Skip to content
Hanover Mortgages

Hanover Mortgages

The Refined Mortgage Lending Company & Home Loan Lenders

Tag: Consumers

Posted on March 3, 2021

The 5-pronged Plan to Get Your Finances in Order

It all starts with a plan. Get tips to budget, save and achieve your goals.

If you feel a little out of control of your finances, join the club.

In a 2015 NerdWallet survey, roughly one in four consumers said they were at least sometimes surprised by their bills, and households reported spending an average of $6,658 on interest payments every year—or 9 percent of average U.S. household income.

Woman reviewing receipts to see where her family can spend less

The good news is there are a few time-tested ways to get your finances in order. Here are five steps anyone can take to get on track:

1. Create a budget

Tracking your money isn’t always easy, but it’s the simplest way to lift the veil on where your cash is going. Knowing your spending habits will help you determine if they align with your financial or personal goals and make it easier to create a budget to bridge the gap. For example, if you find your social habits are consuming too much of your disposable income, impose a cap on expensive nights out (maybe go with dinner or a movie) and make every effort to stick to it. Start by taking inventory of your income and expenses, and then take a closer look at spending by category.

2. Save more money

Resolutions to save more money are one thing; following through on them is another. But your savings goals might be easier to tackle than you think. Start by narrowing your focus and setting a goal for the amount of money you want to save each month, or the amount you wish to have in a savings account by the end of the year. Then find a few small changes to your daily routine that could boost your savings. Pack lunch a few times a week. Cancel a subscription service you rarely use. Try to be more conscious of your water and electricity use at home. Whatever it is, direct the savings into an account where it can sit untouched.

Man cooking dinner at home to save money

3. Automate your finances

Automating your savings by scheduling monthly transfers to a savings or investment account is a reliable way to make sure you stick to your plan. Automation can start with your paycheck. More likely than not, your employer offers direct deposit, which electronically transfers your paycheck to the account or accounts of your choosing. Try depositing a portion of your paycheck straight into a savings account (you won’t have time to miss it if you avoid a pit stop in checking). You can also sign up for automatic bill pay, which can help you avoid late fees.

4. Pay off debt

Once you’ve gained some money momentum, commit to paying down your debt. Start with the three steps above—budgeting, saving and automating. Know where your money goes, find a way to save a little more of it and then put the extra toward your highest-interest loan. Keep in mind that you may want to keep some cash in a savings account as an emergency fund so you can cover unexpected expenses without borrowing.

5. Save for long-term goals

Saving early for long-term goals—retirement, a child’s education or buying a house—is a savvy financial decision. Even if you can only put aside a little money now, the sooner you start, the longer your money can grow with compound interest. Depending on your goal, look into opening a retirement account, savings account or Certificate of Deposit (CD) to hold your savings.

Source: discover.com

Posted on March 3, 2021

What is a Conventional Mortgage Loan?

Owning real estate is expensive. Even for those with a solid savings account and a comfortable salary, it’s unlikely that you’ll be able to simply buy a home outright. That’s why most people, when they decide to invest in property and purchase a home, decide to take out a mortgage loan. 

You’ve probably heard of mortgages at various points throughout your life, but you may not have ever arrived at answers to the questions, “what is a conventional loan?” or “how do mortgages work?” Don’t worry: we’re here to make it clear. Let’s start with a simple definition.

What is a conventional loan?

A conventional home loan is a large sum of money lent to a borrower by a bank, credit union, or lending agency—often referred to as a conventional mortgage when the loan is used to purchase property. The term conventional distinguishes this kind of financial product from other types of loan, like a jumbo loan, a VA loan, or an FHA loan.

In this article, we’ll walk you through the conventional loan basics you need to know to start your search with confidence. We’ve also included information on how to qualify for a mortgage and where to start looking for one when the time is right. 

How do conventional loans work?

Conventional loans work like this: the bank (or credit union or lending agency) purchases property on your behalf and turns the title over to you—however, you promise to pay back the lender with interest.

Interest is the percentage rate you pay the bank for the trouble of lending you money, and it’s how the bank makes money from having lent you such a large sum. Interest rates are either fixed or adjustable; in the latter case,  they typically change once per year depending on the state of the economy. The interest rate you receive on a conventional loan will also vary based on your own personal financial profile (more on that in a bit). 

Interest rates and qualifications for a mortgage can vary significantly across the wide range of home loan products available to consumers, but conventional home loan terms tend to fall into a narrower set of categories. One distinction you’ll find between two types of mortgage products is conforming vs nonconforming loans. 

Conventional mortgages are typically lent out with 15 or 30 year repayment periods; the one that’s right for you depends on your personal finances, your income, and the interest rate you can secure. 

Conforming vs nonconforming

In the US, there are two federally run institutions that oversee a large portion of mortgage lending: Fannie Mae and Freddie Mac. The important takeaway is that conforming loans abide by lending standards put in place by Fannie Mae and Freddie Mac. Most importantly, these limits determine the possible size of the loan; In 2020, the conforming loan limit for a single-family home is $510,400. (Limites are higher in Hawaii, Alaska, Guam, and the US Virgin Islands.)

Nonconforming loans, sometimes called jumbo loans exceed these borrowing amounts. Nonconforming loans can vary more in their limits, rules, and conditions. Because they present a larger risk to lenders, they tend to come with higher interest rates. Non-conforming loans are not necessarily risky by default—though the Consumer Financial Protection Bureau warns they sometimes can be—but it’s still wise to read the fine print when shopping, and be sure to shop around before committing to any lender.

If you’re curious whether the homes you are interested in can be financed with a conforming loan, you can read more about the 2020 Federal Housing Finance Agency guidelines on FHFA.gov. 

Who qualifies for a conventional loan?

Conventional home loans are more accessible to those with middle- to high-income, as they often necessitate a down payment and favorable financial profiles in order to secure a reasonable rate. This distinguishes them from government-backed loans, such as FHA loans, VA loans, and other products that are aimed at people with lower incomes, and make purchasing homes accessible to them.

In general, there are three areas that lenders care most about when assessing an applicant for a conventional loan: credit score, debt-to-income ratio, and down payment. Let’s take a look at each one of those qualifying criteria and what a lender might look for in a loan applicant. 

Credit score

You may have often heard about people who want to improve their credit, or who want to gain access to certain financial benefits due to having good credit. Your credit score is essentially a measure of your trustworthiness as a borrower. It’s based on your past abilities to consistently pay off debts in a timely manner, as well as other factors like the number of accounts you have open. This includes debts like:

In fact, one reason many people work to improve their credit scores is to gain more favorable terms on a home loan they hope to apply for in the future. Credit scores are measured using a few different metrics. Two of the most common credit reports pulled by lenders are FICO and VantageScore. Both of these are measured from 300 to 850, with a score of 300 representing a very dubious borrowing history (likely with many late payments and defaults), and a score of 850 representing a strong and trustworthy history of borrowing. 

Having high credit can mean the difference between a massive interest rate and one that’s much easier to manage. If you can, it’s smart to work on improving your credit before you seriously consider applying for a mortgage. 

Debt-to-income ratio

The next mortgage lender consideration is your debt-to-income (DTI) ratio. This ratio is pretty much exactly what it sounds like: the total amount of money you spend on debt in a month divided by the amount of money that you bring in. Lenders consider this metric important because it indicates how well you may be able to keep up with payments. If your ratio is too high, it may suggest that there will be strain on your finances when adding a mortgage payment to the mix.

Check out the graphic below for instructions on how to calculate your own debt-to-income ratio.

If your DTI is too high, it may be worth taking steps to lower it before you apply for a conventional loan. This can be done by asking for a raise at work, following a debt repayment strategy, or consolidating outstanding debts to lower monthly payments. Waiting might feel frustrating, but facing a high interest rate for years or decades down the road will be more of a hassle in the long term. 

Down payment

Your down payment is another significant factor that lenders closely consider when determining your eligibility for a conventional loan and the interest rate attached to it. A down payment is just a large lump-sum of money that you pay up front; it’s a percentage of the total cost of the home. For example, a 20% down payment on a home worth $500,000 would be $100,000; the remainder of the price could be financed through a conventional mortgage loan.

Many lenders may be more willing to approve you for a loan with a favorable interest rate if you’re able to put down a larger down payment. 

You may have heard that you need a 20% down payment in order to afford a home. The average house costs around $250,000 according to Zillow, so it’s understandable if you don’t have $50,000 on hand. While that 20% number is definitely still a great option if you can comfortably afford it, you don’t need to panic if you don’t have that kind of cash laying around. Some lenders may allow you to make a down payment as low as 3%.

However, it’s important to note that if you do make such a low down payment, you may have to purchase private mortgage insurance, or PMI. The cost of PMI is added to your monthly mortgage payments, usually until you’ve paid 20% or more of the balance on the loan. For this reason, it’s generally a good idea to put 20% down if you can; this way, you wave PMI fees, lowering your monthly payments. 

How to apply for a conventional loan

Applying for a conventional loan can be a nerve-racking process, but by making the right preparations and taking the right steps, it’s totally doable. If you’re considering applying for a conventional loan in the near future, here are some steps that you may want to take.

Consider your financial profile

Before you start seriously inquiring about a mortgage, it’s smart to get your personal finances in the best shape you can. That means repairing bad credit if your score is less than ideal, paying down existing debts and working on increasing your monthly income, and saving for a down payment as large as you can comfortably make. 

Research lenders

From local credit unions, to large multinational banks, and consumer-friendly lending agencies to less-than-reputable ones, there are tons of places where you might apply for a mortgage. Some offer more preferable terms than others, and some make it easier to apply—but might come with greater risk. 

These are all factors you should consider as you seek out the right lender for your mortgage. It’s smart to compare several lenders before you settle on the right fit for your needs. 

Apply for your mortgage

Once you’ve decided on which lender best suits your needs, you can apply for your mortgage. At this point, your house hunt can begin! The application process can take some time—sometimes more than a month—and involves heavy documentation so it’s smart to start this early, preferably before you’ve started house hunting in earnest. 

Conventional home loans can feel confusing and stressful, especially because there is so much money at stake. However, by learning the ins and outs of mortgages prior to applying, you can give yourself a leg up in the game, and the resources you need to find the financial product that’s right for you. 

Learn more about security

Mint Google Play Mint iOS App Store

Post navigation

Source: mint.intuit.com

Posted on March 3, 2021

Does Using Credit Cards vs. Cash Help My Credit Score?

Cash vs Credit

Building your credit score is a lot like building a good reputation. It takes years of consistency and work. It can be disheartening news if you have a bad credit score, but that doesn’t mean you are completely out of options. The best way to take control of your credit score is to start good habits today, and by making a commitment to those good habits for years to come.

If your credit score is less than favorable, you’re probably looking for ways that you can improve it. You may hear a lot of conflicting advice about the use of cash or credit to help your credit score. We’re here to set the record straight.

How Credit Works

The very first step to understanding your credit score is knowing how it is reported. When you are given a credit line from a credit card company or loan from your bank, you are permitted to use it within the set limitations while paying it back. It is your credit usage, on-time payment history, and credit habits that get reported to three governing credit bureaus: Equifax, Experian, and TransUnion.

A credit bureau is a company that collects information reported by creditors, lenders, and consumers in the form of a report – ultimately determining your credit score. In addition to your payment history and credit usage, your credit score is determined by the number of credit accounts, type of accounts, credit age, and credit inquires. A complex algorithm is then used to determine your unique credit score, which is updated on a monthly basis.

Cash vs. Credit

As you can see, cash is not directly involved in determining your credit score, but that doesn’t mean it should be avoided. Depending on your personal financial standing it might be better to operate with cash over credit. For example, if you have high balances on your cards or you don’t have a particularly positive credit history, it’s better to pay your bills in cash and make payments to get your balances down.

While this doesn’t directly affect your credit score, limiting your credit usage and paying your balances down will help you start down the path to repairing your credit and do wonders in raising your credit score. In general, your lenders and creditors like to see a credit usage less than 30% of your credit limit. This shows responsibility and self-control when it comes to being given credit.

On the other hand, you can’t have a credit score without some type of credit history. If you have no history with lenders or creditors, the three bureaus will not be able to determine your creditworthiness, therefore they will not be able to generate a credit score. If you have never been given any credit, it’s recommended that you start with a secured card or a secured loan, typically meaning they are backed by your savings, to start building good lending habits and trust. Just remember to adhere to all terms of your credit agreement and practice good credit habits in order to prove yourself to lenders when the time comes. It’s also a good idea to start monitoring your credit report to see where you stand financially and develop a strategy to get to where you want to be.

Conclusion

So, is cash or credit better at helping improve your credit score? The answer is, it depends on your personal financial situation. While it is true that you cannot build your credit score without having some type of credit from lenders, cash might be the right choice to take control of the debt that you already have and start displaying positive financial habits. Regardless of the strategy you choose, the first step is knowing exactly what’s on your credit report and monitoring it on a monthly basis.

Source: creditabsolute.com

Posted on March 3, 2021

What Is A Bad Credit Score? (and What You Can Do To Fix It)

Maybe you already know your credit score is lackluster, or maybe you’re dragging your feet to find out because you don’t want to know just how bad it is.

425 poor

Before worrying anymore about that dreaded three-digit number, find out just what is a bad credit score and what your financial options are if you have one. Bonus? We’ll even give you a few tips on how to improve your credit score.

What are the different credit scoring models?

Before you can figure out what exactly a bad credit score is, you need to understand the range of possible credit scores. And that depends on which credit scoring model you use.

FICO

The most popular model is the FICO score, which was created by the Fair Isaac Corporation and is used by the majority of lenders in the U.S.

FICO scores range from a low of 300 to a high of 850. The most influential factors are your payment history and the amount of debt you owe.

Together, these two categories comprise 65% of your FICO credit score. The remaining 35% is spread out amongst the length of your credit history, your credit mix, and new credit/inquiries.

VantageScore

An increasingly popular scoring model is called VantageScore. The older credit scores ranged between 501 and 990, but the latest version, the VantageScore 3.0, scores between 300 and 850 just like FICO.

This makes it easier for consumers and lenders alike to have the same base level understanding of a credit score regardless of which model is used.

For VantageScore, the most influential information is your payment history. The next most important factors are the age and types of credit you have, combined with how much of your credit limit is in use.

The model then takes into account your total balances and debt, followed by recent credit inquiries and your available credit.

Why does your credit score matter?

Your credit score isn’t just some arbitrary number that sits in a file somewhere. It’s constantly changing based on how you handle your finances.

When you pay your bills on time and don’t carry a lot of credit card debt, you should have a good credit score the next time it’s pulled. On the other hand, if one of your accounts has gone to collections, you can expect to see your credit score plummet.

All of this matters because lenders and other creditors use your credit score to determine how likely you are to repay a potential loan. When your credit score is good, a lender determines that you are creditworthy, approves your loan application, and offers you favorable interest rates and terms.

If however, you have a bad credit score, you’ll be offered higher interest rates over longer periods of time, resulting in higher monthly payments and more money spent on interest. Alternatively, with bad credit, you might not even be approved for a loan at all!

But credit scores don’t just matter the next time you need a loan or a credit card. Many other situations in life require a decent credit history. Landlords, for instance, might request your credit score as part of the application process to check if you’re likely to pay your rent on time.

Even employers can pull your credit report if you’re applying for a job that requires you to handle money. When you have bad credit, so many different areas of your life can be negatively impacted, so it’s best to avoid getting yourself into that situation in the first place. If you’re already there, now might be the right time to fix it.

So what is a bad credit score?

Most financial experts define a bad credit score as anything below 600, but each lender has its own standards when reviewing applications. The average American has a credit score of 687, which helps put the range into perspective.

If you have poor credit, you’ve probably had a combination of negative items on your credit report, like missed payments, delinquencies, or maybe even a bankruptcy or foreclosure.

You can always request a free credit report to figure out what exactly is keeping your credit score so low. In fact, we recommend checking your credit report every year.

Federal law allows you access to a free copy of each of your three reports every 12 months, so there’s no reason not to take advantage of this benefit. Just visit AnnualCreditReport.com to request your copies from Equifax, Experian, and TransUnion.

Where can I find out my credit score?

When you request a copy of your credit report, you’ll see your financial history listed out over several pages (or more or less, depending on how much history you actually have). However, you won’t get your actual credit score when you order your report.

Lenders look at both pieces of information to determine your loan offer, so it’s essential to know where you stand in terms of both your credit report and credit score. So how can you get your credit score?

Educational Credit Scores

Lots of websites offer free credit scores, although they are known as educational credit scores, or even “FAKOs,” because they’re not your actual FICO score. When it comes time to apply for a loan, you might be surprised to see a wide discrepancy between your free educational credit score and your FICO score.

Real FICO Scores

To find out your real FICO, you can purchase it from the company’s website. You can also sign up for a credit monitoring service if you expect to work on your credit over time and want to view your progress on a regular basis. Just be sure to select a company that does indeed use the real FICO.

You can also check to see if you’re eligible to receive free credit score updates from one of your existing credit cards. Many companies now give this service away as a cardholder benefit. Check out this comprehensive listing of credit cards offering free credit scores and see if yours makes the list.

What credit score do I need for a personal loan?

A lot of different factors go into determining your eligibility for a personal loan. The type of lender you choose also affects whether or not you’ll be approved. Obviously, the better credit score you have, the better your interest rate will be. But it’s important to know that some lenders specialize in offering loans for people with bad credit.

You’ll probably qualify for a smaller loan amount, but it can still be helpful if you need to finance a large purchase that you can’t handle with your normal cash flow.

You might also need to provide collateral for a personal loan since an unsecured loan represents more risk to the lender. Be sure to shop around for the best loan possible before making a final decision.

See also: Best Personal Loans for Bad Credit for 2021

Can I get a mortgage with bad credit?

Most mortgage lenders have strict guidelines they must adhere to. If you don’t meet their eligibility requirements, there’s not much you can do to get a home loan until you improve your credit. But you do have a few mortgage options, even if you have a bad credit score.

A conventional loan typically requires a minimum credit score of 620.

FHA Loans

An FHA loan, however, allows borrowers to have as low as a 580 with just a minimum 3.5% down payment.

Technically, you could still qualify for an FHA loan with less than a 580, but you’d need to put down at least 10% of the home’s sales price.

Of course, you’ll also need to demonstrate other financial capabilities other than your credit score when applying for a mortgage.

For example, your monthly debts should be no more than 43% of your gross monthly income — this formula is known as your debt to income ratio. Lenders also look at your employment and assets.

See also: How to Get a Mortgage with Bad Credit

How can I fix my credit score?

Credit naturally repairs itself over time, usually within around 7 to 10 years. But there are several ways you can help expedite the process while waiting for those items to drop off on their own.

Dispute Inaccuracies

Start by making sure everything listed on your credit report is indeed accurate. If there’s an incorrect item, it’s fairly easy to dispute it with the credit bureaus. The Fair Credit Reporting Act states that any items that can not be verified must be removed from your credit report within 30-45 days.

Having many negative marks on your credit report is one of the main reasons people have bad credit. It may be worthwhile to enlist the help of a professional credit repair service.

Work on Your Credit Utilization Ratio

Another easy idea is to work on paying off your debt to decrease your credit utilization. This helps both your credit score and your overall loan or credit application.

Get a Secured Credit Card

You probably won’t be approved for a regular credit card, but there are some banks and credit unions that offer secured credit cards. These types of credit cards allow you to put down a deposit that is equal to your credit limit. That way, the banks aren’t actually lending you money. You are actually kind of just borrowing from yourself. But, the payments get reported to the credit bureaus.

Bottom Line

With a bad credit score, there are only so many quick fixes you can implement before hitting a wall with your progress. But a credit repair company can help you fully exercise your rights when it comes to removing negative accounts and fixing your bad credit.

Bad credit doesn’t have to make you feel like you’re backed into a corner. You may still have credit options available to you now, and there are also concrete steps you can take to get back on a better financial path.

Posted on March 2, 2021

ESG Investing: You Can Align Your Investments with Your Values, But Should You?

When it comes to growing your money, sometimes what you do or do not invest in matters as much as how well your investment performs. It’s not just about risk, it’s about personal values. In this modern era, we have the unique opportunity to not only feel good about our portfolio returns, but also what we invested in and how we achieved those returns. That is precisely why sustainable investing is gaining popularity as investors increasingly seek to align their investments with their personal values and seek to work with financial professionals who not only understand them as an investor, but also as a value-driven individual.

One way to accomplish this goal is to use an investment approach that focuses on environmental, social and governance (ESG) criteria. An ESG lens considers issues such as climate change, pollution control, gender equality and diversity, human rights or corporate board composition. ESG-aware investing pursues opportunities by managing risks associated with corporate actions, policies and trends related to things like sustainable business, environmental impact, societal and community contributions, DI&E (diversity, inclusion and equity practices) practices and the demonstration of sound corporate governance.

Since the 1960s, sustainable investment strategies have shifted from an exclusionary approach to an inclusionary one. Over time, this shift has broadened the supply of investment offerings to meet growing investor demand. Interest in sustainable investing accelerated significantly in the 2000s. According to a recent McKinsey & Company study, assets in these types of investments grew by an estimated 38% from 2016 to 2018 in the U.S., rising from $8.7 trillion in 2016 to $12 trillion in 2018. Globally, sustainable investments total $23 trillion, which represents 26% of all professionally managed assets.

Debunking 2 Myths about ESG Investing

A common misconception is that sustainable investing — including ESG-driven strategies — imposes hurdles on performance. After all, aren’t most companies more motivated by profits than they are values? You might be surprised to find out reality is quite the contrary. Thankfully, you do not need to throw ethics and values out the window to achieve good returns. Studies of longer-term historical performance suggest that ESG strategies have performed similarly to comparable traditional investments on an absolute basis and a risk-adjusted basis. Remember, though, sustainable investment strategies do come with risks, like any investment.

Another misconception is that demand is being driven mainly by younger investors. Yet, research suggests that investors across generations are interested in sustainable investing. While Millennials are apt to discuss sustainable investing with their financial advisers, other generations have expressed interest as well. A 2020 Wells Fargo/Gallup survey found that 82% of surveyed investors showed interest in choosing investments based on the environment, human rights, diversity, and other social issues — if those investments provided returns similar to the market average.

One interesting case in point: Thompson Reuters, under the corporate brand Refinitiv, created an index to transparently and objectively measure the relative performance of companies against factors that define diverse and inclusive workplaces. The index ranks more than 7,000 companies globally and identifies the top 100 publicly traded companies with the most diverse and inclusive workplaces, as measured by 24 metrics across four key pillars: diversity, inclusion, people development and news and controversies. Not only have these companies scored well, but the index has outperformed the Thompson Reuters Global Total Return benchmark, demonstrating that diversity and inclusion can also lead to profitability. Perhaps values really can drive growth!

A Growing Investment Sector

Industry professionals predict that sustainable investment choices for investors will continue to expand. In fact, some analysts predict that ESG factors could become a normal consideration of most investment strategies, particularly those intended for younger investors who tend to expect greater transparency from their investments. In fact, it may surprise you to know that today, sustainable investing accounts for about $1 out of every $3 under professional management in the U.S.

If you are new to socially responsible investing, a good idea is to seek an adviser with expertise in SRI and ESG investing. While most advisers remain investment agnostic, acknowledging that either an S&P 500 index fund or a socially responsible green fund can accomplish your objectives if that is what fits best, some practitioners have chosen to specialize more in this area. Advisers helping consumers interested in values investing may perform rigorous invest selection and screening processes that not only support optimal performance but also measure the societal and environmental impact of the firms themselves.

 Find an adviser who is confident about utilizing traditional vehicles, but passionate about finding unconventional ways to accomplish your goals, especially if doing so better aligns with your personal beliefs. The right adviser’s role should be simple: to understand not just where you want to go, but who you are and what values you have so that he/she can examine all the appropriate options that can fit and empower you to move forward.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Founder, Vice President, The Haney Company

Brian Haney is proud to say he was recently voted (by his daughter) to the illustrious title of “World’s Most Embarrassing Dad!” So that’s his full-time gig, but he also masquerades as a Certified Income Specialist, advising clients on how to achieve the retirement of their dreams. Founder of The Haney Company, Brian is a speaker and also the author of “The Retirement Income Pyramid,” your retirement income road map.

Source: kiplinger.com

Posted on March 2, 2021

Find the Best Car Insurance Company in North Carolina

#mainContent a,#mainContent h3font-weight:500!important#mainContent h2margin-top:3em;#mainContent h3margin-top:2.5em#mainContent h3 spanfont-weight: 300;letter-spacing:1px;#mainContent h2border-left:4px solid #3696da;padding:7px 0 7px 11pxul.toc,ul.nextStepsmargin:.75em 0;list-style:noneul.tocpadding:0 3.5em 2em; background:#f4f4f4;margin-top:0;border-left:4px solid #3696da;ul.nextStepspadding:0 .85em;margin-bottom:0px;margin-top:0ul.toc li:before,ul.nextSteps li:beforecontent:””;border-style:solid;display:block;height:0;width:0;position:relativeul.toc li:beforeborder-color:#3696da transparent transparent transparent;border-width:.35em .5em 0 .5em;left:-1.5em;top:.8emul.nextSteps li:beforeborder-color:transparent #ffab00;border-width:.5em 0 .5em .35em;left:-.85em;top:1.12em#mainContent ul.toc li a,#mainContent ul.nextSteps li acolor:rgb(33,33,33);font-weight:300!important#mainContent ul.nextSteps li aborder-bottom:2px solid #ffab00#mainContent ul.nextSteps li a:hoverbackground:rgba(255,171,0,.3);text-decoration:none

Fortunately for residents of the Tar Heel state, North Carolina has some of the lowest car insurance premiums in the country. They’re more than $450 lower than the U.S. national average at $1,457.

Even so, no one wants to pay more for car insurance than they need to, even in low premium states like North Carolina. For that reason, we’ve identified seven companies we believe qualify as providing the best car insurance in North Carolina.

That doesn’t mean all the companies on our list are the cheapest – though some definitely are. But our list also reflects companies that blend plenty of policy options and discounts, with a strong financial rating, and a demonstrated willingness to pay claims when necessary.

Coincidentally, I have my own car insurance through Progressive which sits at the top of our list (though I don’t live in North Carolina). While Progressive is a strong competitor in North Carolina, we absolutely recommend you shop between carriers. The only way to know which company is the right car insurance provider for you is to get quotes from several. To make it easy for you, you can use the quote tool below from our insurance partner to check rates from several companies:

#zipcode-widget2background-color:#efefef; padding:20px;text-align:center;font-family:”Lato”, Roboto, Arial, sans-serif; margin: 2em 0px; #zipcode-widget2 .titlefont-size:18px;font-weight:700;margin-bottom:10px#zipcode-widget .trigger-linkmargin-left:5px;margin-bottom:10px#zipcode-widget2 #cta-zip{margin-bottom:10px; width: 50%; display: inline-block; #cta-zip .blue-button padding: 6px 30px

The Most Important Factors When Deciding on Car Insurance in North Carolina

We strongly suggest against the practice of choosing a car insurance company based primarily on premium. One of the main reasons is because one company may be the lowest only because they’re excluding certain types of coverage you should have.

For that reason, we recommend using the following strategies when shopping for the best car insurance in North Carolina:

Get quotes for identical coverage from each company. The only real way to know if one policy is cheaper than another is by comparing the coverage they provide. One company is only cheaper than another if they provide identical coverage at a lower premium.

The state-required minimum coverage is probably not right for you. Minimum coverage is just what the name implies, and it should generally be considered only by young drivers and those who have no assets. If you have the minimum coverage, another driver can pursue legal action against you for additional funds under North Carolina law. Higher coverage limits will be your best defense against that outcome.

Get quotes from several companies. Yes, shopping for car insurance is not one of life’s more pleasurable experiences. But you owe it to yourself to investigate at least a few different companies. Once again, use the quote tool above to get multiple quotes before making your choice.

Increase your deductible to reduce your premium. This is a better strategy than lowering your coverage limits. Increasing your deductible from $500 to $2,000 can drastically lower your premium while giving you the benefit of high coverage. You can cover the higher deductible by adding additional funds in your emergency savings in case you’re involved in an at-fault accident.

The 7 Best Car Insurance Companies in North Carolina

There is no one best car insurance company for all drivers or even for most. Many companies specialize in certain niches that will make them the best choice for you. To help you in that effort, below is a list of the companies in North Carolina we believe to be the best in specific niches:

  1. Progressive
  2. North Carolina Farm Bureau
  3. GEICO
  4. State Farm
  5. Auto-Owners
  6. Erie Insurance
  7. Liberty Mutual

Author’s Pick: Progressive is the company I’ve been using for several years, and it has provided excellent customer service and low premiums in two different states. That doesn’t necessarily mean they’ll be the best company for you. You owe it to yourself to investigate several companies to find the best coverage at the lowest price. In fact, North Carolina is the first state we’ve ranked Progressive as our top choice.

Special Mention: USAA — Best for Members of the Military (But Not Available to the General Public)

USAA would rank in the top two or three companies in North Carolina. But we had to exclude them because they provide coverage only for current and previous members of the U.S. military and their families. As great as it is, their car insurance is not available to the general public.

However, if you’re a current or former member of the U.S. military – and North Carolina has many – USAA will almost certainly be the top choice. They offer some of the lowest premiums in North Carolina and have one of the highest customer satisfaction ratings in the Southeastern US. All this in addition to the fact that they offer a wide range of other financial services to military members.

1. Progressive

The Basics:

Policy Options Gap coverage
Medical payments
Rental car reimbursement
Roadside assistance
Custom parts and equipment value
Rideshare coverage
Discounts Snapshot app ($145 average discount)
Bundle auto and property
Name Your Price Tool (enter your desired premium, and Progressive will design a policy),
Multi-policy (5% average discount)
Multi-car (12% average discount)
Continuous coverage
Good student
Distant students (more than 100 miles from home)
Homeowner (average discount nearly 10%)
Online quote (4% average discount)
Sign online (8.5% average discount)
Paperless
Pay in full
Automatic payment
Small accident forgiveness – premium won’t be increased for a claim of less than $500
Large accident forgiveness – no rate increase in an accident if you have been a customer for a least 5 years, and no accidents for the past 3 years

Premiums: $645 (THE lowest average premium on our list)

Customer satisfaction rating: 824 (#11 on the J.D. Power Survey)

Financial strength rating: A+

Why it Made the List

Progressive has the lowest statewide average premium in North Carolina, which by itself might be enough to put it in the top position overall. But a big part of the low premium undoubtedly has to do with the many discounts the company offers, which is probably more than any other insurance company!

But Progressive also has some solid policy options, including ridesharing and custom parts and equipment replacement. It also occupies a number of “best for” categories, including best overall, cheapest overall, best for senior drivers, and one of three companies offering coverage for rideshare drivers.

What Holds it Back

Progressive places only #12 in customer satisfaction, in a tie with Grange Mutual. That’s only slightly below the average customer satisfaction rating for the North Central States. But we’d feel better if it ranked at least in the top 10.

2. North Carolina Farm Bureau

The Basics:

Policy Options None indicated
Discounts Multi-line discounts (home and auto)
Years of diving experience
Multi-vehicle
Pay-in-full discount
Married drivers
Combining collision and comprehensive with liability
Higher bodily injury limits discount
Safety equipment

Premiums: $723 (3rd lowest average premium on our list)

Customer satisfaction rating: 854 (#4 on the J.D. Power Survey)

Financial strength rating: A

Why it Made the List

North Carolina Farm Bureau offers a strong combination of having the third-lowest statewide average premium in North Carolina, as well as ranking #4 in customer satisfaction. And much like Progressive, it appears in many of our “best for” categories, including best for minimum coverage, drivers with a DUI or DWI, and drivers with one at-fault accident. This is clearly a company with strong niches.

What Holds it Back

North Carolina Farm Bureau lists a limited number of discounts. But more significantly, the company does not disclose what policy options it offers. This may have to do with the company’s emphasis on local agents, and a desire to have customers call in for additional information. That in itself is a bit of a negative factor in an economy where just about every business operates primarily or entirely online.

3. GEICO

The Basics:

Policy Options Emergency roadside assistance
Rental reimbursement
Mechanical breakdown
Motorcycles, ATVs and recreational vehicles
Collector autos
Ridesharing
Umbrella coverage for higher policy limits
Mexico Auto Insurance
Discounts Safety equipment
New vehicle
Good driver (five years accident-free)
Drivers over 50
Seatbelt use
Defensive driving
Driver’s education
Good student
Federal employees
Membership & Employee (in up to 500 groups)
Emergency deployment
Military
Multi-vehicle
Multi-policy

Premiums: $734 (4th lowest average premium on our list)

Customer satisfaction rating: 838 (#7 on the J.D. Power Survey)

Financial strength rating: A+

Why it Made the List

GEICO made #3 on our list on the strength of having the fourth lowest average premium in North Carolina, a very respectable #7 rating in customer satisfaction, and a financial strength rating of A+. The company also fills some “best for” categories, including best for good drivers, drivers with poor credit, and ridesharing drivers. The company is also an excellent second choice behind USAA as an auto insurance provider for members of the U.S. military.

GEICO also has a long list of discounts, and they provide the percentages of those discounts on their website. If you qualify for some of those discounts, GEICO may be your preferred choice.

What Holds it Back

GEICO doesn’t offer gap coverage, which will be a problem for anyone who owes more on their loan or lease than their vehicle is worth. It can result in a big out-of-pocket hit if your vehicle is totaled.

4. State Farm

The Basics:

Policy Options Car rental
Travel expenses for an accident more than 50 miles from home
Medical payments
Emergency roadside assistance
Rideshare
Sports cars
Antique classic cars
Small business vehicle
Discounts Accident-free
Anti-theft equipment
Defensive driving course
Drive Safe & Save – driving monitoring app
Good driving
Good student
Homeownership
Multi-car
Multi-policy
Vehicle safety equipment
Student away at school
Steer Clear Safe Driver (complete education requirements and no at-fault accidents or moving violations in the previous three years – both met before turning 25).

Premiums: $764 (5th lowest premium on our list)

Customer satisfaction rating: 853 (#5 on the J.D. Power Survey)

Financial strength rating: A++ (highest)

Why it Made the List

State Farm as the fifth lowest statewide average premiums on our list, and ranks #5 in customer satisfaction. The company also has the highest financial strength rating possible, at A++. But the company also got our nod for the best carrier for a less than perfect driving record and best for students. It’s also one of three companies that offers ridesharing coverage. And much like GEICO and Progressive, State Farm offers an extensive list of discounts to help you minimize your premium.

What Holds it Back

There’s no indication State Farm provides gap coverage. This is a critical missing part, since many drivers owe more on their vehicles than those vehicles are worth. Gap coverage is designed specifically to pay off excess debt. If it’s not offered, you’ll be on the hook to pay the difference.

5. Auto-Owners Insurance

The Basics:

Policy Options Classic cars
Gap coverage
Converted or modified vehicles
Road trouble service
New car replacement
Rental car coverage
Additional expense – to cover cost of your stranded away from home
Diminished value – protects your vehicle value if it declines even after repair
Loan/lease gap coverage
Personal Automobile Plus – create a package of 10 optional coverages for one competitive rate; includes identity theft, rekeying locks, replacing your cell phone and more
Discounts Multi-policy
On-time payments (36 months or more)
Paperless billing
Multi-car
Good student
Student away at school
Teen Driver Monitoring
Paid-in-full premium
Advance quote
Vehicle safety features
Favorable loss history

Premiums: $861 (6th lowest average premium on our list)

Customer satisfaction rating: 852 (#6 on the J.D. Power Survey)

Financial strength rating: A++

Why it Made the List

Auto-Owners Insurance has both the sixth lowest statewide average premium level, and ranks #6 in customer satisfaction. It also has a top-of-the-line A++ rating from A.M. Best, the highest financial strength rating possible in the insurance industry. We also believe Auto-Owners is the best company for young drivers. Additionally, they have a more than adequate list of both policy options and discounts to help you customize your policy.

Auto-Owners also has a long list of policy options and discounts. The Personal Automobile Plus Package enables you to build a policy with as many as 10 coverages, all at a very competitive rate.

What Holds it Back

Auto-Owners Insurance makes car insurance available in about half the states in the US. If you have coverage with this company in Georgia, there’s about a 50% chance you’ll need a new carrier if you move to a different state.

6. Erie Insurance

The Basics:

Policy Options Pet coverage
Personal items coverage – up to $350
Auto glass repair
Roadside and rental bundle
Locksmith services
ERIE Auto Plus – comes with a diminishing deductible, a $10,000 death benefit, additional days of transportation expense coverage, waiver of deductible in certain situations, and increased limits for specific coverages
ERIE Rate Lock – your rates will only change if you add or remove a vehicle or driver, or change the address where you keep your car parked
Discounts Safe driving
Car safety equipment
Multi-car
Multi-policy (bundling)
Reduced usage
Young drivers
Annual payment plan

Premiums: $913 (7th lowest average premium on our list)

Customer satisfaction rating: 870 (#2 on the J.D. Power Survey)

Financial strength rating: A+

Why it Made the List

Erie Insurance isn’t one of the best-known car insurance companies in America, but it appears on our lists of the best car insurance in multiple states. The company is seventh out of seven companies on our list for statewide average premiums. But at $913, they’re still more than $180 below the North Carolina statewide average. But even more important, the company ranks #2 in the all-important category of customer satisfaction. This is an excellent indication Erie Insurance pays claims reliably.

What Holds it Back

Erie has an interesting rate lock option (the Erie Rate Lock) that may sound attractive to many consumers. They’ll honor the rate lock – unless you have a significant policy change. If you do, the rate will be recalculated and may go higher. It doesn’t look quite like the guarantee it promises to be.

7. Liberty Mutual

The Basics:

Policy Options Lower or eliminate your collision deductible
Lifetime repair guarantee
New car replacement
Better car replacement
Rental car reimbursement
Roadside assistance
Gap coverage
Original replacement parts for your car
Coverage for teachers (protection for your car on school grounds)
Driving in Mexico
Discounts Accident forgiveness
Multi-policy
Multi-car
Online purchase
Automatic payment
Pay in full
Paperless policy
RightTrack (save up to 30% for good driving behavior)
Homeowner
Active, reserve or retired military
Early shopper
Good student
Student away at school
Alternative energy vehicle
Safety equipment
Accident- and violation-free

Premiums: $714 (2nd lowest average premium on our list)

Customer satisfaction rating: 809 (#16 on the J.D. Power Survey)

Financial strength rating: A

Why it Made the List

Liberty Mutual has the second lowest statewide average premium of the companies on our list. At $714 per year, it’s more than $380 below the North Carolina statewide average. That factor alone guarantees it a place on any list of the best car insurance in North Carolina. But the company also offers more policy options and discounts than most of its competitors. They’ll give you a better opportunity to customize your policy, with the assurance that Liberty Mutual is one of the lowest cost providers in the state to begin with.

What Holds it Back

Liberty Mutual ranks a disappointing #16 in customer satisfaction. This could be an indication they’re not as good at paying claims as the other companies on this list. Also, the company didn’t place in any of the “best for” categories on our list. But that wouldn’t necessarily stop it from being the right car insurance company for you

How We Found the Best Car Insurance in North Carolina

To show that the evaluation of our list is objective, we used the following criteria to determine our rankings. In each case, the car insurance company was rated based on the combination of these factors.

Policy Options

The best car insurance policy is one that is customized to your own personal needs and driver profile. The best way to make that happen is with a company that offers a large number of policy options. For that reason, the number of policy options offered by a car insurance company is a significant factor in our ranking.

Discounts

Discounts are still another way to customize your policy. But just as important, they also provide an opportunity for you to get a lower premium based on specific factors that may offer significant reductions in your premium. Discounts are another major factor in our list of the best car insurance in North Carolina.

Premiums

Just like everyone else, we understand the central role premiums play in determining car insurance selection. Premiums are one of the major contributing factors to our list of what we believe to be the best car insurance providers in North Carolina. But at the same time, we’ve been careful not to overemphasize it. It has to be balanced against a company’s demonstrated willingness and ability to pay claims (which is the last criteria below).

We obtained those averages from The Zebra, which is determined to be a reliable source of pricing information. But please understand these are only a starting point. In the insurance universe, a company with the lowest average premium may not necessarily end up being the lowest cost policy for you. Once again, get quotes from multiple companies!

Customer Satisfaction Rating

We’ve given customer satisfaction equal weight with premiums in determining our list. That’s because it includes consumer’s experience with the claims paying side of each company on the list. It does little good to pay a rock-bottom premium only to have the company fail to pay a claim in an accident. After all, paying claims is the main reason for car insurance in the first place.

We’re using the J.D. Power U.S. Auto Insurance Study, released in June, 2019. More specifically, we’ve relied on the Overall Customer Satisfaction Index Ranking – Southeast Region, which includes North Carolina.

Insurance Company Financial Strength

Financial strength indicates an insurance company’s ability to meet its financial obligations, which includes its ability to pay claims. Cheap car insurance will do little more than satisfy the minimum legal requirements in North Carolina, but could leave you with unpaid claims.

For that reason, we’ve included only companies rated either “Superior” or “Excellent” for financial strength by the insurance industry rating service, A.M. Best.

Their ratings for companies with financial strength of “Good” or better are as follows:

  • Superior: A+, A++
  • Excellent: A, A-
  • Good: B, B+

We have not included any companies rated lower than “A”.

What You Need to Know About Car Insurance Laws in North Carolina

Car insurance laws and requirements vary from one state to another. Regulations in North Carolina are as follows:

State Minimum Insurance Requirements

The minimum North Carolina car insurance requirement is “30/60/25”, broken down as follows:

  • Bodily Injury: $30,000 for injury or death to one person as a result of an auto accident.
  • Bodily Injury: $60,000 for injury or death to more than one person as a result of an auto accident.
  • Property Damage: Covering all necessary and reasonable medical expenses up to $25,000 for a covered injury, regardless of who is at fault.
  • Uninsured motorist bodily injury: $30,000 for injury or death to one person as a result of an auto accident, and $60,000 for two or more. This coverage is usually bundled with your regular liability coverage, and not carried as a separate provision.
  • Uninsured motorist property damage: $25,000

Optional car insurance coverage under North Carolina law includes:

  • Collision
  • Comprehensive
  • Gap coverage
  • Rental cars (up to 22 days)
  • Towing and labor

If you have a loan or lease on your vehicle, the lender will require you to have both collision and comprehensive coverage, and possibly Gap coverage.

North Carolina State Car Insurance FAQs

Is North Carolina a “no-fault” state?
No. Under North Carolina driving regulations, drivers can pursue claims against the at-fault party in an accident. And if that other person has insufficient coverage, you can legally pursue payment from the at-fault party personally.

Under a no-fault system, you would file a claim against your own insurance company regardless of who is at fault. In addition, the ability to pursue legal remedies is typically limited.

What will happen if I don’t have car insurance in North Carolina?
Insurance companies operating in North Carolina are required to notify the North Carolina Division of Motor Vehicles anytime liability insurance is canceled or coverage lapses. The DMV will send a liability insurance termination notification, and you will then have 10 days to respond. If you don’t, you’ll be subject to the following penalties:

  • First insurance lapse: $50
  • Second insurance lapse: $100
  • Subsequent insurance lapses: $150
  • Restoration fee: $50

Will my North Carolina car insurance cover me if I’m driving in another state?
Under what’s known as a broadening clause, your North Carolina policy will automatically extend to driving in other states. This includes states that operate under a no-fault system. It’s typically included in the policies of most car insurance companies.

What type of factors will affect the premium I’ll pay for my car insurance in North Carolina?
Though there can be a number of factors based on the individual insurance company issuing your policy, there are four primary determining factors:

Your driving record. This will include both moving violations and claims for-at fault accidents. Fortunately, there is typically a time limit after which these infractions are dropped from your record for insurance purposes.

Where you live. If you live in a highly-populated metropolitan area or city, you’ll pay a higher premium due to the greater likelihood of an accident. Premiums will generally be lower in small towns and rural areas.

The type of vehicle you drive. Generally speaking, the more expensive a vehicle is the more it will cost to insure. But certain types of vehicles have higher premiums, including sports cars, SUVs, and luxury vehicles.

The number of miles you drive. Someone who drives 30 miles in each direction, each day to and from work will be charged a higher premium than another whose commute is just 10 miles in each direction.

Summary: Best Car Insurance in North Carolina

Source: goodfinancialcents.com

Posted on March 2, 2021

Everything you Need to Know About Debt Settlement

  • Get Out of Debt

The debt relief industry is vast and varied, with options for consolidation, refinancing, and even forgiveness. All these options provide an escape route, the light at the end of a very dark tunnel. One of the most effective is debt settlement, but this option isn’t for everyone and if you’re not careful it can make your difficult financial situation even worse.

If you have mounting credit card debt and other unsecured debt, there’s a good chance you’ve come across debt settlement before. But what is it, how can it help you, what are the fees involved, and what do you need to know before you begin?

How the Debt Settlement Process Works

The goal of debt settlement is to “settle” your debts for less than their current balance. It works on credit card debt and personal loans but is effective at clearing all unsecured debts.

The process typically begins with a consultation, something that most debt settlement companies provide free of charge. If you’re a good fit for the program, they’ll discuss the terms with you and invite you to make regular payments to a secure third-party account.

A debt specialist will then contact your creditors and negotiate a reduced settlement on your debts. They’ll use the account to pay those settlements and will only take their fee (based on a percentage of the original debt or the settled amount) once this process has been finalized.

In many cases, accounts are settled with debt collectors and not the original creditor, as debt settlement works best for borrowers who have multiple missed payments, collections, and other issues. This is when debt settlement is most effective because there is a very real risk that the debt will never be repaid.

Why Would Creditors Settle?

If you’re new to debt settlement, all this might seem a little strange. Why would a creditor agree to settle a debt for a lump-sum payment that’s 40% to 90% of the original balance? Why would a settlement offer of just a few thousand be accepted on a credit card debt of $15,000 or $20,000?

To understand this, you need to see things from the creditor’s perspective. If a borrower misses several payments, the lender will try to create a payment plan or negotiate a deal. If that fails, the debt is sold to a collection agency, often for just a few cents on the dollar.

Collection agencies may pay as little as $500 for a debt of $10,000, which means they have a very large profit margin. If a debt specialist calls the creditor and offers $5,000 for a debt they’ll soon be forced to sell for $500, they’ll be happy to agree. Likewise, if they contact a collection agency offering a few thousand dollars for a debt they recently bought for a few hundred, why would they say no?

In that sense, a debt settlement program is somewhat of a win-win—you clear the debt, your creditors recover more money, and the settlement company gets paid. However, it’s not always that straightforward as we’ll soon discover.

How Long Does It Take to Settle your Debts?

Debt settlement companies don’t work quickly, because creditors aren’t interested in IOUs and debtors need time to cover the settlement fees. If you have recently come into a lot of money and can put that towards the debt settlement program, this process could be completed in just a few months. You could even do it yourself. However, if you’re steadily accumulating that money by tightening your belt and skipping monthly payments, it can take up to 4 years.

Debt Settlement vs Debt Consolidation and Debt Management 

The only real similarity between a debt settlement plan and a debt management plan is that they can both help you escape your debts. A debt management program is often conducted by a nonprofit agency and works by consolidating your debt, canceling all but one emergency credit card, and swapping multiple payments and fees for a single payment.

A debt consolidation loan works in much the same way, but without the requirement that you cancel multiple cards and accounts. Both debt consolidation and debt management decrease your monthly payments and interest but prolong the length of your loan, which means you pay less per month but more over the term.

Debt settlement, on the other hand, focuses on settling your debts quickly and cheaply. You will need to find more money in the short-term, but it will save you much more in the long-term.

The way that these programs impact your credit score is also vastly different. Debt management and consolidation have a minimal effect, while debt settlement can feel like a financial cluster bomb has just landed in your report.

How Debt Settlement Affects Your Credit

All forms of debt relief will impact your credit score in one way or another, but this impact varies, from the relatively gentle impact of debt consolidation to the catastrophic one of bankruptcy. Unfortunately, while it does have its positives and can be a great way to quickly repay what you owe, debt settlement can also have a hugely negative effect on your credit score.

What Happens to Your Credit Score when you Settle a Debt?

All settled debts will show as “Settled” on your credit report. This has less of an impact on your score as an “Unpaid” status but is not as positive as a “Paid in Full”. There is a logic behind this: Creditors prefer applicants who make all payments and repay the full balance over those missing payments and trying to settle.

FICO and VantageScore, the two leading credit scoring systems, have not released details concerning how much a settled status will impact your score. However, they have created hypothetical situations and suggested that it can reduce an individual’s score by between 50 and 150 points depending on how high it was to begin with.

How It Improves your Credit Score

Debt settlement won’t improve your score in the short-term. In fact, it may take years before your score begins to improve. If you have multiple derogatory marks and no money saved, the settlement process could take 4 or 5 years and, in that time, you’ll struggle to maintain a respectable score. Once all accounts have been settled, you may need to wait a few years before you can build towards a Very Good or Exceptional score.

However, the good news is that you won’t have all those debts, penalty fees, and high-interest rates to worry about. You will also see a slight improvement once those accounts clear and this will get better with each passing year as they age.

The bad news is that you may struggle for a few years and will need to carefully rebuild your credit after that. The good news is that you’ll have more money in your pocket, fewer debts to worry about, and all the time you need to rebuild.

How Long Does It Stay on your Credit Report?

A settled account will remain on your credit report for 7 years from the date that the account first became delinquent. This 7-year rule applies to most derogatory marks, apart from bankruptcy, which can remain for up to 10 years.

Debt Settlement Options

Still not sure if debt settlement is for you or if you should opt for a simpler method like debt consolidation instead? Keep the following in mind:

When is Debt Settlement the Best Choice for Debt Relief?

Debt settlement is more effective for borrowers who have defaulted on numerous debts and have a lot of missed payments and collections. If these have been active for several years, even better—your credit score will be low, your credit report will be a mess, and you’ll be in prime position for debt settlement.

Not only will the debt specialist have an easier time negotiating reduced settlements, but you’ll see less of an impact on your credit score. It also works really well for individuals with lots of credit card debt and personal loan debt.

It’s worth noting, however, that if your debts are over 4 years old they may have passed their statute of limitations, in which case you’re no longer responsible for them. Check your state laws to discover the statute of limitations on unsecured debt and better understand your options.

When is Debt Settlement the Wrong Option?

If you have a couple of large debts on a relatively clean account and you’re just looking to save some money, debt settlement is not for you. If your credit score is above 700 then you’re in prime position if you ever want a home loan, mortgage, or low-interest credit card. By intentionally missing payments and seeking to settle accounts, you could see your score drop below 500 in a few months and this will seriously impact your financial health.

The idea of offering your creditors a massively reduced lump sum to settle an account is very appealing. However, it should only be considered as a last resort by consumers who have more debt than they can handle and are being refused options like debt consolidation, debt management, and refinancing.   

How to Find Legitimate Debt Settlement Companies

All debt settlement companies are required to abide by strict rules and regulations. For example, they can’t legally charge you until all debts have been settled. However, the way these companies operate can vary greatly from one company to the next so don’t sign-up with the first one you find and do a little research before you commit:

  1. Look for Accreditations: The best companies are listed on the Better Business Bureau and have accreditations from organizations such as the IAPDA and AFCC. 
  2. Read Reviews: If a company persistently fails to meet expectations then their customers will let their frustrations be known. A few bad reviews are common—you can’t please everyone. But it’s bad news when bad reviews start to outnumber good ones.
  3. Fees: Ask them how much they charge and how much they can save you. Be wary of any company that guarantees to settle your debts for a specific sum—this is not a promise that a legitimate company will make.
  4. Check Settlement Amounts: Look for proof of average settlements and compare this information across multiple companies, focusing on success stories that are genuine and similar to yours as opposed to cherry-picked, generic testimonials.
  5. Be Wary of Pressure Selling: Take advantage of their free consultation, but hang-up if they begin pressure selling and are clearly not interested in providing genuinely helpful advice.

Pros and Cons of Debt Settlement

Not sure if debt settlement is right for you? Take a look at these pros and cons to better understand the positives and negatives.

How Can you Benefit from Debt Settlement?

There are some huge downsides to debt settlement and we’ll get to those shortly, but for the most part, this is a very effective way for millions of Americans to clear debt.

You’ll Pay Much Less

If you meet monthly payments on a credit card debt of $10,000, you could pay upwards of $15,000 over the lifetime of that debt, assuming there are no major penalties or fees. If you get a debt consolidation loan, that may increase to $20,000 or more, depending on the size, length, and interest rate, while a balance transfer could add just a few hundred onto the original balance.

With a credit card debt settlement program, however, it could be reduced to $5,000 or less and even when you add the company’s fees you’ll still save several thousand on the original balance. Besides bankruptcy, there is no other debt relief program that can have that kind of impact and that’s what makes debt settlement so unique.

Free Consultation

Debt settlement companies generally provide a free consultation in the first instance and if you work with a genuine, legitimate company, they won’t pressure sell and will always seek to provide you with genuinely helpful advice. If you’re in the dark with regards to debt and debt relief, this can be a huge help.

You’ll get a Clean Slate

Once your debts have been settled and the impact on your credit report has lessened, you’ll have a clean slate on which you can rebuild your credit. Debt settlement may be destructive, but the same could be said for an account that has masses of debt, missed payments, and collections, and at least debt settlement provides a solution and an escape.

What are the Negative Effects?

The best debt settlement companies will warn you about the potential downsides and advise you against them. But some companies will gloss over these issues and focus only on the positives, so make sure you keep all of the following in mind:

Reduced Credit Score and Late Fees

Debt settlement works best when you have multiple missed payments and collections on your account. If you don’t have any of these but have substantial debts, debt settlement companies may recommend that you stop making payments and start putting that money towards your settlements instead.

This will accelerate the settlement process and make the specialist’s job easier, but it will also trigger a catalog of derogatory marks on your credit report as all that information will be passed to the credit bureaus. Your score will also take a hit every time an account is settled, although this has less of an impact the lower your score is, and its impact will reduce over time.

Risk of Lawsuits

Creditors don’t hang onto debts for long and often sell them after just a few months. Collection agencies will hassle the borrower after purchasing the debt, but they’ll give up eventually if they can’t get what they want.

However, if you owe a lot or come up against a persistent collector or creditor, they may take legal action. They can get a judgment against you that turns all that unsecured debt into secured debt and can lead to asset seizures and wage garnishing. 

It’s a Long Process

Debt settlement can drag on for several years and you may struggle to maintain a respectable credit score in that time. 

This can make it difficult for you to get a new loan or credit card and will pretty much rule out the possibility of acquiring a home loan or car loan. If you settle numerous accounts then you may struggle to get a large loan for years to come, but every month that passes reduces the impact that a settled account has on your score and within a few years it will be negligible.

Summary: A Viable Option for Some

Debt settlement companies like National Debt Relief help to clear billions in consumer debt every single year. This forgiven debt gives collectors and creditors a little more money than they would otherwise have; it gives borrowers the escape they’re desperate for and it helps to fund an industry built on good intentions. 

That doesn’t mean it’s perfect—there are scam debt settlement companies out there and there are also companies that just don’t care enough to get the best results. It’s also not for everyone and, in some cases, it can do more harm than good. But for millions of consumers struggling with vast quantities of debt and derogatory marks, it could be the only way to avoid the threat of bankruptcy and get back into the black.

Source: pocketyourdollars.com

Posted on March 2, 2021

What To Look For In A Private Student Loan

Good Financial Cents
compare and apply for their loan products online.

However, you may be easily overwhelmed by the sheer number of loan options available, as well as the dizzying number of factors you’ll have to compare to find the best loan for your needs.

8 Important Things To Look For In A Private Student Loan

If you’re one of those students in the market for a private student loan, here are the main factors you’ll want to look for:

Affordable Interest Rate

Because private student loans are offered by private companies, their interest rates aren’t set by the government like you find with federal student loans. This is both good and bad for consumers, and it all depends on your credit score and creditworthiness. Having excellent credit can help you qualify for private student loan rates as low as 3.70% APR, whereas less than stellar credit will leave you paying more.

As you search for a private student loan, make sure to compare rates among different providers. Also, note that some private student loan providers like College Ave let you get prequalified for a student loan without a hard inquiry on your credit report. 

Finally, make sure you’re checking whether each lender is offering fixed interest rates, variable rates, or both. Where private student loans with fixed interest rates come with a set rate and monthly payment that will never change, loans with variable rates can cause your monthly payment to go up based on economic factors beyond your control. However, variable rates can often be lower at first, so make sure to compare options thoroughly. 

Discount for AutoPay

Also note that many private student loan lenders, including College Ave, offer interest rate discounts if you set up your monthly payments on autopay. While these discounts tend to be on the smaller side, the savings can add up to substantial sums of cash over time if you go this route.

Also make sure that, when you’re comparing student loan interest rates, you take any discounts for autopay into account. 

Repayment Term Options

While the monthly payment on your student loan is important, how long you make that payment is equally crucial. Ideally, you’ll wind up with a student loan that has a monthly payment you can afford and repay in a reasonable amount of time.

Also, consider private student loan companies that let you choose from various repayment options depending on your current income and other factors. College Ave, for example, lets you choose your repayment terms. With College Ave you can make full principal and interest, interest-only payments, flat payments, and deferred payments.

Eligibility Requirements

Since private student loans are offered by private companies, they can each set their own eligibility requirements for their loans. Many have credit and income requirements you’ll want to know and understand before you apply.

Many private student loan providers have a page on their website where they list eligibility requirements, but others list their requirements in a Frequently Asked Question (FAQ) format.

Ability to Apply with a Cosigner

Because private student loans can be difficult to qualify for when you have little to no credit or a steady income, many let you apply with a cosigner. Having a cosigner with good or excellent credit can help you not only qualify for a private student loan, but it may help you secure a low rate and best terms available.

Just remember that, if you do apply with a cosigner, that person is equally responsible for your loans. You should only apply with a cosigner if you plan to repay your loans in full. If you default or walk away from your responsibilities, your cosigner will be stuck repaying your loans no matter what.

Low Fees and No Prepayment Penalty

In addition to the interest rate, you’ll pay on a private student loan, you’ll want to check out and compare the fees they charge. Some student loans charge an origination fee to get your loan started, for example. Others charge late fees and additional fees for returned payments.

You should also beware of student loans that come with prepayment penalties. Both federal and private student loans typically come without any prepayment penalties, so you should steer clear of any company offering loans with prepayment fees attached. You should be able to pay off your loans whenever you want without any financial consequences, so make sure any loan you take out won’t penalize you for doing so. 

But some companies do not charge any origination, application, or prepayment fees. Make sure to shop around. 

Reasonable Borrowing Limits

The private lender you wind up with should be able to let you borrow as much as you need to finish your degree. However, private student lenders may set specific borrowing limits based on their internal procedures, your income and creditworthiness, and other factors.

Make sure any private lender you plan to work with has the capacity to let you borrow the money you need to finish your degree and graduate from school. If they don’t, you’ll want to consider other lenders with higher loan limits. 

Helpful Online Tools

Finally, don’t forget to look for lenders that offer online tools that can help you make a decision about your student loans. Student loan payment calculators can be immensely helpful as you figure out how your loan might fit into your budget and lifestyle based on your interest rate, your repayment timeline, and other factors.

Student loan refinancing calculators can also help you figure out your potential savings if you’re switching from federal loans to a private lender in order to secure a lower interest rate. College Ave even has a student loan calculator that can help you determine how long it will take you to pay off your loan, considering various factors like whether you make payments in school and how much you plan to pay each month after you graduate. 

Finding The Right Private Student Loan

Your student loans will likely be part of your life for years or even decades to come, so this is one factor of your life you’ll want to get right from the start.

As you look at loans from different lenders, make sure to think about short-term and long-term loan costs. Also, think long and hard about the monthly payment you’ll end up with and how it will fit in with your monthly budget, your lifestyle, and your goals. 

Private student loans can be valuable tools if they’re used to help you earn a lucrative college degree, but that doesn’t mean they’re created equal. You’ll have to do some digging to find the right private student loan to meet your needs, but the savings and peace of mind will be worth it in the end. 

Reader Interactions

Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

You Might Also Enjoy

Source: goodfinancialcents.com

Posted on March 2, 2021

Opening New Credit Cards and your Credit Score

  • Raise Credit Score

A brand-new credit card can impact your credit score in numerous ways. In the early stages, your score will suffer a slight drop depending on how high it was to begin with. Once this period is out of the way, you can work on steadily improving your score, building a high credit limit and earning yourself a reputation as a respectable borrower.

How Opening New Credit Card Accounts Can Affect Your Credit Score

Several things will happen to your credit score when you apply for a new card. In the short-term, these will negatively impact your score, but if you meet your obligations and there are no late payments or other issues, your credit score will gradually improve.

Take a look below to see how this can both reduce and improve your credit score.

The Negative Changes

A lender nearly always initiates a hard inquiry when you open a new account. This provides them with the same information as a soft inquiry, but while a soft inquiry won’t affect your score, a hard inquiry can reduce it by as many as 5 points. This mark lets other lenders know that you’re applying for credit elsewhere and if you apply for a number of different accounts in a short period of time, it can reduce your credit score significantly.

Rate shopping will bundle many hard inquiries into one, providing they are all for the same loan type and occur within a predefined period (between 14 and 45 days depending on the credit scoring system). However, rate shopping doesn’t apply to credit cards and all credit card applications will receive a separate hard inquiry.

Your FICO score is also negatively impacted by new accounts, so it will take a further hit once this credit account becomes active. FICO hasn’t been very clear with regards to what they consider to be a new account, but generally, you’ll see these effects diminish after 6 months and disappear after 12.

Finally, the total age of your accounts will reduce due to the new credit card. Your average account age forms another big aspect of your credit score and every time you open a new account, this is reduced.

The Positive Changes

A new credit card can also impact your credit score in a positive way, you just need to give it a few months and use it carefully. Keep a close eye on your credit card account, pay off your balance in full every month, and before long you’ll see an improvement in your payment history. 

After 12 months, the effects of the hard inquiry will disappear, the account won’t be considered new anymore, and it will start having a positive impact on your credit score.

A new credit card can also improve your credit utilization ratio and you’ll see an almost instant increase. Credit utilization compares your available credit to your total debt or used credit. The less credit you have used, the higher this aspect of your score will be. Unless, that is, you instantly use the credit and max out your card, in which case your credit score will take a hit.

How to Build Credit with Credit Cards

Credit card companies offer credit cards specifically designed with bad credit and no credit consumers in mind. These fall into two categories, “Secured” and “Unsecured”. A secured card is convenient, safe and doesn’t offer high credit limits and interest rates. An unsecured card is the opposite and because your credit is low, it’s often provided with very high-interest rates and unfavorable terms.

In both cases, you need to avoid late payments and, preferably, clear your balance in full every month. The moment you start leaving those balances to generate interest is the moment your debt gets away from you.

The Best Ways to Use a Credit Card to Build Credit

A secured credit card can help you to build a strong credit score quickly and without the risk of acquiring a high credit limit. The card is secured against a cash deposit with a credit limit set to the same level as that deposit. If you default, the lender can simply take your deposit and settle the account, although you’d have to be in pretty dire straits to be defaulting on a secured credit card.

Credit card companies that provide secured cards offer upgrades, rewards, and additional features. You can earn cashback and perks, and if you meet your payment obligations for several months you may be offered an upgrade to an unsecured card.

If you’re using an unsecured credit card, make sure you clear the balance in full every month, which means never spending more than you can cover in cash.

How Much Should You Spend?

Ideally, you should look to spend no more than 10% of your credit limit every month. This will ensure that your credit utilization stays low and that your balance is manageable. Unless you have a disproportionality huge credit limit, 10% should be more than manageable and you could even increase this to 20%, providing you have the cash to cover it.

If it’s your only credit card or your other cards have been maxed out, you can go as high as 30% but should avoid going any higher. This will ensure your credit utilization stays strong, but it also prevents your balance from spiraling out of control.

Many debtors are able to clear their balances every month for at least the first few months. Some go years. At this point, they get overly confident in their ability to clear their balance, only to be hit with unexpected expenses or a reduction in their income, after which that balance isn’t cleared and begins to get away from them.

If you find yourself in this situation, it’s important to try and clear as much of the balance as you can. It’s not all or nothing—the more you clear, the less interest you will play and the less your credit score will suffer.

Managing Multiple Credit Cards to Improve Your Credit Score

Once you get over the initial hump, multiple cards can actually benefit your credit score. Assuming you clear your balances and don’t max them out, multiple cards will improve your credit utilization ratio, which accounts for a massive 30% of your FICO score. More cards also mean more accounts and additional chances to improve your payment history.

Keep the following in mind to manage multiple cards successfully:

Check Balances

Check your balances regularly and monitor every dollar that you spend. It’s easy to get carried away, spending $500 here, $200 there…before you know it, you have accumulated a monthly balance larger than what you can easily repay. At that point, you’re tempted to let one of those balances tick over, the interest accumulates, your responsibilities spiral, and within a few months you’re in a mess of your own creation and your credit score plummets.

Watch Variety

10% of your credit score looks at credit variety. If all you have is credit cards, this aspect of your score will suffer and your overall credit score will drop. 

You should never take out a loan just to add variety to your credit score, as it will do more harm than good in the short term (due to the hard inquiry and new account) and it is an expensive way to gain a few points.

If you have multiple cards already, however, and you don’t have anything else, you might want to think twice about signing on anymore dotted lines, at least until you’ve looked into other options or acquired a home/car loan. 

Careful When you Cancel

Your credit utilization score punishes you every time you reduce your credit limit or increase your debt. If you have 4 credit cards with $10,000 worth of debt on each and they’re all maxed out, your credit utilization will be an appalling 100%. If you clear one of those cards, it will drop to 75%, which is still terrible, but is a big improvement. However, if you then cancel that card, it will return to 100%, because now you have $30,000 worth of credit and $30,000 worth of debt.

Keep the cards open and use them only in emergencies. If they’re costing you a lot in annual fees, then think about cancelling them in the future, but only when you know that your credit score can take the hit.

Get Rewards

If you’re using a lot of credit cards, you might as well benefit from them. Rewards cards provide you with cashback, air miles, and other perks every time you spend. The return can be as high as 5%, although in such cases it’s often limited to a fixed annual spend.

Don’t spend more just to increase your returns. That’s exactly what they’re hoping you will do, it’s human nature, and it’s a terrible idea. Just find a good rewards card and then forget about the points and cashback—pretend they’re not even there and use your card just like you would if they weren’t.

At the end of the year, those rewards will give you a nice surprise in the form of a discount or cash sum, which you can use to pay off any accumulated debts or treat yourself.

What Happens if I Have a Lot of Credit Card Debt?

If you have credit card debt on multiple cards, you have a few options. The first is debt management or debt consolidation, which will swap a single low-interest loan for all those high-interest debts. However, these options are performed on your behalf by a third-party, they can incur costs, and they aren’t always kind to your credit report.

If you have a respectable credit score, you can try a balance transfer credit card instead. These cards offer an intro APR of 0%. This covers all balance transfers and lasts for 6 to 18 months, depending on the provider and the card. During that time, you can continue to make monthly payments, clearing substantial amounts of your principal and edging ever closing to clearing your debts in full.

Be careful, though, as these cards may have several disadvantages when the introductory rate ends, including a high-rate variable APR, a high annual fee, and more.

Best Credit Cards to Help Your Credit Score

If you’re looking to build a strong credit report, avoid credit card debt, and establish a low credit utilization ratio, then try these cards. 

Discover It Secured

The Discover It card is one of the most popular credit cards in the United States. The secured version is just as sought-after as the unsecured one, and it also offers a 1% to 2% cashback scheme, with a $0 annual fee and a relatively low variable APR once the introductory period ends.

You need to provide them with a security deposit of at least $200, along with details of your bank account. That deposit will then become your credit limit and you can use it to make purchases anywhere Discover is accepted, which covers millions of retailers and points-of-sale in the United States.

Discover is the third biggest network here in the United States and you shouldn’t have an issue finding places that accept it. The same can’t be said for international retailers, however, as it’s practically unheard of outside of North America. Still, that’s a pretty small setback when you consider all the other benefits this card can provide.

Capital One Secured MasterCard

If Discover’s limited international reach is a concern, try the Capital One Secured MasterCard instead. The APR tends to be a little higher and there is no rewards scheme, but as with the Discover It, there is no annual fee and it can help you to build credit by reporting to the three major credit bureaus.

This card has a few other benefits, including the fact you can deposit as little as $49. If you’re looking for a glorified prepaid card and all you care about is the way it can improve your credit score, this is ideal. What’s more, once you have made your first 5 payments you will be given access to a higher credit limit and can start moving through the ranks.

First Progress Platinum Elite MasterCard

If you have the luxury of choice, we would always recommend the Capital One or the Discover. These cards pretty much corner the market and provide everything you need. 

However, if for whatever reason you’re refused those cards or simply don’t like the companies offering them (everyone has their reasons) this is a good alternative. It provides 24/7 access to your account and allows you to leave the program and collect your deposit at any time.

The First Progress Platinum Elite MasterCard also has the fastest application process, with no checks, no demands, and no time wasted—just apply, deposit, wait, and you’ll have your card before long.

Source: pocketyourdollars.com

Posted on March 2, 2021

What Exactly is “Fair” Credit?

UPDATE: Article Updated by Brian Acton 4/9/18

There’s always a lot of buzz about the extreme ends of the credit scoring spectrum. How can you get excellent credit? What should you do if you have bad credit?

Less attention is paid to fair credit, which is ironic considering that’s where a large segment of consumers land. While credit scoring models and lender standards differ, the average American credit score is often nestled firmly in a range that could be considered fair.

This may leave many consumers wondering what defines fair credit, how they got a fair credit score, and what they can do to improve it.

Get It Now

Privacy Policy

What is Fair Credit?

Because there are many credit scoring models available, and because lenders may define credit differently, there’s no hard definition for a fair credit score (or any other type, for that matter). However, a typical breakdown of credit tiers looks like this:

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

Again, the definition of fair credit is open to interpretation, and may differ based on the credit scoring model used, the type of credit you’re applying for at the time, and the interpretations of the lender. The credit bureaus don’t even agree; Experian considers a fair score to be in the 580 – 669 range, while Transunion has stated that 668 – 719 is middle of the road. To further complicate matters, credit scoring models are frequently changing.

Here’s a good rule of thumb: if your credit lands firmly in the middle of the above ratings (and keep in mind, there is some wiggle room), chances are that your credit score might be considered fair by at least some lenders.

Why Do I Have Fair Credit?

If your credit score is hovering in the fair range, there’s good and bad news. You probably don’t have many negative items on your credit report, but your credit isn’t exactly impressive either. Luckily, fair credit isn’t a permanent state, and over time you can move the needle into the good or excellent credit range.

One cause of your fair credit could be your credit utilization rate, or the amount of available credit you have tied up in debt. This typically applies to credit cards – if you have a credit card with a $1,000 credit limit and a $500 balance, your utilization for that card is 50%. Generally, you should keep your utilization of all available credit under 30%. If your utilization is too high, it could be dragging down your score a bit.

Another reason could be a late payment on your credit report. Payment history is the largest determining factor of your credit score, and a missed or late payment can drag your score down. If the late payment on your credit report is in error, you may be able to dispute it and get it removed from your report. If it’s valid, you will just have to avoid missing payments in the future to build up a better payment history. Over time, the effect of a late payment lessens, and after seven years it will disappear from your credit report entirely.

A limited credit history can also lead to fair credit. If you just recently started building credit within the past year or so, your credit profile may simply be too thin for an impressive credit score. Over time, as you let accounts age, add new accounts, and manage your debts responsibly, your credit score will grow.

The best way to grow your score is to use common sense: make all your payments on time, don’t borrow more than you can afford to pay back, and don’t max out your credit cards.

Build Your Credit with the Avant Credit Card

Avant Credit Card

  • No deposit required
  • No penalty APR
  • No hidden fees
  • Fast and easy application process
  • Help strengthen your credit history with responsible use
  • Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee: The greater of $10 or 3% of the amount of the cash advance
  • Avant branded credit products are issued by WebBank, member FDIC

Having fair credit isn’t a bad thing—but it’s not exactly good, either. If it’s time to start building your credit score, what can you do? Give a starter credit card a try, like the Avant Credit Card.

The Avant Credit Card has no security deposit, no penalty APR and a quick application process. Avant allows you to see if you can qualify by providing you with the credit line and annual fee you qualify for—all without affecting your credit score.

Monitoring Your Credit

To track your credit progress, you should monitor your credit report and credit scores. You can check your credit reports from each of the three credit bureaus for free annually at AnnualCreditReport.com. As for your credit score, you can check two of your credit scores, updated every 14 days, for free at Credit.com
If you’re concerned about your credit, you can check your three credit reports for free once a year. To track your credit more regularly, Credit.com’s free Credit Report Card is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get two free credit scores updated every 14 days.

You can also carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.

Source: credit.com

Posts navigation

Page 1 Page 2 … Page 10 Next page

Archives

  • March 2021
  • February 2021
  • January 2021
  • October 2020

Categories

  • Apartment Communities
  • Apartment Decorating
  • Apartment Hunting
  • Apartment Life
  • Apartment Safety
  • Auto
  • Auto Insurance
  • Auto Loans
  • Bank Accounts
  • Banking
  • Borrowing Money
  • Breaking News
  • Budgeting
  • Building Credit
  • Business
  • Car Insurance
  • Careers
  • Cash Back
  • Celebrity Homes
  • Checking Account
  • Cleaning And Maintenance
  • College
  • Commercial Real Estate
  • Credit 101
  • Credit Card Guide
  • Credit Card News
  • Credit Cards
  • Credit Repair
  • Debt
  • DIY
  • Early Career
  • Education
  • Estate Planning
  • Extra Income
  • Family Finance
  • FHA Loans
  • Financial Advisor
  • Financial Clarity
  • Financial Freedom
  • Financial Planning
  • Financing A Home
  • Find An Apartment
  • Finishing Your Degree
  • First Time Home Buyers
  • Fix And Flip
  • Flood Insurance
  • Food Budgets
  • Frugal Living
  • Growing Wealth
  • Health Insurance
  • Home
  • Home Buying
  • Home Buying Tips
  • Home Decor
  • Home Design
  • Home Improvement
  • Home Loans
  • Home Loans Guide
  • Home Ownership
  • Home Repair
  • House Architecture
  • Identity Theft
  • Insurance
  • Investing
  • Investment Properties
  • Liefstyle
  • Life Hacks
  • Life Insurance
  • Loans
  • Luxury Homes
  • Making Money
  • Managing Debts
  • Market News
  • Minimalist LIfestyle
  • Money
  • Money Basics
  • Money Etiquette
  • Money Management
  • Money Tips
  • Mortgage
  • Mortgage News
  • Mortgage Rates
  • Mortgage Refinance
  • Mortgage Tips
  • Moving Guide
  • Paying Off Debts
  • Personal Finance
  • Personal Loans
  • Pets
  • Podcasts
  • Quick Cash
  • Real Estate
  • Real Estate News
  • Refinance
  • Renting
  • Retirement
  • Roommate Tips
  • Saving And Spending
  • Saving Energy
  • Savings Account
  • Side Gigs
  • Small Business
  • Spending Money Wisely
  • Starting A Business
  • Starting A Family
  • Student Finances
  • Student Loans
  • Taxes
  • Travel
  • Uncategorized
  • Unemployment
  • Unique Homes
  • VA Loans
  • Work From Home
hanovermortgages.com
Home | Contact | Site Map
Proudly powered by WordPress