My Blog

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September 12, 2024

What are the burial insurance companies of 2024? Covering medical bills, burial costs, and other expenses after death can be financially challenging.

Burial insurance, also known as final expense or funeral insurance, is designed to alleviate these costs by providing funds specifically for burial and related expenses.

As you plan for the future, finding the best burial insurance company for 2024 can help ensure you get the coverage you need at an affordable rate.

In this guide, we’ll highlight the top burial insurance companies of the year, comparing their rates, quotes, and terms to help you make an informed decision.

Best Burial Insurance Company of 2024

There are different burial insurance companies you can purchase insurance from in 2024. In this section, we’ll explore some of the best burial insurance companies of 2024. They include:

AARP

If you are looking for a burial insurance company with competitive costs, AARP, also referred to as New Your Life, is the best for you.

This insurance company has a low level of complaints concerning its insurance policies from its customers. Aside from these, AARP allows policyholders to get insurance quotes easily online.

State Farm

State Farm Life insurance has an affordable burial insurance cost best for policyholders looking to get insurance coverage that fits into their budget.

Instead of visiting this insurance company in person, customers can easily access and purchase burial insurance quotes online. Unfortunately, this insurance company’s insurance policies are not available to every state.

American Family Life Insurance

Unlike other insurance companies, this burial insurance company offers a wide range of insurance options for policyholders.

These options include property insurance, vehicle insurance, business insurance, and so on, including burial insurance. You can purchase multiple life insurance policies from this insurance company.

ETHOS

ETHOS is yet another burial insurance company that offers coverage for burial expenses immediately after the first premium is paid.

In cases where you need quick insurance coverage, this insurance company is a good option to consider. However, after age 100, policyholders will no longer pay for insurance premiums instead; the policy will remain in place.

Mutual Of Omaha

This insurance company allows customers to purchase burial insurance at a young age for a cheaper price.

For as little as $2,000, younger customers can get burial insurance, which makes it one of the best to consider.

People who only need short-term life insurance coverage can easily purchase insurance from this insurance company.

Fidelity Life

If you are older, you have a severe health condition, or in cases where you were not approved for insurance before now, this insurance company could be best for you.

Fidelity Life offers different no-exam insurance coverage options to customers. These coverage options include burial expenses, whole life, and accidental death benefits insurance policies.

Lemonade

Lemonade offers life insurance policies through its technologies, which makes the insurance process better and easier.

Policyholders can easily purchase life insurance, including burial insurance, from their insurance options online instead of in person. No medical exam is required from customers by this insurance company.

In summary, the best burial insurance companies of 2024 offer various benefits, from affordable rates with AARP and State Farm to immediate coverage with ETHOS. Choose based on your needs and preferences for peace of mind.

Frequently Asked Questions

What Is Burial Insurance?

Burial insurance is a whole life insurance policy that has a little death benefit. This death benefit is for the payment of funeral expenses and related costs. Funeral expenses are the only reason why many older policyholders purchase a burial life insurance policy.

What Does Burial Insurance Cover?

Burial insurance covers every expense of death after the early years of the insurance policy. If a policyholder dies of an illness after the first two years of purchasing the policy, only 10% interest paid on premiums would be offered to the policyholder’s beneficiaries.

What Is The Death Benefit?

Death benefits are the amounts of money paid by a burial insurance company to the beneficiaries of a diseased policyholder. This benefit is used by the beneficiaries to cover burial expenses.

Burial Insurance Alternatives

If getting a burial insurance policy is not looking good enough, you can go for its alternatives. Life insurance policies like traditional whole life insurance, universal life, term life insurance, and final expense life insurance. These alternatives also offer financial protection towards burial expenses.

Cheapest Life Insurance Companies Of 2024

INSURANCE

francisca

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September 12, 2024

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Cheapest Life Insurance Companies Of 2024

Searching for the cheapest life insurance companies? Don’t worry, we’ve got you covered. In 2024, plenty of companies will offer affordable plans with solid coverage. We’ve compiled a list of seven companies that provide competitive rates and reliable coverage.

When creating this list, we considered factors like financial strength, customer satisfaction, and coverage options, giving you a clear view of the best budget-friendly choices available today.

Each of these companies has been carefully selected to ensure they meet the needs of individuals looking for affordable life insurance without sacrificing quality.

Whether you’re seeking term life, whole life, or universal life policies. These insurers offer a range of options that cater to various financial situations and coverage requirements.

Read on to explore which provider could be the best fit for your needs and how they stack up in terms of cost, flexibility, and customer service.

Cheapest Life Insurance Companies Of 2024

Without further ado, we’ll explore some of the cheapest life insurance companies you can use in 2024 in this section. So, here are some insurance companies offering pocket-friendly life insurance plans you can consider.

Symetra

Symetra, one of the best you could consider, offers the lowest term life insurance rate and an excellent complaint record over the past three years. And its rate was the third lowest with SwiftTerm, which offers the most affordable life insurance. Which makes it a great choice for those seeking a budget-friendly term life insurance option.

It offers instant life insurance; a no-exam life insurance option is available for some applicants; and it is the cheapest life insurance in our rating. However, its financial strength lacks a long track record; you must speak with an agent before completing an online application, and a not so good historical performance.

Nationwide

Nationwide comes in second, offering a wide range of insurance products for families and individuals, which include policies for your pets, cars, and home. This makes a great option for those looking for the best car insurance, and it’ll be a perfect one for new drivers looking for the best car insurance.

This mutual insurance company operates in 46 states and provides usage-based insurance and a pay-mile option that helps customers save. However, its financial strength is quite average, and its term rates were $18 higher.

Penn Mutual

Penn Mutual stands out for its inexpensive pricing for a wide range of term durations and coverage quantities. We were particularly impressed by its cheap costs for older clients seeking 30-year terms.

Penn Mutual Life Insurance offers cheap life insurance rates, a very low level of customer complaints to the state insurance department, and qualified applicants may not undergo a life insurance medical exam. However, you’ll have to pay a much less competitive price for a convertible term policy if you want to convert, and there’s no accelerated death benefit available.

Cheapest Life Insurance Companies – Pacific Life

Pacific Life offers a significantly lower minimum face value amount than the competitors we evaluated. Our research shows Pacific Life offers competitive premiums and excellent coverage features.

It offers competitive rates, universal life policy options, and is renewable until age 95. However, you can only convert it to a universal life insurance policy. You’d also need to purchase a life insurance policy through an agent; and lastly, it has average financial strength.

Protective

Protective Life stands out for its low-cost options and innovative services, such as the rare 40-year term insurance. This long-term duration is a unique feature in the life insurance sector, providing long-term security at low rates, which is especially appealing to younger people planning for the future.

It offers term life insurance policies ranging from 10 to 40 years, allowing coverage customization to match long-term financial needs, high coverage limits, extending up to $50 million, providing great security for beneficiaries, and allowing the conversion of term plans to permanent coverage without an additional medical test, ensuring future insurability.

However, most policies require an initial medical exam, which may not be appropriate for people who have pre-existing diseases and want no-exam coverage, and limited customer service hours may not meet all scheduling demands.

Legal&General

Legal & General offers life insurance periods of up to 40 years, which is one of the longest term lengths available among the life insurance providers we reviewed. Legal & General term life insurance provides coverage for up to 40 years.

This implies you can keep your life insurance rates down for a longer period of time. Legal & General also offers incredibly competitive prices, making it an affordable option.

However, this policy is not renewed once the level term period expires, and the maximum accelerated death benefit possible is $500,000, or 75% of your death benefits, whichever is lower.

In conclusion, finding affordable life insurance doesn’t mean you have to compromise on quality or coverage. The companies listed offer a variety of plans to suit different needs. And it ranges from basic term life policies to more comprehensive options like universal life.

Whether you’re looking for the lowest rates, flexible coverage periods, or reliable customer service. These insurers provide excellent choices for 2024.

By carefully considering factors such as financial strength, customer satisfaction, and policy flexibility. You can make an informed decision that protects both your budget and your loved ones.

Frequently Asked Questions

What Is The Lowest Amount Of Life Insurance?

The least-term life insurance policy you may buy is normally $100,000. While some providers sell policies for as little as $25,000 or $50,000.

What Is The Cheapest Age To Buy Life Insurance?

Young people often pay the lowest life insurance rates, while older ones pay the highest. A 30-year-old typically receives a lower premium than a 40-year-old, with some health-based exceptions.

What Is The Cheapest Way To Get Life Insurance?

Term life insurance is generally less expensive than permanent life insurance because it does not accumulate cash value. Nevertheless, premiums might rise each year depending on the type of term policy purchased. Term length: Longer-term life insurance policies cost more.

Physical Therapist Jobs in USA with Visa Sponsorship

JOBS

Ejeta Benjamin

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September 12, 2024

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Physical Therapist Jobs in USA with Visa Sponsorship – Are you a foreigner or international student in need of a physical therapist job in the USA? Then, you have stumbled on the best piece of writing today! Fortunately, the United States offers several job opportunities to individuals who seek to pursue a career in physical therapy. Due to the rapid demand for healthcare services, several companies and healthcare facilities are on the lookout for experienced and skilled physical therapists. As an added benefit, most companies offer a physical therapist job alongside visa sponsorship.

That being said, there are hospitals, clinics, and private practices that are actively recruiting qualified physical therapists from different parts of the world. So, if you share a motive of working in the United States as a physical therapist, now is the time to start searching for job openings and sending in your applications to the available ones.

We aim to enlighten our readers on physical therapist jobs in the USA with visa sponsorship. Highlighting in detail the duties and requirements needed for the job, including other tips that would help you navigate the job application process.

Who Is A Physical Therapist?

A physical therapist is a qualified healthcare provider who specializes in treating patients with ailments or injuries that impair their ability to move or perform physical activities. They assist patients with improving their movement, regaining function, and managing discomfort.

Essentially, physical therapists play a significant role in patients’s treatment, rehabilitation, and preventive care when they have injuries, diseases, or chronic illnesses.

Duties of a Physical Therapist

Generally, physical therapists help in improving the physical function and quality of life of patients. They are saddled with performing the following duties:

Consulting with patients
Performing assessments
Diagnosing and developing treatment plans
Providing hand-on therapy techniques to patients.
Providing stimulation and massage.
Assisting with equipment such as wheelchairs or walkers
Monitoring and keeping record of patient progress
Modifying treatment plans.
Collaborating with other healthcare providers
Adhering to all healthcare regulations.

These are the responsibilities a physical therapist is expected to perform in a healthcare facility, be it a hospital or clinic.

Requirements Needed for Physical Therapy Job in the USA with Visa Sponsorship

Before applying for a physical therapy job in the USA, you need to have substantial knowledge of the qualifications and requirements you are to meet. Highlighted below are requirements one must fulfill in order to be considered for a physical therapy job in the United States:

Candidate must have completed a degree in physical therapy or equivalent.
Must have relevant work experience in physical therapy.
Must have a current license to work as a therapist in the USA
Must demonstrate fluency in English.
candidate must possess strong interpersonal and communication skills.
Ability to effectively document patients’s progress.
The candidate must be willing to comply with the healthcare standards of practice.

In addition to these requirements, your employer may also require you to take an online course in physical therapy. This is to ensure you stay current with the best practices involved in physical therapy.

Benefits of a Physical Therapy Job in the USA

There are several advantages to a physical therapy job in the United States, some of which include but are not limited to:

Visa sponsorship.
Competitive salary.
Excellent job outlook.
Flexible work schedules.
Profession development.
Pathway to permanent residency.
Access to healthcare benefits.
Work-life balance opportunities.
Career and networking advancement.

These benefits often make physical therapy jobs in the USA sought after by so many foreigners. If you seek financial stability, profession growth, or career advancement, then you should apply for a physical therapy job in the USA.

Where to Find a Physical Therapy Job in the USA with Visa Sponsorship

There are secure and reliable websites you can visit if you are in dire need of a physical therapy job in the United States. Check out these websites:

Indeed
ZipRecruiter
Glassdoor
LinkedIn Jobs
HealthcareSource
MedicalJobsite
RecruitingForGood
TherapyJobsUSA
VisaJobs
Monster
USAJobs

How Much Do Physical Therapists Earn in the USA?

A physical therapy job in the USA is a well-compensated profession, and most people often pursue this career path in the USA because of the type of salary attached. Yearly, a physical therapist earns up to $99,710 in the United States. However, there are factors that can influence the amount of money you are paid as a physical therapist in the USA. These factors include year of experience, location, type of employer, specialty area, and level of certification.

How to Apply for a Physical Therapist Jobs in USA with Visa Sponsorship

If you are interested in applying for a physical therapy job in the USA with visa sponsorship, here’s a concise and comprehensible guideline on how to go about it:

Launch a browser on your device.
Visit a reliable job listing website.
Use the search engine to search for physical therapy jobs in the USA with visa sponsorship.
Explore and click on the available ones.
Carefully review the job requirements, description, and qualifications needed.
Click on ‘Apply’.
Send your CV and other required documents to the company.

Afterwards, you can await feedback from the company. We encourage our readers to send applications to more than one company in order to increase their chances of getting the job. If you are lucky enough to be considered for the job, then you need to start preparing for the interview stage.

Securities-Based Lending – What It Is & How It Works

LOANS

francisca

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September 11, 2024

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Securities-Based Lending – What It Is & How It Works

What is Securities-Based Lending? Securities-based lending (SBL) is a financial practice that lets you borrow money by using your investments, like stocks, as collateral.

It provides an easy way to get cash for different purposes, such as buying a home, luxury items like jewelry or a car, or investing in a business. The only thing you can’t use this loan for is to buy more securities or pay off a margin loan.

One of the main benefits of an SBL is that you can access your portfolio’s value without selling your investments. For instance, if you have $10,000 in stocks and want to use some of the money, but you believe the stocks will keep increasing in value, you can borrow against them instead of selling.

However, it’s important to remember that most of these loans have rules requiring you to pay back part of the loan right away if the value of your portfolio drops below a certain point.

How Does It Work?

Lenders determine the loan amount based on the borrower’s investment portfolio. In some cases, the lender may decide eligibility based on the type of assets.

For example, a loan could be approved using a portfolio of U.S. Treasury notes instead of stocks. Once the loan is approved, the borrower’s securities are placed in an account, and the lender becomes a lienholder. If the borrower fails to repay the loan, the lender can take and sell the securities to cover the losses.

Borrowers usually receive the loan funds within a few days. The interest rates are typically variable and tied to the 30-day London Interbank Offered Rate (LIBOR). Interest rates are usually two to five percentage points higher than LIBOR, depending on the loan amount.

Risks Of Securities-Based Lending

The largest risk is that if you default on a securities-based loan, your lender may confiscate the underlying assets. If this occurs, the lender may sell the assets and use the proceeds to pay down the remaining loan sum. You will receive any excess, but you will be responsible for any leftover debt. You must also pay any applicable capital gains or income taxes on the transaction.

However, your lender can monitor the value of your collateral. If the value of your underlying securities falls too far below the amount of the loan, your lender may issue a “margin call.” During a margin call, your lender may require you to stake additional assets, increase the value of your collateral, or repay your loan.

If you cannot or do not meet these requirements, your lender may unilaterally sell assets to cover the loan’s value. You will have no say in which investments they sell or when. If your collateral is insufficient to repay the loan, as described above, you will be expected to make up the shortfall. As previously stated, you will be responsible for all applicable taxes associated with this transaction.

Costs Of Securities-Based Lending

A fundamental advantage of a securities-based line of credit is that it typically costs nothing to establish. Typically, there are no application fees, loan origination fees, yearly expenditures, or early payment penalties. However, lenders might apply a late fee for not repaying the loan according to the loan arrangement.

Lenders generally impose variable interest rates dependent on the value of the pledged investment portfolio. Many investors elect to pledge a big chunk of their investment account to get the best rate—lenders often cut borrowing costs for larger asset pledges.

Using a modest percentage of the promised money can help lower the likelihood of a bank demand (see below). Interest on the loan amount is normally calculated daily and paid on a monthly basis. If the loan is not paid in full, accrued interest charges are added to it, along with any late fees.

Frequently Asked Questions

Why Do Clients Choose Securities-Based Loans?

Clients frequently want funds to support big transactions such as real estate purchases, strategic investment possibilities, bridging cash flows, or managing unanticipated expenses.

Why Should You Explore Securities-Based Lending?

Securities-based financing can assist clients in preserving their long-term investments by providing flexible liquidity access as an alternative to selling assets.

What Are Security-backed Loans?

A securities-based line of credit, available through a bank, allows you to borrow against the value of stocks, bonds, and other assets in your non-retirement investment portfolio. The assets in a tax-advantaged retirement account cannot be used for securities-based lending.

What Are The Different Types Of Securities Lending And Borrowing?

Securities lending and borrowing is the process of lending or borrowing shares of stock from other investors or financial institutions. Borrowers who engage in securities lending must offer collateral during the transaction. It can take the shape of cash or other sorts of securities.

Public Service Loan Forgiveness

LOANS

francisca

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September 11, 2024

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Public Service Loan Forgiveness – Borrowers who have worked in public service, whether at the state, federal, local, non-profit, or tribal government level, for 10 years or more, may be eligible for federal student loan forgiveness.

This means their loans could be fully canceled, and they would no longer need to repay them. Public Service Loan Forgiveness (PSLF) is accessible as long as you meet the qualifications.

PSLF forgives federal student loans for borrowers who work for a qualifying public service employer and make 120 qualifying monthly payments. As long as all requirements are met, you can qualify for this loan forgiveness.

This program provides peace of mind, assuring that after 10 years of payments while working in public service, the remaining loan balance is forgiven.

PSLF specifically applies to student loans, benefiting eligible borrowers. To see if you qualify and if the program is worth it, read on for more details.

Public Service Loan Forgiveness Qualification Requirements

To qualify for this program, first, you must work in an eligible public service. Also, you may qualify for PSLF if your employer offers specific types of qualifying services.

However, note that only Federal Direct Loans are eligible for this program, but you can still qualify by consolidating your federal loans into a Direct Consolidation Loan.

Moreover, it is essential to be enrolled in a qualifying payment plan, with income-driven repayment plans being the best option. This plan is based on your income, allowing you to pay less now and have more of your loan forgiven later.

How To Apply For Public Service Loan Forgiveness

It is very easy to apply for a public service loan forgiveness program. But you first need to make sure you are eligible for this program. If so, follow the below steps to apply:

Confirm Your Loans Are Classified As Direct Loans:

In cases where your loans are not classified as direct loans, you may need to consolidate your loans to qualify.

To do this, visit the studentaid.gov website to determine whether or not your loans are eligible to be consolidated into a new direct loan consolidation.

Apply In An Eligible Payment Plan:

Through the program website, gain more knowledge about the qualifying repayment methods. One of these methods is income-driven repayment plans.

Complete The Public Service Loan Forgiveness Form With Proof Of Your Public Service Employment:

Either by downloading the form or filling it out online, fill in the proper information required and read through the instructions given before submitting the form.

Set A Reminder To Submit An Updated Public Service Loan Forgiveness From Every Year:

Do this to confirm that you are still able to get public service loan forgiveness.

Immediately after the form has been submitted, ensure you are aware of who your student loan servicer is. If you do not have an idea who it is, visit the U.S. Department of Education’s Federal Student Aid website to find out.

What if I Don’t Qualify for Public Service Loan Forgiveness?

There are other options to consider if you do not meet the PSLF program requirements. These options include:

Check Out Other Means To Loan Forgiveness:

PSLF is not the only federal student loan forgiveness program you can get. Although it is the most popular, there are other loan forgiveness programs you can consider. However, ensure you stay vigilant for loan forgiveness scams so you don’t fall victim.

Remain On An Income-Driven Repayment Method:

Through this method, you can lessen your monthly repayment depending on your income. After 20 or 25 years, you may be granted loan forgiveness depending on your loan balance and loan type.

Refinance Your Loan:

Refinancing student loans can help you save and pay off debts quicker if you qualify for a lesser interest rate.

However, immediately after you refinance your federal student loan, you will lose your eligibility for loan forgiveness programs or income-driven repayment. Also, to qualify for this, you are required to have a stable income and good credit.

Bottom Line

Public Service Loan Forgiveness (PSLF) offers a valuable opportunity for those working in public service to have their federal student loans fully forgiven after 10 years of qualifying payments. By ensuring your loans are eligible, following the proper steps, and enrolling in an income-driven repayment plan, you can ease your financial burden and eventually eliminate your loan balance. If you don’t qualify, there are alternative options, including other forgiveness programs, income-driven repayment plans, or loan refinancing to explore.

Mortgage Rates Today

REVIEWS

archie

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September 10, 2024

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A smart move to make with your finances starting now is to watch the mortgage rates today so you can make calculated and smart financial moves. Doing so also helps you know when rates are low or going downward.

Furthermore, mortgage rates are a fundamental and critical factor to be considered by anyone looking to refinance an existing mortgage or you’re considering buying a home. These rates also influence the overall cost of your loan, your monthly payments, and so on.

Hence, understanding the current rates helps you make better financial and informed decisions, whether you are a well-versed investor, a homebuyer for the first time and so much more.

What are Mortgage Rates?

A mortgage rate is the interest on a home loan that is charged by lenders. Most times, the rate can either be fixed or variable, and it affects how much you will pay over the life of the loan.

Adjustable-Rate Mortgages (ARMs)

These figures have an interest rate that will periodically change after an initial fixed period and it is tied to a financial index. While ARMs can appear appealing in the initial stage due to the low rates, they can later give way to rising payments in the future.

Fixed-Rate Mortgages

On the other hand, these have an interest rate that remains the same throughout the term of the loan. Hence, it provides predictable monthly payments.

Why are Mortgage rates increasing?

During the pandemic that hit in 2020, the federal government spent a lot of its financial resources on helping individuals and businesses in that period, just to avoid the scare of recession. However, with that and so many people spending money so unexpectedly, the record of inflation and prices soared drastically.

Additionally, lenders raise interest rates and it ends up becoming more expensive for businesses and consumers to borrow more, especially after a higher federal funds rate that made it more costly for banks when in need to borrow money.

Current Trends in Mortgage Rates

As of today, mortgage rates have experienced drastic fluctuations due to various economic and global factors. In addition to the facts above, here are other current trends in mortgage rates:

Variable vs Fixed rates: Due to the high increase in rates, more borrowers are looking to take advantage of the lower initial payments of ARMs. However, there is a possibility of future rates increasing and it makes it a risky option.
Recent Rate Increases: Over the past year and the previous years that have gone, mortgage rates have trended up due to concerns surrounding inflation as well as the Federal Reserve’s action to combat increasing prices. This makes borrowing more expensive and it reduces the buying power of homeowners.
Geopolitical Impact: Such global events that often arise like trade tensions or conflicts cause major uncertainty in the financial markets. This leads to a hostile volatility in rates. Moreover, mortgage rates are also influenced by these economic disruptions.

This is why is very important that anyone consistently stays updated on these trends as it is very crucial and beneficial to make better financial decisions.

Current Mortgage and Refinance Interest Rates

Take a look at the current interest rates going around in the system:

Product	Interest Rate	APR
30- Year Fixed Rate	6.55%	6.59%
20- Year Fixed Rate	6.46%	6.51%
15- Year Fixed Rate	6.00%	6.07%
10- Year Fixed Rate	6.05%	6.13%
5-1 ARM	6.14%	7.52%
10-1 ARM	6.74%	7.52%
30-Year Fixed Rate FHA	6.95%	6.99%
30-Year Fixed Rate VA	7.51%	7.53%
30-Year Fixed Rate Jumbo	6.67%	6.72%

How To Get The Best Mortgage Rate

In your quest to get the best mortgage rates, it makes an actual difference to do it right as you could have thousands saved in interest over the life of the loan. So to know how to narrow down the best type of mortgage for your current situation, here is the best way to go:

Determine the right type of mortgage for you: This is one of the first and most important steps to take. You have to consider your down payment and your credit score,and the duration of your stay in the home. Additionally, you also consider the amount you can afford in monthly payments, and whether or not you have the risk tolerance for a variable-rate loan or a fixed-rate loan.
Compare Mortgage rates: You are never going to know the right one if you don’t do a comparison shop. What’s more, this is one good way you can be sure you are getting the best rate.You gcan also shop from at least three lenders which include credit unions, large banks, and online lenders. Furthermore, whilst doing so, remember that mortgage rates change daily, by the hour, based on market conditions and more.
Select the best mortgage offer for you: You estimate your monthly mortgage payment, consider the APR as well, and go through the interest rates. Once you have totaled all that and compared lenders, you can settle for the right one that suits you best.

These are some of the best ways that you can get the best mortgage rates that suit you more.

Factors That Determine Your Mortgage Rate

Numerous factors affect and determine what your mortgage rate is and what best deals you get. Here are some of the variable factors that determine what your mortgage rates are:

Your credit and finances: If you have a really good credit score, the better the interest rate you will get. This also applies to the size of your down payment and the amount of debt you have. If you have additional debt, the higher your rate might be.
Loan Structure: Whether you are obtaining a fixed-rate or adjustable-rate loan, it determines also what your mortgage rate will be.
Loan amount: The size of the loan you want to take can also impact your rate.
Property Location: Additionally, rates depend and vary depending on where the property you want to purchase is.
First-time homebuyer: What also influences your mortgage rates is whether you are a first-time homebuyer or not. Some first-time homebuyer loan programs include a lower-rate mortgage.
The Lender: This factor also influences your mortgage rate and it depends on their own supply and demand and set rates.
Size of your down payment: If put down less than 20% of the purchase amount, you are more inclined to have a higher rate.

These are some of the considerable factors that determine what your mortgage rates may be and how you handle it.

Frequently Asked Questions

Here are frequently asked questions you can easily check out:

Who are the best mortgage lenders?

The best mortgage lenders are the ones that offer you the most competitive fees and rates and great customer service. They also offer you perfect convenient solutions depending on your needs.

Should you lock in your mortgage rates?

Locking mortgage rates guarantees that the interest rate that they offer to you still remains available for some time. Although, there are a few exceptions, locking your rate will give you a worry-free experience if the market rates increase or not.

Also, some lenders offer a 30 to 45-day rate lock free of charge and you can pay a fee to extend a lock period. In conclusion, the decision is entirely up to you.

What’s the difference between the interest rate and APR?

The interest rate is the main cost if you borrow a principal loan amount, while the APR includes the interest rate and additional fees. Thus, giving you a more coherent view of the loan’s cost.

Hard Money Lenders – What it is and How it Works

LOANS

archie

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September 10, 2024

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Hard Money Lenders – What it is and How it Works

Hard money lenders play an important role in the real estate financing landscape. They offer multiple short-term loans that are primarily secured by real estate assets.

Unlike traditional bank loans, where the main focus is on the borrower’s creditworthiness, hard money loans are actually asset-based with these money lenders. This means that the property itself serves as the primary form of collateral. Additionally, these hard money loans are commonly used by real estate investors who are looking for quick financing. Also, working with these lenders helps especially when conventional lenders aren’t an option due to the borrower’s financial situation.

What is a Hard Money Loan?

A hard money loan is a type of real estate loan that is secured by a physical property rather than the borrower’s credit profile. These loans are usually provided by most private investors or companies rather than traditional financial institutions. Moreover, hard money loans are borrowed to solve short-term issues and are often used by real estate investors to purchase, renovate, and quickly resell a property.

Furthermore, hard money lenders focus more on the value of the property used as collateral. This is unlike most conventional loans that focus on the borrower’s credit score or income history. This makes qualifying for a hard money loan easier than a conventional mortgage. However, it also means that these loans come with higher interest rates and fees.

How Do Lenders Of Hard Money Loans Work?

Here is the process guide of how borrowing a hard money loan works:

Asset-Based Lending

Hard money loans are primarily based on the property’s value as collateral. The lenders will typically lend a percentage of the property’s value, known as the loan-to-value ratio (LTV). Also, the LTV ratios for hard money loans are generally lower than traditional loans, ranging from 60% to 75%. It means the borrower may need to make a larger down payment or bring additional capital to the transaction.

Higher Interest Rates

The lenders of hard money loans take on more risk by lending quickly and often giving to borrowers with less-than-perfect credit. Hence, they tend to charge higher interest rates than traditional lenders. Furthermore, the interest rates for hard money loans typically range from 8% to 15%. Although, it depends on the lender and the borrower’s experience in real estate investing.

Short-Term Repayment

Hard money loans are borrowed to be used for a short term, typically ranging from 6 months to 3 years. So, borrowers usually use these loans to acquire and renovate properties quickly. Moreover, they do this intending to sell or refinance the property before the loan term ends.

These are the steps of how a hard money loan works and what to expect when you take one out working with a reliable lender.

When Should You Use a Hard Money Loan?

Now, hard money loans are not for everyone as there are various options. However, there are several situations where they can be advantageous which include:

A Fix-and-Flip Project

Any real estate investor who wants to buy properties to renovate and resell (fix-and-flip) often turn to hard money loans due to the speed at which they can be approved and funded. Moreover, these investors need quick capital to purchase a property, make necessary repairs, and sell it for a profit before the loan is due.

Short-Term Investment Needs

Another main benefit of hard money loans is that it is ideal for short-term real estate investments where the borrower needs financing for a brief period. This could include where the borrower needs temporary funding to bridge the gap between buying a new property and selling an existing one.

Non-Traditional Borrowers

There are still borrowers who cannot qualify for a traditional mortgage due to issues like self-employment, poor credit, or a lack of documented income. However, with a hard money loan, they may still be able to secure a hard money loan, provided the property has a lot of equity to satisfy the lender’s requirements.

Speed of Funding

Taking out a traditional mortgage may have its approvals take weeks or even months. However, hard money loans can be approved and funded in a matter of days. This makes them useful for real estate investors who want to move quickly to secure a property, especially in foreclosure sales.

These are some of the best cases and times when you can conveniently work with a hard money loan.

Pros and Cons of Hard Money Loans

Here are some pros and cons of hard money loans that you can check out:

Pros

Some of the main benefits of working with hard money lenders include:

Quick Approval and Funding: Hard money lenders can approve and fund loans much faster than banks, sometimes within a few days.

Flexible Loan Terms: Unlike conventional lenders, hard money lenders are more flexible with their loan terms. Most of the time, they often tailor it to meet the specific needs of the borrower.

Less Focus on Credit:

Borrowers who have poor credit or inconsistent income histories can still qualify for a hard money loan if the property value is high enough.

Ideal for Real Estate Investors:

Additionally, hard money loans are tailored for investors who need quick cash for short-term projects like fix-and-flip or bridge loans.

Cons

Here are some of the drawbacks of hard money loans you might want to consider:

High Interest Rates:

Hard money loans come with significantly higher interest rates compared to traditional mortgages, typically ranging from 8% to 15%.

Short Loan Terms:

With these loan terms ranging from 6 months to 3 years, borrowers must repay or refinance the loan quickly. This can prove to be really challenging if the investment didn’t go as planned.

High Fees: In addition to higher interest rates, hard money loans often come with substantial fees, including origination fees, underwriting fees, and closing costs.

Risk of Foreclosure: Since these loans are asset-based, failure to repay the loan on time can result in the lender foreclosing on the property.

These are some of the pros and cons of these loans and working with hard money lenders.

How to Find Hard Money Lenders

Finding a reputable hard money lender is crucial for ensuring a smooth borrowing experience. Here are some tips on finding a trustworthy lender:

Research Online:

Many hard money lenders advertise their services online. Start by searching for lenders in your area and checking reviews and ratings on platforms like Google and Better Business Bureau.

Local Real Estate Investor Groups:

Real estate investors are known to have really strong networks. To start off, you can attend local real estate investor meetings or groups to get recommendations for reliable hard money lenders in your area.

Consult Real Estate Agents:

Furthermore, many experienced real estate agents work with hard money lenders and can provide referrals to reputable lenders.

Check Credentials: Also, you have to ensure that the lender is properly licensed and has a solid reputation within the industry. This also means that you should be cautious of lenders with hidden fees or unclear terms.

Additionally, you can also try asking for referrals from your friends and family who have worked with one previously.

Frequently Asked Questions

Here are some frequently asked questions you can check out:

What is the difference between a hard money loan and a traditional mortgage?

The main difference is that hard money loans are asset-based, relying on the value of the property as collateral. On the other hand, traditional mortgages will always consider the borrower’s creditworthiness and financial history.

Also, hard money loans are short-term with higher interest rates, while traditional mortgages are long-term and have lower rates.

Can I use a hard money loan to buy a primary residence?

Hard money loans are primarily used for investment properties, such as fix-and-flip projects or rental properties. While it’s possible to use a hard money loan to buy a primary residence, it is less common. Also, borrowers may face additional challenges due to higher interest rates and shorter repayment terms.

What happens if I can’t repay a hard money loan?

If you cannot repay a hard money loan, the lender has the right to foreclose on the property used as collateral. It’s essential to have an exit strategy in place, such as selling the property or refinancing before the term expires.

Best Senior Travel Insurance Companies Of 2024

INSURANCE

francisca

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September 10, 2024

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Best Senior Travel Insurance Companies Of 2024

Do travel insurance companies offer coverage to senior travelers? What are the best senior travel insurance companies? Not all companies in 2024 provide insurance for seniors, but it’s important for older travelers to have coverage since they are considered higher risk. Some companies do offer travel insurance for seniors, but which are the best in 2024?

When setting rates for seniors, insurers consider factors like medical history, age, and gender. Due to the higher risk, seniors may face higher premiums. Finding the right insurance can help secure affordable coverage.

In addition to general travel insurance, seniors should have travel health and emergency medical insurance for medical expenses. This guide will outline the best senior travel insurance options for 2024.

Best Senior Travel Insurance Companies Of 2024

There are different best senior travel insurance companies you can select from in 2024. These insurance companies include:

PrimeCover

This company offers excellent benefit limits for key travel coverage types, along with short waiting periods and exceptional evacuation coverage.

It provides a wide range of benefits, including the option for seniors to choose their preferred hospital rather than a nearby treatment center.

Additionally, PrimeCover senior travel insurance offers 200% trip reimbursement, which surpasses many other insurers.

Seven Corners

Seven Corners is one of the best senior travel insurance companies, which offers lesser-average travel insurance prices along with top-rated insurance policies and exceptional benefits.

This travel insurance company offers different additional insurance coverage choices like event ticket coverage, sports equipment coverage, and rental car insurance coverage. With this car insurance company, seniors are allowed to cancel and interrupt their coverage for any reason.

Tin Leg

Unlike other senior travel insurance companies, this company offers competitive insurance prices as well as excellent medical benefits. They offer excellent travel medical expense coverage limits as well as medical evacuation coverage limits. Its benefits make it a good option for senior travelers.

Travel Insured International

If you are in search of the cheapest travel insurance company that insures both you and your pet, travel insurance internationally is a good idea to consider.

It offers cheaper average insurance costs as well as coverage for pets during your trip. It also offers benefits up to %500 if your trip ends three hours or more before your planned date.

USI Affinity

This senior travel insurance company offers the best top-level benefits, which include outstanding evacuation and medical expenses. They also offer competitive average costs and excellent coverage limits.

Nationwide

For seniors in search of luxury insurance plans, nationwide offers the best travel insurance coverage with excellent evacuation benefits at a good price. It offers $1,000 in excellent baggage benefits for each person after a six-hour delay.

Frequently Asked Questions

What Is The Most Important Travel Insurance Coverage For Seniors?

Seniors need to have travel medical insurance and emergency medical evacuation coverage in their travel insurance policy. This coverage is important if they intend to travel from one country to another. When selecting this coverage, it is important to select medical or emergency coverage with higher maximum limits to give a wider coverage.

Can Seniors Save Money on Travel Insurance?

Comparing different travel insurers to find the cheapest insurance coverage is one of the many ways seniors can save on travel insurance. In cases where you want much lower travel insurance, you can choose to purchase travel medical insurance coverage only or other non-medical travel insurance coverage. However, keep in mind that it is important to insure non-refundable and prepaid parts of your travel in case of any unforeseen event.

Does Travel Insurance For Seniors Cover Pre-existing Conditions?

Yes, travel insurance covers pre-existing conditions if you purchase pre-existing medical condition exclusion additional coverage. This insurance coverage only lasts between 14 and 21 days after depositing your travel. Also, this coverage will last if you insure the complete non-refundable expenses of your travel.

While there is pre-existing condition insurance coverage, there are some conditions not covered. These pre-existing conditions include anxiety, depression, Alzheimer’s disease, dementia, and other illnesses and injuries that are alcohol or drug abuse-related.

What Is PLPD Insurance?

INSURANCE

francisca

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September 10, 2024

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What is PLPD Insurance? It is important for drivers to have a certain minimum amount of car insurance coverage to drive a car. This is to offer financial protection in case of an unexpected event like accidents where they are found at fault.

Car insurance covers the cost of repairs to the other party’s car damages as well as medical bills in case of any bodily injuries. In cases like this, PLPD comes in handy.

PLPD insurance is the minimum amount of car insurance coverage required by a state for its drivers. This implies that every driver is required to have this car insurance policy to be a legal driver in these states. However, whether the state requires it or not, it is a good idea to get this car insurance.

Personal liability and property damage insurance offers financial coverage for the other driver’s medical and property damage. It makes it a lot easier for at-fault policyholders to get over unexpected bills relating to accidents causing damages to a third-party driver’s car as well as injuries. Hence, in this blog post, you’ll get every piece of information you need to know about this insurance to help you make the right choices.

What PLPD Insurance Covers

PLPD offers coverage for different damages and expenses related to the other driver’s vehicle. Just as the name implies, PLPD is broken into two different types of coverage, which are personal liability and property damage insurance.

Personal Liability Insurance

This insurance coverage, commonly known as bodily injury coverage, covers medical expenses when a policyholder is at fault for a collision and the driver and its passengers require medical services.

Property Damage Insurance

This car insurance offers coverage for repairs and replacements to damages caused by an at-fault policyholder to another driver’s vehicle. Aside from this, this insurance also covers damages to other structures, like damaged fences and so on.

What Does PLPD Insurance Not Cover?

Unlike other car insurance policies, PLPD insurance does not cover injuries or damages related to an at-fault policyholder’s vehicle. Instead, it covers the damages caused by a policyholder to another driver. The following coverage is not covered by this car insurance policy:

Damage To Vehicle

This insurance coverage covers the repairs and replacement to the damages on the other driver’s vehicle if the accident was your fault, while you make out-of-pocket payments for your car repairs.

Medical Bills

In cases where you are at fault for a collision leading to bodily injuries and you only purchased liability insurance coverage, your PLPD insurance will not cover it. However, if you have health insurance coverage, your medical bills may be covered.

How Much PLPD Insurance Do I Need?

Every state has a minimum required limit for this insurance type, and car insurance companies cannot offer coverage below that limit. It is recommended to purchase PLPD insurance with higher limits than the state minimum.

If you’re at fault and damages exceed your policy limit, you’ll cover the difference. To avoid this risk, it’s advisable to choose coverage with higher limits.

How can I get PLPD insurance?

You can either visit any car insurance company in person or contact an insurance agent to guide you through the steps of getting PLPD insurance. Aside from these, you can also get PLPD insurance online through different insurance provider websites.

Purchasing car insurance online allows you to compare insurance rates and quotes easily. Just by providing information about your details, car information, driving record, and more, you can easily apply for PLPD insurance.

What’s The Difference Between PLPD and Full-Coverage Insurance?

PLPD car insurance covers damages and medical expenses for other vehicles when the policyholder is at fault but does not cover damage to your own vehicle. For that, full-coverage insurance is needed.

With PLPD, at-fault policyholders must pay out of pocket for their car’s damages. While full coverage protects both your vehicle and medical expenses.

Also, if you want coverage for both yourself and other drivers, full-coverage insurance is the better option. It offers a broader range of policy options, whereas PLPD provides only basic liability protection.

Mortgages – Types, Eligibility and Application

TECH

archie

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September 9, 2024

0

Mortgages – Types, Eligibility and Application

Mortgages are one of the most common ways you can easily finance the purchase of a home. For many, they long and dream of buying their own house because this is one of the most significant financial decisions they will make in their lifetime.

However, buying a house is not the only daunting task, as how getting mortgages will help finance the process. In general, mortgage loans can be daunting and complex. Hence, it is why one must understand what a mortgage is, how it works, and what to consider before obtaining one.

What is a Mortgage?

A mortgage is a type of loan that is designed specifically to help individuals buy their own property. The borrower agrees to repay the loan to the lender over a set period, typically 15 to 30 years. Typically, the loan will be repaid with interest as well and the property itself serves as collateral for the loan. However, this means that if the borrower fails to repay the mortgage, the lender has the right to take possession of the property through a process known as foreclosure. In general, mortgages are financial tools and aid that helps people in achieving their goals of buying their own property.

Key Components of a Mortgage

Here are some of the key and common terms related to Mortgage:

Principal: This is the amount of money borrowed to purchase the home.
Interest: This is the cost of borrowing money, expressed as a percentage of the principal.
Term: This is the length of time over which the loan must be repaid.
Down Payment: An upfront payment made by the buyer, usually a percentage of the home’s purchase price.
Amortization: Also, this is another process whereby the loan payments are spread out over time, typically with a portion of each payment going toward the principal and a portion toward interest.

Types of Mortgage Loans

Mortgages are loans in general that are borrowed specifically to purchase a property or new house. Still, there are several types of mortgages available, with each designed to meet the needs of different borrowers. They include:

Fixed-Rate Mortgage

A fixed-rate mortgage is the most traditional type of home loan. With this loan option, the interest rate remains the same for the entire term of the loan. With this in place, it means your monthly payments will not change, making it easier to budget.

Adjustable-Rate Mortgage

An adjustable-rate mortgage has an interest rate that can change periodically. Furthermore, the initial rate is usually lower than that of a fixed-rate mortgage, but it can increase or decrease over time. This in turn leads to you making fluctuating monthly payments.

FHA Loans

FHA loan is another type of mortgage loan that is backed by the Federal Housing Administration. Moreover, they are designed to help first-time homebuyers or borrowers who less-than-perfect credit. Additionally, these loans require a lower down payment and have more flexible qualification criteria.

VA Loans

The VA loans are only available to veterans, active-duty service members, and some members of the National Guard and Reserves. Guaranteed by the Department of Veterans Affairs, these loans offer lower interest rates and do not necessarily require a down payment.

Knowing the different types of mortgages allows you to make a better informed financial decision. Also, you can simply get the particular loan that suits your credit or financial needs.

Eligibility and Requirements

The process of qualifying for a mortgage depends on several factors, including your credit score, income, debt-to-income ratio, and the amount of your down payment. Additionally, lenders will evaluate these criteria to determine your eligibility for a loan and the terms they can offer. Here are the ways you can easily qualify for a mortgage:

Credit Score

Your credit score is one of the most critical factors in qualifying for a mortgage. As a borrower, having a higher credit score typically means better loan terms and lower interest rates. Furthermore, most lenders require a minimum credit score of 620 for conventional loans, but FHA loans may be available to those with scores as low as 500.

Income and Employment History

Before they can give it out, lenders want to see a stable income and employment history to ensure you can make your mortgage payments. They typically look for at least two years of consistent employment in the same field.

Debt-to-Income Ratio

The debt-to-income ratio is what measures the percentage of your income that goes toward paying debts. So, lenders use this ratio to assess your ability to manage additional debt. Having a DTI ratio of 43% or lower is generally preferred by most lenders.

Down Payment

The size of your down payment is another factor that determines and affects your loan-to-value ratio (LTV). This in turn influences your mortgage terms eventually. A larger down payment means you own more of the home upfront, which can lead to better loan terms and lower interest rates.

How To Apply for Right Mortgages

The process of obtaining a mortgage can be broken down into several key steps:

Pre-Approval

Before you go shopping for a home, it’s a good idea to get pre-approved for a mortgage. Pre-approval gives you an idea of the accurate amount you can borrow and shows sellers that you are a serious buyer.

House Hunting

Once pre-approved, you can begin looking for a home that fits your budget. Additionally, you can consider working with a real estate agent who can help you find properties and negotiate the best deal.

Loan Application

Once you have found a home, you will need to complete a mortgage application. This will involve you providing detailed information about your finances, employment, and the property you wish to purchase.

Underwriting

During underwriting, the lender will closely examine your financial situation to assess the risk of lending to you. In most cases, they may ask you to provide additional documentation or clarification during this process.

Closing

If your loan is approved, you’ll move to the closing phase. This involves you signing the final loan documents and paying any closing costs. Once complete, the lender will disburse the funds, and you will officially own the home.

These are the guided steps you can take to acquire a mortgage to help you with the project of purchasing a house.

Frequently Asked Questions On Mortgages

Here are some frequently asked questions you can check out:

What is the difference between pre-qualification and pre-approval?

Pre-qualification is an initial assessment by the lender of your ability to borrow, based on self-reported information. On the other hand, Pre-approval is a more rigorous process that involves a credit check and verification of your financial situation. This will provide an estimate of how much you can actually borrow.

Can I get a mortgage with bad credit?

Yes, you can get a mortgage with bad credit, although your options may be limited. FHA loans, for example, are designed to help borrowers with lower credit scores. However, be aware that you may face higher interest rates and less favorable terms.

What happens if I miss a mortgage payment?

Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and the potential for foreclosure if payments are not brought up to date. So immediately you think you may miss a payment, you must contact your lender.