Key Takeaways Loan/lease payoff insurance will pay up to 25% of your vehicle’s current cash value after your insurance company has paid you if the vehicle is stolen or totaled. Your insurer must declare the vehicle a total loss. You can usually add loan/lease payoff coverage to your auto insurance coverage at any time. There’s no deadline for making the decision. You must have existing full coverage on your vehicle to qualify. Definition and Examples of Loan/Lease Payoff Insurance Standard loan/lease payoff insurance pays the amount you owe on a…
Read MoreCategory: Card
What Is an Enhanced Life Estate Deed?
Key Takeaways An enhanced life estate deed transfers ownership of property after the owner’s death without the necessity for probate. The owner retains control of the property after the deed is in place and during their lifetime, unlike with standard life estate deeds. Enhanced life estate deeds were recognized by only five states as of 2020. An enhanced life estate deed isn’t considered a transfer of property that would be subject to Medicaid’s five-year lookback period, because the property is still in the owner’s control. Definition and Example of an…
Read MoreBest Ways To Use a HELOC
If you’re looking for flexible funding, you can tap into your home equity with a home equity line of credit (HELOC). A HELOC is a revolving line of credit that uses your home as collateral. Using a HELOC can be risky, so homeowners typically use them for major life expenses, not daily expenses. Let’s learn about the best and worst ways to use a HELOC, along with alternative credit options that might better fit your needs. Key Takeaways Homeowners can use HELOCs to access equity for cash to pay for…
Read MoreToday’s Mortgage Rates & Trends, May 9, 2022
Average 30- and 15-year mortgage rates climbed back toward their recent peaks, the latest in a series of up-and-down swings. The average on a conventional 30-year fixed mortgage rose to 5.92% from 5.77% the previous business day. Last month it reached 6.19%, its highest point since at least 2019, and likely much farther back. (Our daily mortgage rate data only goes back to April 2021, but our data on yearly highs and lows dates back to 2020, so we know rates weren’t higher in 2020, and if other measures are…
Read More5 Types of Mortgage Loans
If you’re like most people, you’ll need to take out a mortgage to buy a home. According to the US Census Bureau, 94% of people who bought a home in 2021 purchased it with a mortgage. When you start shopping for a mortgage, it’s easy to get overwhelmed. There are lots of different types of mortgages, each of which is better for some people than others. Here’s how to tell which type of mortgage might be best for you. Key Takeaways Fixed-rate conventional loans are the most popular type of…
Read MoreRecent Losing Streak Ends Longest S&P Run Since 1928
That’s the last time (before now) the S&P 500 had fallen five weeks in a row, showing why the stock market’s recent deterioration is so hard to take. The nearly 11-year stretch without such losing streaks was the longest in the history of the index going back to 1928, according to analysts at Deutsche Bank, suggesting that the “relentless march” of US stocks over the last decade was a fluke characterized in part by “a buy the dip narrative.” “The last decade has very much been the exception rather than…
Read MoreWhich Is Best for You?
Starter home Forever home Definition A home you plan to own for a short period before buying another one The only home you plan to buy Home features May have drawbacks in size, location, or other features Must meet both current and future needs Cost Typically cheaper Typically more expensive Mortgage May prefer an ARM May prefer a fixed rate Incentives Last the life of the loan, but don’t carry over to the next loan Last the life of the loan Equity Builds equity Builds equity Home Features A starter…
Read MoreTypes of Whole Life Insurance
Whole life insurance is a type of permanent coverage that’s offered in a range of “styles” to suit different needs. Since permanent coverage, including whole life, is more expensive than temporary or “term” coverage, many of the different types of whole life insurance have evolved to help owners manage the cost of premiums. But other types are built to maximize the death benefit or the cash value “savings” element. Before you purchase permanent life insurance, consider the range of available options to determine which best suits your needs. What Is…
Read MoreShelter Insurance Homeowner’s Policy Review
One of the biggest investments you will ever make is your home. In the event of an unexpected loss, you need a homeowner’s insurance company you can depend on to restore your home and its contents to their previous condition. One company that deserves consideration for your homeowner’s insurance needs is Shelter Insurance. Shelter Insurance was founded in 1946 under the name of MFA Insurance Companies. In the beginning, the company only offered auto policies to residents of Missouri. From these small beginnings, the company grew to be one of…
Read MoreWhat Is an Insurance Declaration Page?
Key Takeaways An insurance declaration page sums up what is in an insurance policy. It comes at the start of policy paperwork and contains information such as your deductible, coverage, discounts, and more. You should check your dec page for errors as soon as you get it. Errors may make it hard to file a claim. You may need to show this page to your lender as proof of coverage. Definition and Examples of an Insurance Declaration Page The insurance declaration page It is part of your insurance policy. It…
Read More