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Financing & Insuring

Resolution Time! 3 Ways to Save More Money

December 24, 2012

New Year’s resolutions: Every year we make them, and every year most of us are lucky to keep them till February. Why? Because breaking bad habits is hard, and it only gets harder as time goes by and our motivation fades. But, there’s good news! If your New Year’s resolution is to save money, there are three simple ways to set yourself up for success—with virtually no willpower required. Separate your savings. Setting up an interest-bearing savings account will serve two purposes. First, obviously, it…

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Financing & Insuring

What is Homeowners Insurance?

October 29, 2012

Homeowners insurance (also known as hazard insurance or abbreviated as HOI) provides coverage for catastrophic events that may occur to your home. It covers the house, contents, personal liability and medical payments exposures. Most mortgage lenders require homeowners to maintain homeowners insurance as a loan condition. Glossary of insurance terms: Insurance deductible: What you pay out of pocket after your claim is approved Insurance policy rider: Riders are optional coverages that are available to enhance your homeowners policy. Possible riders are jewelry riders, replacement cost coverage…

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Financing & Insuring

Benefits of Bundling Your Home and Auto Insurance Policies

June 11, 2012

Whether you’re buying cupcakes or concert tickets, you’d expect a discount for buying in bulk, wouldn’t you? The same principle applies to insurance policies. Buying your home, auto, life, health and other insurance policies from a single provider is called insurance bundling, and it can make a big difference in your insurance premiums. If you’re not already enjoying this discount, follow these three easy steps to see what you can save. 1. Evaluate your current insurance costs. The total you’re spending now will be the…

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Financing & Insuring

New Home vs. Resale Home: Homeowners Insurance Edition

March 27, 2012

One of the many hidden costs associated with older, foreclosed or distressed homes is a higher homeowners insurance premium. Here’s a glimpse at the causes behind the calculations: Does your house have a history? Filing a claim doesn’t automatically increase your insurance premiums, but a history of frequent claims could—and not just your claims. Before you buy a resale home, ask the seller for a C.L.U.E. or A-PLUS report. If the home you’re eyeing seems accident prone, that should raise red flags for you, not…

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Financing & Insuring

3 Ways to Make Today’s Interest Rates Work for You

November 2, 2011

1: Take advantage of lower monthly payments. If you’re considering buying a new home in the coming months, there’s one benefit to today’s low rates that can’t be ignored: lower monthly mortgage payments. To help show you the significance of current rates, let’s look at an example. The average 30-year fixed-rate mortgage in September 2002 had a 6.26% interest rate (HSH.com). Nine years later, in September of this year, the average 30-year fixed rate was at 4.09%. CNN reported that, according to mortgage giant Freddie…

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