurance premiums.

VA Loans

VA loans don’t require a down payment or mortgage insurance, making these attractive options for qualifying members. Military service members, veterans, and eligible surviving spouses may apply for these loans.

Cash-out Refinance Loans

These loans offer a variety of refinancing options, including 15-, 20-, and 30-year fixed-rate refinances, 3/1, 5/1, and 7/1 ARMs, and 15- and 30-year FHA refinances.

USDA Loans

LMCU offers Rural Development loans to borrowers who meet the income requirements and want to purchase a primary residence that fits the location criteria. With no down payment required, this is an affordable option for low- to moderate-income families who want to live in rural areas. The USDA Rural Development Construction Loan also allows borrowers looking to build their own homes to purchase land that meets the criteria.

Bridge Loans

Bridge loans provide short-term financing to help prospective buyers make a down payment. They’re set up as a revolving line of credit that draws on equity from a current primary residence. Members can borrow up to 80 percent of the home’s value and have an 11-month draw period and a 12-month balloon.

Doctor Loans

LMCU offers a unique mortgage option tailored specifically to borrowers in the medical, dental, and orthodontic fields. These feature no mortgage insurance requirements, low down payment options (0 to 5 percent), and loan amounts which can be as much as $1.5 million or more in exceptional cases.

Community Edge Mortgage

LMCU offers a mortgage geared toward educators, first responders, medical professionals, military personnel, and government employees. This mortgage type requires a minimum three percent down payment and doesn’t have income limits or require a homebuyer education course. This also comes with $500 off closing costs and a $500 reward after the 60th on-time payment, plus offers six months of payment protection for free. This option is available for new purchases or refinances.

LMCU Mortgage Customer Experience

LMCU members can get the process started by filling out an online application or by calling a toll-free phone number provided on the website. The site also offers a live chat function, an email form, and a process by which to schedule appointments. Interested users can sign up for Rate Watch alerts, which deliver email updates regarding rate changes.

Each loan information page has a variety of online calculators, including one for mortgages, as well as others to help readers decide whether they should rent or buy, how much home they can afford, whether they should refinance, and whether they should pay points for a lower interest rate.

Borrowers can manage their loans through the online Mortgage Service Center, where they can view their current balance and pay off amounts, and get information about how to make payments.

“They helped me close on time and with very competitive loan terms,” one member wrote on the BBB site in Oct. 2017. “I could tell that the loan officer and her team truly cared about me and my loan and that they were working hard to make it happen.”

Another expressed frustration at the loan process, however, writing in December 2016 that he and his wife had “been trying to complete the renovation loan process since July. It’s now December, and we’re still 30 + days out, and on our 3rd appraisal. This is with both of us having 780+ credit scores, and providing all requested document[s] … ” The member ended his review by suggesting that readers explore other options.

LMCU Lender Reputation

LMCU is a credit union founded in 1933 that provides mortgage options as well as other types of loans, savings and checking accounts, investment options, and insurance products for families, individuals, and businesses. It’s federally insured by the NCUA and is an Equal Housing Lender.

The Federal Housing Administration insures FHA loans, and the VA guarantees a portion of VA loans.

There were 16 complaints submitted to the BBB between 2016 and 2018, as of Dec. 4, 2018. Though each of them has been listed as either answered or resolved, some customers reported negative experiences concerning the resolution. The Consumer Finance Protection Bureau lists no actions taken against LMCU.

• Information Collected on Dec. 4, 2018

LMCU Mortgage Qualifications

LMCU generally prefers applicants to have a 45 percent debt-to-income ratio but is willing to consider those who don’t. For first-time homebuyers (or those who haven’t owned a home during the previous three years), the minimum down payment required is three percent.

For borrowers who aren’t a first-time homebuyer, the minimum down payment is five percent. However, specific programs offer lower down payment requirements, such as the Doctor Mortgage and VA loan programs, which require a zero percent down payment in some cases.

Borrowers can use gifted funds from a qualified family member, which usually means a blood relative. The bank will also consider down payments made with help from some down payment assistance programs. Finally, current homeowners can use the bridge loan as a line of credit to fund their down payment.

Most conventional loans require a minimum credit score of 620, though the FHA minimum requirement is 580.

Credit Score	Ranking	Difficulty to get a mortgage
800-850	Exceptional	Very Easy
740-799	Very Good	Easy
670-739	Good	Easy
580-669	Fair	Possible
300-579	Very Poor	Difficult

LMCU Phone Number & Additional Details

• Homepage URL: https://www.lmcu.org/
• Company Phone: (800) 242-9790; Mortgages: (844) 754-6280
• Headquarters Address: 5540 Glenwood Hills Pkwy SE, Grand Rapids, MI 49512

The post LMCU Mortgage Rates Review appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2ZGicSL

Union Savings Bank Review

Regions Bank Mortgage Rates Review

This financial institution was founded in 1971 as First Alabama Bancshares. It changed its name to Regions Financial Corporation in 1994, naming its banking subsidiary Regions Bank.

Regions is headquartered in Birmingham, Alabama and offers a range of financial services, including banking, retirement planning services, and lending for individuals and businesses of all sizes.

In this review, we will discuss everything you need to consider before purchasing a mortgage through Regions.

 

Regions Bank Mortgage Highlights

• Even though Regions Bank was only founded in 1971, it is a leading bank in 16 U.S. counties in the southern and mid-western U.S.
• Offers a selection of mortgage and refinancing options, such as fixed rate, adjustable rate, VA, FHA, construction, and renovation loans, among others
• Two noteworthy scandals in the last decade, one in 2011 and the other in 2015
• Provides a Home Buyers Center, an online set of resources that can help buyers plan out their mortgage and refinancing options
• Have an online mortgage calculator for budgeting and estimating monthly payments
• Supports Regions Field, a minor league baseball stadium in Birmingham, Alabama
• States Serviced: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, Virginia

History of Regions Bank

Established less than fifty years ago, Regions Bank has made its mark across the Midwestern and Southern U.S. This financial company operates almost 2,000 ATMs and approximately 1,500 branches, servicing 16 U.S. states. It offers a wide variety of mortgage and refinance options for both new and experienced homebuyers.

Regions Bank has received plenty of awards and has topped a few lists of top mortgage lenders in the U.S. Generally, its customers’ reviews are mixed, though many of the bank’s negative reviews come from its banking services rather than its lending offerings.

Home Loans Offered by Regions Bank 

Regions Bank offers its customers competitive rates on both standard and less conventional mortgage and refinancing options. However, since it only provides service to the South and Midwest, property location is a crucial factor when deciding on this lender, as it cannot offer mortgages to buyers moving outside these geographical areas.

Fixed Rate Loans

These types of loans are the best choice for buyers who plan on staying in the home for a long time. They are also most helpful to buyers who want a predictable monthly rate, as fixed rate mortgages provide interest rates and payments that do not change throughout the life of the loan. Regions offers a variety of options on fixed rate loans, but 15- and 30-year fixed rate mortgages are its most popular offerings.

Adjustable Rate Loans

These types of home loans are best suited to buyers who plan on living in their new house for only a short period, likely five years. They’re also a viable option for buyers who have the funds to pay the loan off quickly. Adjustable rate mortgages begin with a fixed rate for a specified set of years, likely 1, 3, 5, 7, or 10. After this period of time, payments fluctuate based on market trends, changing every year.

FHA Fixed Rate Loans

The Federal Housing Administration (FHA) offers these loans to buyers who do not qualify for other loan programs. Regions Bank offers FHA mortgages at a fixed rate, which allows borrowers to put down a small down payment and have predictable, regular monthly payments throughout the loan’s term.

VA Fixed Rate Loans

Qualifying veterans, military members, and their spouses can apply for VA loans through Regions. Individuals can use these types of loans when securing a mortgage or when refinancing their home. VA loans with the bank come with fixed monthly payments and a low down payment.

First Time Home Buyers Loans

Regions offers plenty of mortgages for first-time home buyers who cannot meet the typical 20 percent down payment, with discounted closing costs to further help consumers.

Construction-to-Permanent Loans

If you are planning on building a new home, you can make use of Region’s “One-Time-Closing Construction-to-Permanent Program” to help finance the construction costs. Regions can convert a construction loan into a permanent loan when the construction is finished, giving you only one set of closing costs and one loan.

Renovation Loans

Regions’ “Renovation & Repair Program” helps homeowners afford the costs to make renovations and significant repairs on their homes. Like its construction loans, its renovation loans have only one closing fee and one loan.

Home Affordable Refinance Program (HARP) 

The FHA created this type of mortgage refinance option in 2009 to assist homeowners with Fannie Mae or Freddie Mac-backed loans from before May 31, 2009. This is a helpful program for borrowers with little equity in their home or who owe more than their home is worth. Regions and the FHA empower homeowners to refinance their home with a more affordable mortgage.

Regions Bank Mortgage Customer Experience

Regions Bank offers a variety of ways for customers to apply for mortgages. First off, there’s an online application form consumers can fill out if they’d prefer to forgo phone conversations. Consumers can also create an account so they can start an application and resume it at a later time. If you’d like to speak to a customer service individual to inquire about a mortgage but don’t want to wait on hold, you can fill out an online form so that they can contact you at a time that is convenient for you.

Regions Bank also provides other helpful resources online to help potential borrowers understand the mortgage process. The mortgage calculator can help you decide how much home you can afford and estimate the cost of your mortgage. It also has a Home Buyers Center, which includes articles that walk you through each stage of refinancing and taking out a mortgage, as well as providing other practical advice for homebuyers.

Regions ranked fourth place on the 2017 J.D. Power Primary Mortgage Originator study, behind Guild Mortgage Company, Quicken Loans, and Prime Lending. However, Regions ranked third in 2016, following Quicken Loans and Huntington National Bank. During both years, it was rated “better than most.” The score increased marginally from 810 in 2016 to 837 in 2017.

However, the Consumer Financial Bureau Monthly Complaint Report included Regions Financial in the top ten list of most-complained about companies in the state of Tennessee. As the seventh most complained-about bank in this state, it seems a majority of complaints came from Regions’ banking services, with only a small amount of claims arising from its mortgage products.

Regions Bank Lender Reputation

Regions Bank is a public financial services company that has been serving 16 states in the U.S. for just shy of 50 years. Regions Financial Corporation National Mortgage Licensing System’s (NMLS) number is 174490.

Reviews for this lender are relatively mixed. Lending Tree includes a 5/5 star rating for Regions Bank. However, even though Regions has an A+ rating on BBB, it has an average rating of only one star, with 556 complaints filed in the last three years.

Regions Bank faced its fair share of scandals in the past few years. In 2011, Regions had to pay a $200 million settlement to the U.S. Securities and Exchange Commission. It stemmed from Regions’ misleading pricing on high-risk mortgage bonds as part of the bank’s Morgan Keegan subsidiary.

In 2015, the CFPB fined Regions $7.5 million after it charged customers illegal and inaccurate overdraft fees, without asking its consumers to voluntarily opt into overdraft fees during monetary transactions. That’s not it: Regions was also caught misrepresenting insufficient fund fees in its short-term loan business.

Despite these controversies, Regions Financial Corporation has received a large number of awards and recognition over the decades. For the fifth year in a row, Regions has ranked in the top 10 percent of companies listed in the Temkin Experience Ratings. Greenwich Associates also awarded Regions with 23 Excellence awards and three Best Brand awards in 2017. For the second consecutive year, Regions won Javelin’s Trust in Banking Leader Award as a result of the bank’s trust and loyalty to its consumers.

*Information collected on December 4, 2018

Regions Bank Mortgage Qualifications

Regions Bank has the same mortgage qualifications as many other lenders in the U.S. When qualifying customers for home loans, credit score is the most critical factor. Borrowers with credit scores above 760 should expect the best mortgage rates.

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

Borrowers with a good credit score, a debt-to-income ratio of 36 percent or less, enough savings and the ability to put 20 percent down on the home have the best chances of being approved for a mortgage by Regions Bank. However, state and federal down payment assistance programs, such as VA and FHA loans, allow buyers to put less than 20 percent down.

Regions Bank Phone Number & Additional Details

• Homepage URL: https://www.regions.com/personal-banking
• Company Phone: 1-800-734-4667
• Headquarters Address: 1900 Fifth Avenue North, Birmingham, AL 35203

The post Regions Bank Mortgage Rates Review appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2WMXte1

Union Bank Review

Best Mortgage Rates in Wisconsin

Current mortgage rates in WI are highly influenced by a seller’s market in the Badger State. The Wisconsin Realtors Association’s (WRA) Home Sales Report for October 2018 found that home sales fell slightly year-over-year in October, while prices rose 5.1 percent.

The decline in sales is tied primarily to an inventory shortage and tight market, while the rising costs brought the median home price in Wisconsin up to $182,500, a significant increase from last year’s $172,000 figure.

Wisconsin Mortgage Rates

U.S. Census data shows that the national average home price is approximately $309,000 which means that, even with these general increases, home prices in Wisconsin are still relatively low. In fact, Milwaukee is a particularly affordable buyer’s market, as Zillow found the median home price is currently $117,600. 

Milwaukee notwithstanding, there’s still a seller’s market across the state, creating heavy competition that can be challenging to navigate through. This makes shopping around for the best rate a necessity.

It’s also essential to lock in your rate and ensure you’re ready to move quickly on purchases to avoid missing out on opportunities as they arise.

5 Critical Elements That Affect Mortgage & Refinance Rates in Wisconsin

A small change in interest rates can have an outsized impact on your spending over the course of a mortgage. Even the smallest change (say, less than 1%) can lead to monthly savings.

But imagine you’ve reduced your mortgage payment by $25 per month. For a 15-year mortgage, that would amount to approximately $4,500 in total savings. For a 30-year term, that figure climbs to $9,000.

You don’t have to be a master negotiator to reduce your rate. Even a fraction of a percentage point drop can make a difference in finding the right deal. To do this, you must first understand the major factors that contribute to the mortgage rates you’ll be presented with.

For the most part, rates are impacted by individual attributes and national economics, but some local or regional trends can come into play. Five of the most prominent factors impacting mortgage and refinancing rates are:

1. Credit Score: This one almost goes without saying. Your credit score is the primary factor that most lenders use to identify any risk associated with lending to you. A higher score minimizes the expected risk, which means they can offer you a lower mortgage rate.
2. Co-borrowing: You may want to apply for a mortgage with your partner or another co-borrower who will share responsibility for the loan. A Zillow Porchlight report clarified this process, showing that such a loan setup usually defaults to basing the mortgage rate on the lowest credit score of those involved in the loan.

According to the report, dealing with the lower of the two credit scores isn’t always a net negative. Since mortgage rates are also influenced by income levels, the benefits of having multiple incomes supporting the loan may be more advantageous than the negative impact of having a lower credit score included in the equation.

Ultimately, you’ll want to weigh how the incomes and credit scores involved in co-borrowing affect your rates and then structure the loan accordingly.

3. Debt-to-Income Ratio: Whether you’re hoping to refinance or are seeking a new mortgage, getting the best possible rate depends on having a strong debt-to-income ratio. A 36 percent or less ratio after the mortgage is usually a good place to be, meaning that you don’t have monthly debt payments that exceed 36 percent of your income.

Lenders only use your gross income to make this calculation, and they don’t account for many of your expenses. This means that even though a bank approves your loan based on how it would impact your debt-to-income, it doesn’t necessarily mean that you can afford the loan.

Nonetheless, the better your debt-to-income ratio, the likelier it is that you’ll get a lower rate.

4. Housing Market: Supply and demand are an unavoidable economic factor. The Consumer Financial Protection Bureau (CFPB) explained that lenders tweak their rates by using the market dynamics of the state in which you’ll be purchasing the home.

The local market won’t dictate rates nearly as much like credit scores and other key metrics do, but it can often lead to small changes. When it comes to current mortgage rates in WI, the deal you get could be heavily impacted by a seller’s market and the generally affordable nature of homes.

It’s important to consider local economic issues if you’re refinancing as well, as you may be able to get a better deal at a time when the market is stronger.

5. Down payment: This is another fairly simple issue to consider. The more money you initially pay into the home, the smaller your loan will be. Smaller loans mean you’re taking on less debt and banks are assuming less of a risk by lending to you. This can lead lenders to offer lower mortgage rates.

While a larger down payment can lead to a lower rate, you might also want to consider how those funds may be used in other ways to influence the total costs of your home-purchasing process. For example, you may be able to purchase points, which some lenders use to directly reduce your mortgage rates.

How to Get the Best Mortgage & Refinancing Rates in Wisconsin

Shop around. It may sound simple, but one of the single most important things for you to do is to look at a variety of lenders before settling on a mortgage. Historically, the process of applying for a mortgage has been so complex that going to multiple banks was a time-consuming process.

Today, many lenders offer quotes online or over the phone, making it much easier to compare prices. What’s more, mortgage marketplaces compile information from a variety of banks and credit unions so you can more easily find the right loan.

With personal, local, banking industry, and macroeconomic trends all influencing rates, you’ll generally see diversity across lenders. Shopping around helps you find the right deal.

As you shop around, it’s important to note that getting multiple quotes won’t necessarily hurt your credit score. According to FICO, the credit scoring agency will log all applications for the same loan type as one credit application, as long as they are requested during a typical purchasing pattern.

For mortgages, FICO uses a 30-day term to define the typical purchasing pattern. This means that getting quotes on 10 mortgages within a month won’t show that you’ve applied for 10 lines of credit. It’ll be reflected as just one mortgage application, ensuring that your credit score doesn’t suffer because you’re looking for the right deal.

Recommended Mortgage Companies in Wisconsin

• Quicken Loans: One of the largest lenders in the U.S., Quicken Loans offers an online lending process aimed at cutting out unnecessary paperwork and other expensive processes that lead to higher mortgage rates.
• LendingTree: As a mortgage marketplace, LendingTree is designed for one-stop comparison shopping. The site’s user-friendly interface allows customers to navigate through the lending process completely pain-free.
• Rocket Mortgage: Rocket Mortgage provides a quick and completely online lending process that simplifies just about every facet of obtaining a mortgage. Rocket Mortgage is a branch of Quicken Loans.
• AmeriValue: Another online lender, AmeriValue stands out for its user-friendly quote process. They walk you through the steps and tell you what information you’ll need to provide to get a fast, accurate quote.

The post Best Mortgage Rates in Wisconsin appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/31yHsMe

TFCU Mortgage Rates Review

Teacher’s Federal Credit Union (TFCU) was founded in 1952 and is headquartered in Hauppauge, New York.

It has more than 320,000 members and $7 billion in assets and offers a variety of mortgage and home equity options. The Better Business Bureau’s rating for this credit union is C-, and it’s not BBB accredited.

In this review, we will cover everything you need to know before purchasing a mortgage loan through TFCU. 

TFCU Highlights

• Part of the CO-OP Shared Branch network
• One of the 20 largest credit unions in the country by asset size
• Offers mini home equity loans so borrowers can access home equity and pay off the loan within shorter periods
• Provides mortgage products specific to condo, coop or second home purchases
• Offers a no closing cost mortgage option
• Finances properties in New York, the Carolinas, and Florida
• States serviced: Teacher’s Federal Credit Union’s 31 branches are located in New York, but is a partner of the Credit Union Service Network, making its services available nationwide. TFCU only provides financing for properties in New York, the Carolinas, and Florida.

History of Teacher’s Federal Credit Union

TFCU has been in business for 67 years and, with more than $7 billion in assets, and is one of the largest credit unions in the nation. It serves more than 320,000 members and has 31 branches throughout Long Island, Queens, and Manhattan.

It provides financing options for properties in New York, the Carolinas, and Florida. It’s not listed among the top 10 mortgage originators dominating the industry, or in the Consumer Finance Protection Bureau’s top 25 mortgage lenders by number of originations.

TFCU offers a variety of loan, refinance and home equity products, including fixed- and adjustable-rate conforming and jumbo mortgages. It also has several products tailored to specific types of purchases, like condominiums or coops. The home equity loan products are unique in that TFCU offers mini home equity loans, which can have terms of between 0 and 240 months.

The lender reputation has been tainted by a BBB rating of C- due to the credit union failing to respond to numerous consumer complaints.

This credit union has fairly straightforward mortgage requirements, with a general minimum credit score of 620, down payment of 3 percent and maximum debt-to-income ratio of 45 percent.

Loans Offered by Teacher’s Federal Credit Union

TFCU offers a variety of mortgage and home equity options, including conforming and jumbo loans. They don’t provide access to government-sponsored mortgage programs like USDA, FHA, or VA loans.

Typically, fixed-rate mortgages are best for homeowners who plan to stay in their home for long periods while adjustable-rate mortgages are better for those who intend to sell or refinance their mortgage within the introductory period, or who expect to increase their income before the initial period is over.

Jumbo mortgages are available to homebuyers who plan to borrow between $484,350 and $3,000,000. Loan amounts lower than this are eligible for conforming loans.

Fixed Rate Mortgage

The fixed-rate mortgage option available at TFCU has term options of between 10 and 30 years. This can be used for a new mortgage or a refinance.

Adjustable Rate Mortgage

TFCU offers a variety of adjustable-rate mortgage options, including 5/1, 7/1, and 10/1 terms. The term length on each of these is 30 years, and after the initial period (five, seven, or 10 years, respectively), the interest rate will be adjusted annually.

Jumbo Mortgage

Jumbo mortgages from TFCU can be for amounts between $484,350 and $3,000,000. There are fixed-rate and adjustable-rate options. Fixed-rate jumbo mortgages can have terms of between 10 and 30 years; adjustable-rate jumbo mortgages all have 30-year terms and can have 5/1, 7/1, or 10/1 structures. Jumbo loans can be used for a new home purchase or a mortgage refinance.

Second Home Financing

The second home financing product is designed to purchase a home that the owner will occasionally occupy, without deriving rental income. This product is available as a fixed-rate mortgage for 10 to 30-year terms or as an adjustable-rate mortgage with a 30-year term. ARMs for second home financing can be structured as one-year, 3/1, 5/1, 7/1, or 10/1 loans.

HomeReady Mortgage

To qualify for the HomeReady mortgage, the borrower must complete a homebuyer education class before closing. This mortgage can be applied to a one-unit principal residence, including condos, or up to two- to four-unit primary residences that aren’t condos. This is a 30-year fixed-rate mortgage.

Coop Mortgage

Co-op mortgages are designed for homebuyers who want to purchase shares of a cooperative housing project. TFCU offers coop mortgages as fixed-rate mortgages with 15- to 30-year terms, or as 5/1, 7/1 or 10/1 adjustable-rate mortgages. The TFCU coop mortgage can be used as a new home loan or a refinance.

Condominium Mortgage

The condominium mortgage from TFCU is available as a 10- to 30-year fixed-rate mortgage or as a 5/1, 7/1, or 10/1 adjustable-rate mortgage. Rate locks are available in 30-, 60-, or 90-day limits. Additionally, borrowers can choose to purchase a one- or two-point rate reduction. This can be used for a new purchase or a refinance.

No Closing Cost Mortgage 

The no closing cost mortgage option is available as a 20- or 30-year fixed-rate mortgage or as a 5/1, 7/1, or 10/1 30-year adjustable-rate mortgage. This can be used for a new home purchase or a refinance when the borrower wants to avoid closing costs.

Home Equity Line of Credit

TFCU offers HELOCs for amounts between $10,000 and $500,000. They have a 15 year draw period followed by a 10-year repayment period. After the first 12 months, the interest rate will be adjusted quarterly.

Interest-Only Home Equity Line of Credit

The interest-only HELOC option requires only interest payments during the initial ten year draw period, which results in lower monthly payments. This decade is followed by a 15 year repayment period. This option can be a smart way to reduce payments on a HELOC from another institution. It may also come with tax benefits, though borrowers should consult a tax professional to find more information. There are no closing costs associated with this product.

Mini Fixed Equity Loan

The mini fixed equity loan gives borrowers access to their home equity for shorter terms. In all cases, the maximum amount available is $500,000, and the minimum amount accessible depends on the length of the term:

• 0 to 120 months: $10,000 minimum
• 121 to 180 months: $20,000 minimum
• 181 to 240 months: $30,000 minimum

Mini Fixed First Lien Position Equity Loan

This has the same loan amount availability range as the mini fixed equity loan: between $10,000 and $500,000, depending on the term. It requires no closing costs or title insurance and may result in tax benefits (though borrowers should consult a tax professional for more information about this). This has a faster application and approval time than other loan products. It’s best suited for homeowners without a mortgage or home equity loan lien on their property. Payment terms range between 5 to 20 years.

Mini Adjustable Equity Loan

This loan product is nearly identical to the mini fixed equity loan, but instead of having a fixed rate, the interest rate is adjusted annually, and terms start at 120 months instead of 0.

TFCU Mortgage Customer Experience

TFCU members can get the mortgage application started online or in person. The mortgage approval process is relatively fast, with some applications being approved within a few minutes.

There are helpful resources on the TFCU website for borrowers to learn more about the mortgage process. There are calculators to help people determine what their monthly payment might be, whether a 15-year mortgage would save them money if refinancing is a wise idea, and other factors related to home buying and refinancing. There are also answers to common questions related to appraisals, loans, fees, rates, closing, and the application process.

TFCU was not listed in J.D. Power’s Primary Mortgage Servicer Satisfaction Study, nor was it included in the CFPB’s list of most complained-about mortgage companies.

TFCU Lender Reputation

TFCU is a credit union in New York founded in 1952. It’s an Equal Housing Opportunity lender, a member of the National Credit Union Administration and the CO-OP Shared Branch network.

TFCU has a BBB rating of C-, primarily due to failure to respond to eight complaints filed against the business. TFCU has received 13 complaints in total, the oldest of which is dated April 27, 2016.

The CFPB did not list TFCU in its list of top 25 mortgage originators, and the bureau does not record any enforcement actions against the credit union on its site.

• Information collected on Jan. 3, 2019.

Teacher’s Federal Credit Union Mortgage Qualifications

To qualify for a TFCU mortgage, borrowers should have a credit score of at least 620, a maximum debt-to-income ratio of 45 percent, and at least a 3 percent down payment. The credit union does not accept gifted funds or down payment assistance programs for the down payment requirements.

Credit score	Ranking	Difficulty to get a mortgage from TFCU
800-850	Exceptional	Easy
740-799	Very good	Easy
670-739	Good	Easy
620-669	Fair	Fairly easy
580-620	Fair	Somewhat difficult
300-579	Very poor	Very difficult

In some cases, applicants with a non-traditional credit history or a higher DTI may be able to qualify for a mortgage, though it will be more difficult. People in this situation may consider having a co-signer on the mortgage to improve their chances for approval.

Teacher’s Federal Credit Union Phone Number & Additional Details

• Homepage URL: https://www.teachersfcu.org/
• Company Phone: (631) 698–7000, or 1-800-341-4333 for consumers calling from outside the New York metro area
• Headquarters Address: 102 Motor Parkway, Hauppauge, NY 11788

The post TFCU Mortgage Rates Review appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2Rn0QXK

Best Travel Insurance Companies

As you embark on your next big adventure, travel insurance can make you feel more secure. But “feeling more secure” and “being more secure” are two different things.

Having coverage can give you peace of mind as you travel, but until you needed to file a claim, you couldn’t be sure how your travel coverage would perform if:

• You had to cancel your travel plans and wanted reimbursement for your tickets.
• You needed emergency medical care while visiting another country.
• You experienced a natural disaster and needed evacuation to a safer location.

You wouldn’t want to learn the hard way — by getting a series of claims denied or discovering your policy couldn’t help — that your travel coverage was ill-equipped to meet your needs.

In this post, we’ll learn how travel coverage works, how to find the insurance companies most likely to help, and how you can learn exactly how a travel policy should work.

What Travel Insurance Covers

We’ll get to my favorite travel insurance companies in the next section. But first, it’ll be helpful to know how travel insurance works.

People who sell travel insurance, which is also known as trip insurance, like to talk about security for your journey. The word “security” may conjure images of a safety net swooping in and rescuing you and your traveling companions when you’re most vulnerable.

In some cases, travel insurance can connect you to much-needed help while you’re traveling. In other cases, your coverage can only reimburse you after you experience trouble — once you’ve safely returned home and would like to recoup some of your financial losses.

The best travel coverage will include all of the following coverage options:

• Trip Cancelation: Your policy could pay you back for costs like plane or train fare and hotel accommodations if you had to cancel or shorten your trip and had already paid these expenses.
• Lost or Stolen Bags: If your luggage gets stolen or damaged, or if your airline loses your stuff, your trip coverage could reimburse you. Some policies will help you buy replacement items if your bags arrive late.
• Medical Problems: Typically, international travelers can’t use their domestic health insurance, especially Medicare, if they get sick or injured in another country. Your travel policy could help cover medical costs.
• Evacuation: If political instability or a natural disaster made your trip unsustainable, your trip coverage could help get you to safety.
• On-Trip Assistance: The best policies provide a help line you can call while traveling. If you experience problems, the help line can connect you to local resources while accommodating a language barrier if necessary.

Not all insurers provide all of these services. Some policies excel with medical coverage but don’t perform as well with trip cancellation. To find the best coverage for your trip, make sure the company you choose can provide the service or services you most expect to need.

And read the fine print. This should go without saying, but it’s important enough to say: The tiny type can make or break the usefulness of an insurance policy.

Reading the policy in its entirety will clue you in about exclusions and special circumstances that could make your policy unable to help when you need it. We’ll touch on this more below.

Best Travel Insurance Companies

I’d like to share more details about coverage types, common policy exclusions and exemptions, and shopping strategies below. First, let’s look at some leading travel insurance providers.

Generali Global: Best All Around

Generali Global has offered some of the best all-around travel insurance policies, providing the basic protections many shoppers need, for more than 50 years.

With Generali, you can choose from three service levels: Premium, Preferred, and Standard. All three plans offer 100 percent trip cancellation coverage. But to get the most coverage under the most friendly terms, you’d need to upgrade to the Preferred or Premium plan.

The Premium plan, for example, could pay up to $250,000 in medical/dental expenses and up to 175 percent in trip interruption coverage. The Premium plan also lets you claim interruption coverage after a delay of only six hours.

I like Generali because it does a lot of things well. Some companies do great with trip cancellation reimbursement but won’t help much with lost bags or on-trip assistance. Generali has a more comprehensive approach.

• Best for: Someone who wants to cover all the trip insurance bases with one policy.
• Also great for: Medical coverage, especially if you upgrade to the Premium plan.

View Rates

Travelex: Comprehensive & Adaptable

Travelex, which is backed by Zurich Insurance, also has about half a century’s experience providing trip policies. Travelex also offers comprehensive options, but shoppers can more easily adapt their coverage to meet specific needs.

Travelex has two basic coverage levels: Travel Basic and Travel Select. However, consumers can adapt these plans by adding extra options such as Flight Insure and Flight Insure Plus.

Both of Travelex’s coverage levels offer free coverage for children 17 and younger and medical waivers for pre-existing conditions. Both of these features can help you save money if you need them.

But to get Travelex’s best coverage for lost luggage, delayed baggage, and evacuations, you’d need to upgrade to Flight Insure or Flight Insure Plus.

Here’s another helpful upgrade that makes Travelex appealing: Travel Select policyholders can upgrade to “cancel for any reason” trip cancellation coverage. This can take a lot of the guesswork out of the equation if you do have to cancel your trip and need to file a claim. Policies usually pay trip cancellation claims only for pre-defined reasons.

• Best for: Travelers who want to build their own coverage by modifying existing plans to meet their specific needs.
• Also great for: Shoppers who plan to travel with a child or who have a pre-existing medical condition.

View Rates

RoamRight: A Wider Array of Options

RoamRight features a lot of the flexibility shoppers like, including the ability to get minimal coverage, such as a medical-only policy while you’re out of the country.

This kind of flexibility can help you save if you’d like medical coverage but you don’t want or need additional travel protections like trip cancellation or lost or stolen luggage.

Of course, RoamRight can also help if you do want more coverage. As with Travelex, RoamRight lets you upgrade your trip cancellation policy to “cancel for any reason” protection, and you can extend protection to one child younger than 18 years old.

RoamRight features a wide variety of pre-set options. The most advanced plan, RoamRight Elite, includes medical, evacuation, trip interruption, trip delay, baggage protection, and even accidental death and dismemberment protection.

You can also add coverage for injuries sustained during extreme sports such as mountain climbing which would typically be excluded from a travel policy.

Maxing out at $50,000, the medical coverage amount is lower than some other carriers, but the deductible is only $50 which makes the protection accessible.

RoamRight also offers multi-trip coverage.

• Best for: Travelers who want a wide variety of coverage plans, including medical-only.
• Also great for: Shoppers planning to participate in extreme sports (upgrade required) or parents who would like to cover one child for no additional cost.

View Rates

World Nomads: For the Most Adventurous

Ordinarily, travel insurance works best when you have an itinerary and definite plans. That way you can know for sure whether your policy could help.

Travelers who crave more spontaneity — such as backpackers or mountain climbers — need more flexibility in their coverage or else it’s not worth the cost.

World Nomads specializes in the unplanned, covering adventurers who plan to participate in extreme sports and other more impromptu adventures.

You can even adapt your coverage while you’re traveling in case your plans change. Most other companies don’t allow this kind of flexibility.

But if you have more traditional needs, go with a more traditional company: World Nomads doesn’t cover pre-existing medical conditions and you can save more by customizing coverage with another company.

• Best for: Travelers who don’t want to make specific plans.

View Rates

Allianz Global: For Specialized Travel Needs

Allianz Global offers single-trip and multi-trip policies with a wide variety of options. Costs and coverage amounts vary depending on the type of coverage you buy.

Unlike most other companies, Allianz lets customers buy policies covering only one element of travel insurance — medical care or trip cancellation, for example.

This flexibility allows customers to purchase only what they need. For instance, if you had trip cancellation coverage already built into your plane or hotel arrangements, you probably wouldn’t want to pay for additional coverage from a travel insurance company. Instead, you could opt for medical care only.

Of course, you can also combine coverages into package plans as you would with other carriers. The OneTrip Premiere Plan provides the most extensive level of coverage.

• Best for: Someone who wants only one element of travel coverage.

View Rates

AXA Travel Insurance

Very few insurance companies can boast two centuries of service. AXA Travel Insurance, which has ties to a French insurer, can. In the United States, Nationwide Insurance underwrites many of the company’s policies.

Along with a proven track record of financial stability, AXA Travel offers some nice touches: reimbursement for lost golf days or lost skiing days, replacement of lost sports equipment, and an option for “cancel for any reason” coverage, for example.

Plans come in four levels: Silver, Gold, Platinum, and Adventure. Not all plans offer all coverages, and coverage amounts vary from plan to plan. Over all, the company offers some sold, but not the most flexible, options.

• Best for: Someone traveling for recreation such as golfing, skiing, or camping.

View Rates

Seven Corners

Seven Corners has more limited options than many of its competitors, but it excels with medical coverage, offering up to $1 million for international travelers. Seven Corners could also pay up to $300,000 for an evacuation for medical reasons.

Seven Corners specializes in international travel coverage and emphasizes its medical care, but it also offers lost-baggage and trip cancellation coverage with “cancel for any reason” policies available.

As a privately held company, Seven Corners isn’t graded by the major insurance ratings agencies, but Nationwide backs many of Seven Corners’ policies, and Nationwide gets good marks from ratings agencies.

Shoppers should find out which company will be underwriting their coverage before finalizing a policy with Seven Corners.

• Best for: An international traveler with concerns about developing a health condition while away.

View Rates

Aggregators Can Make Shopping Easier

Travelers who can’t immediately identify a company best suited for their needs should try an online aggregator. Aggregators assess your needs and match you with some good policy options. Some even let you compare quotes.

TravelInsurance.com

Travelinsurance.com can make life easy if you’re not sure where to start shopping for travel coverage. You can enter your data and get quotes from leading companies within minutes.

Just remember: The cheapest policy isn’t automatically the best. The least expensive option may be missing a key element you need.

View Rates

Aardvark Compare

Many shoppers also like Aardvark Compare, which works a lot like Travelinsurance.com. The company also gives 10 percent of its profits to charities helping soldiers and military families which I appreciate.

Anyone using an aggregator should also do some independent research on the insurance company or companies the aggregator suggests. Ultimately, it’s up to you to do your homework.

View Rates

INF Visitor Care

If you need travel coverage exclusively for medical coverage, consider using INF Visitor Care’s aggregator which helps you compare options.

INF Visitor Care will not show you policies for comprehensive coverage such as lost-baggage or trip cancellation, but you’ll get a good selection of medical travel policies.

View Rates

What Travel Insurance Doesn’t Cover

Whether you’re comparing companies on your own or using a travel insurance aggregator to compare quotes, you should protect yourself by finding out exactly how your policy works.

Too many policyholders learn about the limitations of their coverage after they file a claim. Or they file a claim and learn they should have kept receipts in order to access coverage.

Talk about unhappy customers — you don’t have to read far into the comments on TrustPilot, Facebook, or insurance-specific consumer advocate sites to sense the frustration.

Some insurance agents out there do not tell the truth to customers considering their policies. Most of the time, though, a policy will tell you its limitations if you’ll take the time to listen.

By listen, of course, I mean read. The type may be 8-point or even smaller. You may need a magnifying glass in one hand and your smartphone in the other to look up complicated insurance terms.

On your phone or tablet, you can just zoom in on the text, of course. It may take an hour or so, but at least you’ll know exactly what you’re buying.

For example, many travel insurance policies will not pay if you:

• Leave Belongings Unattended: If you didn’t feel like packing up your laptop and you left it in your chair as you dashed to the airport bathroom, your travel policy probably won’t replace it if it’s not there when you return.
• Engage in Illegal Behavior: Travelers who need medical attention because they were publicly intoxicated or drag racing in their rental car shouldn’t expect their trip coverage to help pay.
• Make an Ill-Advised Trip: If the State Department has warned against traveling to an area of the world before your trip, your travel policy probably won’t pay your claims.
• Decided Not to Go: To use your trip cancellation coverage, expect to document why you canceled the trip. Common reasons include medical conditions, job losses, jury duty, or a death in the family. Deciding you didn’t want to go after all may not qualify. (Shop for cancel for any reason coverage if you’re concerned about this limitation.)
• Play Extreme Sports: Unless your policy states otherwise, it won’t pay for medical care resulting from injuries sustained while snowboarding, rock climbing, or participating in other dangerous activities.
• Have a Pre-Existing Medical Condition: Travelers who need emergency medicine or an evacuation because of a health condition they had before leaving may not get their claims paid. Be sure you buy a policy allowing for pre-existing conditions if you have one.

Many of the common exclusions above can be included in your policy if you address the need before buying coverage.

For example, a “cancel for any reason” travel policy will be more likely to pay if you change your mind after buying tickets. Likewise, a company such as World Nomads which specializes in extreme sports can help cover more adventurous travelers.

It’s up to you to address your specific needs before buying a policy.

Who Doesn’t Need Travel Insurance?

Not all travelers need an insurance policy specifically for their trip. You may not need travel coverage if:

• You’re Traveling Close to Home: A road trip to a relative’s house a couple of hundred miles away shouldn’t require travel insurance.
• You Have Support at Your Destination: Even if you’re traveling across the country, you may not need travel insurance if you’re staying with family or don’t have a specific schedule to keep.
• You Have Other Coverage to Help: Many airlines provide trip cancellation coverage. An auto club like AAA, or your auto insurance carrier, could help with on-trip assistance. Your health insurance plan may cover you if you’re traveling domestically. These kinds of coverages may mean you don’t need as much, or any, travel coverage.

This isn’t to say you can’t get travel coverage if you want it in these circumstances. Usually, though, travelers in the situations above are less likely to need a travel policy.

People traveling to another country who have invested a lot of money in their trip should seriously consider getting covered.

How Much Travel Insurance Should Cost

Expect to pay, on average, 4 to 10 percent of your trip’s value in travel insurance premiums. If you’re spending $10,000 on a trip to France, you’ll likely pay from $400 to $1,000 in premiums.

To get the best price, compare several quotes online or plug your information into an aggregator like travelinsurance.com.

Once again, remember to read all the policy’s details before finalizing coverage. A policy quote which is significantly lower than your other quotes may really be a great deal. Or, it could be a sign the coverage has exclusions your limitations you’ll need to know about.

In most cases, better coverage cost more. A policy capping medical expenses at $50,000 should cost a good bit less than a policy that would pay up to $250,000.

A Note About Quality

As you shop and compare companies, or if you’re considering a company your travel agent suggested, check the company’s quality before buying.

Independent ratings agencies grade most insurance companies based on their financial health. Companies with A or better ratings from agencies like A.M. Best, Moody’s, and Standard & Poor’s tend to offer higher quality coverage.

Bottom Line: Your Needs – Your Choice

Some travelers are OK roaming the world without insuring their trip. They’re fine with taking the chance of losing their investment if forced to change plans or leave a destination quickly.

Other travelers want some protection, both from the unexpected and from the possibility of losing the money they’ve invested in a trip.

When you buy travel insurance, make sure the policy provides all the coverage options you need, from medical care to lost baggage to on-trip support 24 hours a day.

And read the policy carefully before signing it. No matter how much or how little you pay in premiums, the money you’re spending will pay off only if the policy can actually protect you.

The post Best Travel Insurance Companies appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2KrbKeG

Best Mortgage and Refinancing Rates in Maryland

Dollar Bank Mortgage Rates Review

Dollar Bank is a regional bank with over 60 offices in three U.S. states. Founded in 1855 as “Pittsburgh Dollar Savings Institution,” it didn’t shorten its name to Dollar Bank until 1986.

At this time, they began offering an increased amount of services, including credit cards, lines of credit, and term loans. As of March 2016, Dollar Bank is the largest independent mutual bank in the U.S.

Key Points of Dollar Bank 

• Founded in 1855, but did not become a lender until 1986
• Currently the largest independent mutual bank in the U.S. as of early 2016
• Offers a variety of mortgage products, from traditional fixed-rate loans to no closing cost refinance loans
• A large variety of educational resources to help borrowers in the process of taking out a mortgage, as well as refinancing and buying a home
• Only have 12 complaints on the Better Business Bureau site, despite being established since 1855
• Bank’s headquarters is a Pittsburgh landmark and is on the U.S. Register of Historic Places

Overall Review of Dollar Bank 

Even though Dollar Bank is only available in three U.S. states, it offers a wide variety of financial services to its customers. It has served primarily as a bank for over 150 years, but it has grown in recognition in the mortgage lender and credit industries.

Dollar Bank offers plenty of different types of mortgage lending products, such as fixed rate, adjustable rate, VA, and FHA loans. No matter what kind of loan is right for you, you can rest easy knowing that Dollar Bank’s customer support can help you at every stage of the borrowing process.

Dollar Bank Loan Specifics

Dollar Bank’s mortgages are mostly comparable to other offerings in the industry. Their home loan options include:

Fixed Rate Loans 

Fixed rate loans from Dollar Bank are meant for homebuyers who plan on living in the space for an extended period. These types of mortgages typically have higher initial interest rates than adjustable rate mortgages.

However, many buyers like the security of a fixed payment and interest rate, as it gives them a predictable number to budget. Dollar Bank offers fixed-rate loans in 30-year, 20-year, and 15-year increments of time, as well as in the form of Federal Housing Administration (FHA) loans.

Adjustable Rate Loans

Adjustable rate mortgages are best for homebuyers who plan on moving or refinancing in the next five or so years. These loans come with lower monthly principal and interest payments. It’s worth being aware of the fact that adjustable rate mortgages have a fixed rate for only a specific amount of years.

After that time, rates adjust with industry standards. Adjustable rate loans with Dollar Bank have a rate cap, which keeps the costs from rising too high. There are plenty of choices you can make when choosing what type of ARM you’d like, including:

• 7-year ARM
• 5-year ARM
• 3-year ARM
• Construction mortgage
• FHA 5-year ARM

VA Loans

The U.S. Department of Veterans’ Affairs helps veterans, current members of the U.S. Armed Forces, and their spouses get affordable mortgages. Qualified individuals may be able to get a loan worth 100 percent of the home’s purchase price.

However, this program has a maximum limit of $203,000 for no money down loans. If you choose not to put a down payment on the home, you will typically have a higher than average interest rate to make up for these costs.

CRA Loans

Dollar Bank offers plenty of mortgages through the Community Reinvestment Act. This option allows buyers to pay as little as 3 percent down on the home and even gives grants to first-time buyers. CRA mortgages make it easier to buy a house for qualifying homebuyers.

No Closing Cost Refinance Mortgages

With these loans, Dollar Bank will pay your closing costs, which can save you hundreds of dollars. You can qualify for terms up to 30 years with fixed rate security for 15, five, or three years.

Interest Only ARMs

Dollar Bank offers mortgages with much lower monthly payments than other types of loans, which puts more cash back into your hand. You can get a five-year or three-year interest only ARM with Dollar Bank.

Dollar Bank Mortgage Customer Experience

Dollar Bank operates in only three U.S. states but has plenty of online resources that allow potential borrowers to do some research before getting a mortgage. Dollar Bank makes it easy and convenient to find mortgage rates online with the following materials:

• Mortgage calculators that help you estimate how much you would pay for certain types of loans to see how much you can afford on a home
• Helpful videos that walk you through the mortgage process and answer any overarching questions you have about buying and refinancing a home
• An online tool that allows you to get a free quote online after filling out a short form, without having to input your Social Security Number
• A resource center with articles describing different types of loans, which can help you gain insight into the mortgage market as a whole and the benefits of working with Dollar Bank

If you are interested in a loan with Dollar Bank, you can fill out the online application or contact a mortgage sales representative directly over the phone.

Customer reviews on WalletHub and Bankrate seem to be mostly positive about Dollar Bank. However, these reviews do not only reflect the mortgage offerings.

Many reviews are about the banking and credit services the bank provides. J.D. Power does not include information for Dollar Bank on its Primary Mortgage Originator Rankings, and the CFPB does not have consumer complaint information for this bank.

Dollar Bank Lender Reputation

Dollar Bank has been around for about a century and a half, meaning it has garnered a plethora of both positive and negative reactions.

However, the bank has only offered mortgages for about 20 years, so it seems that a majority of its reputation comes from its other financial services.

The CFPB has never filed a complaint against Dollar Bank. The bank has 12 complaints on the BBB, although it is not currently accredited.

Dollar Bank Mortgage Qualifications

Qualification requirements for Dollar Bank are standard in comparison to other mortgage lenders. It does not mention their income requirements for borrowers or their credit score requirements. However, when applying for a mortgage with the bank, they request that borrowers have the following information available to see what they can afford:

• Current monthly mortgage payment (if applicable)
• Total annual income
• Current monthly debt, excluding existing mortgage, insurance, and utility costs
• An estimate of monthly insurance and tax costs for the new home

Income Requirements	Down Payment Requirements	Credit Score Requirements
None specified	0-20%, based on loan type	None specific; credit score will affect monthly costs

Dollar Bank Contact Information

• Homepage URL: http://bit.ly/2rUn3SO
  • Company Phone: 1-800-828-5527
  • Headquarters Address: 340 Fourth Ave, Pittsburgh, PA 15222
• States Serviced: 
  • Ohio
  • Pennsylvania
  • Virginia

The post Dollar Bank Mortgage Rates Review appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2WOYgLB

Fremont Bank Mortgage Rates Review

Founded in 1964, Fremont Bank is a family-owned and managed retail and commercial bank operating in the State of California.

The bank’s headquarters are in Fremont, California and branches exist in several California counties. Fremont was one of the first banks to offer banking services on Saturdays, a service that began in the 1960s.

Fremont Bank Locations

Fremont Bank’s mortgage options include fixed and adjustable-rate mortgages, FHA, Jumbo, and Combination loans.

Located in California, with branches in:

• • Contra Costa
  • Alameda
  • Santa Clara
  • Monterey
  • San Francisco

Retail Loan Offices in:

• Los Angeles
• Sacramento counties

Mortgages offered in California and Nevada only.

Fremont Bank Mortgage Facts

• Fixed and adjustable-rate mortgages available, as well as FHA loans, combo, and jumbo loans
• Loans are available for California and Nevada properties only
• Offers fully underwritten pre-approval letters, so borrowers know precisely how much they are approved for
• High-value home loans available, up to $2.5 million
• Low down payment and no closing cost options available to qualified borrowers
• Combo loan options let applicants combine more than one loan
• Special Purchase Team members advise applicants on which loans to consider
• No Closing Cost loans available for applicants who qualify 

History of Fremont Bank 

Fremont Bank began in 1964 and was founded by a WWII veteran who relocated to the San Francisco Bay Area in the 1940s. This bank is relatively unique in the sense that it has been family owned and operated from when it was founded to today.

The founder’s three kids continue to work with Fremont Bank and serve in management. As one of the first places to offer Saturday banking, Fremont Bank appears to have made significant efforts to tailor its services to the needs of customers.

According to the East Bay Times, in November 2018 Washington Hospital debuted a new facility, The Morris Hyman Critical Care Pavilion, named after Fremont Bank’s founder. Hyman was a well-known local philanthropist in addition to his work in banking. 

Fremont Bank operates branches in California only, so borrowers should keep that in mind as they shop for a loan. Properties must be located in California or Nevada in order to qualify. The bank offers fixed- and adjustable-rate mortgages, FHA, Combo, and Jumbo loans as well as refinance programs.

One unique offering at Fremont Bank is the No Closing Costs mortgage and refinance loan program. Borrowers who qualify can avoid paying the typical non-recurring closing costs that are generally part of the mortgage closing process. To qualify, applicants must meet specific credit and other standards.

Currently, Fremont Bank has a Yelp score of 3.5/5 stars and 186 reviews. The bank’s BBB rating is A+ with customer reviews averaging stars.

Fremont Bank Loan Specifics

Fixed-Rate Loans

With this type of loan, borrowers get a single rate that stays the same for the entire length of the mortgage. Borrowers are protected in case Federal interest rates increase, so they know what to expect every month as they budget for their mortgages.

Applicants who want to lock-in a low rate may want to consider a fixed-rate mortgage, particularly if they plan to stay in the same home for several years. Fremont Bank offers 10, 15, and 30-year fixed-rate mortgages. Borrowers may need a 20 percent down payment to qualify for a loan.

Adjustable-Rate Loans

Although adjustable-rate mortgages do typically begin with a single low rate, market condition changes can result in rate fluctuations. Rates are subject to change and may increase or decrease over time.

This means borrowers could be obligated to pay higher rates and may end up paying more than they thought for a loan. It is also possible for rates to decrease. Applicants who may sell their home or want to refinance might benefit from adjustable-rate loans.

FHA Mortgage Loans

The government backs the Federal Housing Administration (FHA) loans from Fremont Bank and provide affordable financing with low down and monthly payments. Applicants who meet the income standards may pay as little as 3.5 percent down with an FHA loan. Fremont offers both adjustable and fixed-rate loans.

Combination Loans

Borrowers may qualify for a more expensive property or take out cash while closing on a home by obtaining a combination loan. Combo loans combine two different types of loans. Applicants may not need PMI, either. For applicants who need a bigger loan or plan to fund another project through the loan, a combo loan may be the right fit.

Jumbo Loans

For home purchases that are a bit more expensive than typical mortgages allow for, borrowers can obtain a jumbo loan. Fremont jumbo loans offer up to $2.5 million in financing. This option may be ideal for financing homes that are located in high cost-of-living neighborhoods.

No Closing Cost Loans

A unique program at Fremont Bank, the No Closing Cost loan allows borrowers to receive a mortgage without paying for any of the typical closing costs associated with mortgages.

For instance, borrowers avoid appraisal costs, credit report, escrow, title insurance, notary, points, recording, loan documentation, and other non-recurring expenses with getting a mortgage.

To qualify for this program, borrowers must be purchasing or refinancing a single-family home and must meet credit requirements. Closing costs that would otherwise be part of the applicant’s responsibility are refunded at closing.

Borrowers who qualify may save a significant amount of the total expense associated with getting a mortgage or refinance.

Fremont Bank Mortgage Customer Experience

Fremont Bank offers a variety of mortgage products and has loan guidance available for prospective borrowers who want to learn about their financing and refinancing options. Applicants can talk with a loan officer who can direct them to a suitable loan program.

Prospective borrowers must meet with a loan officer and Fremont branches, most of which are in the Bay Area, allow applicants to schedule appointments to learn more and begin the application process.

Prequalification is free and carries no obligation, so borrowers can get a better idea of what they qualify for and how much a home fits in their budgets.

Borrowers applying for mortgages at Fremont Bank will need to provide documentation, generally speaking, to demonstrate eligibility. To show that they can afford the monthly payments, applicants may need bank statements, W2 forms, tax returns from past years, pay stubs, documentation of assets, and other evidence, as requested.

Depending on the type of loan, requirements and credit standards may vary. Fremont Bank’s loan officers work with each applicant to find the right mortgage or refinance option.

Fremont Bank Lender Reputation

Fremont Bank’s Better Business Bureau rating is A+ with a customer review of three stars. Generally, this lender appears to have a positive reputation with customers*.

*Information collected December 5th, 2018

Fremont Bank Mortgage Qualifications

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat Easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat Difficult
n/a	No credit score	Very Difficult

Fremont Bank offers the best chances of approval and great rates to applicants with credit scores of 760 and higher. Within the 700 to 759 score range, borrowers may not receive the best mortgage options but will probably have a few different choices they can consider.

“Fair” credit applicants may not have access to the best offers from Fremont Bank. Without a credit score or credit history, borrowers may have difficulty getting a mortgage offer from Fremont Bank.

Applicants should bring plenty of income and asset documentation to their appointments with loan officers so that they can stand the best chances of approval.

Debt-to-income ratio	Quality	Likelihood to get approval by lender
35% or lessÊ	Manageable	Likely
36-49%	Needs Improvement	Possible
50% or more	Poor	Less Likely

Freemont Bank Contact Information

Homepage URL: https://www.fremontbank.com/

Fremont Bank generally offers more favorable terms to borrowers with debt-to-income (DTI) ratios under 30 percent. With higher DTIs, it may be better to ask about government-backed loan options and alternative loans.

Phone Number & Additional Details:

• Company Phone: 1-877-732-0033
• Headquarters Address: 39150 Fremont Blvd., Fremont, CA 94538

If you live in the California area, Fremont could be a feasible option for your mortgage, but if not, you are still left searching for the best bank. Don’t worry, we’ve got you covered. 

The post Fremont Bank Mortgage Rates Review appeared first on Good Financial Cents®.

Source Good Financial Cents® http://bit.ly/2WLpItr