Tighter lending standards and weaker demand for business and most consumer credit through Q1 versus prior quarter
Net 46.0% of banks versus 44.8 in prior quarter taking credit C&I for large and medium firms through Q1
Net 46.7% of banks versus 43.8% in prior quarter tightened credit for C&I loads for small firms through Q1
net 62.3% of banks versus 44.8% in the prior quarter raised spread for C&I loans for large and medium firms through Q1
net 58.3% of banks versus 32.8 in prior quarter of banks raised spread for C&I loans from large and medium firms through Q1
net 53.3% of banks versus 42.2% in prior quarter reported stronger demand for C&I loans from small firms through Q1
banks tightened credit terms for all categories of commercial real estate loans through Q1 versus prior quarter
banks tightened credit terms for all categories of consumer credit through Q1 versus prior quarter, fewer were more willing to make consumer installment loans
banks saw net negative demand for consumer credit through Q1 but less so than prior quarter
Summary of lending to businesses:
Over the first quarter, significant net shares of banks reported tightened standards and terms for commercial and industrial (C&I) loans to firms of all sizes, with mid-sized banks reporting the most widespread tightening. This tightening was due to a less favorable or uncertain economic outlook, reduced risk tolerance, industry-specific issues, and banks’ liquidity positions. Demand for C&I loans decreased, with major shares of banks citing investment in plant or equipment, mergers and acquisitions, inventory financing, and accounts receivable financing as reasons for weaker demand.
For commercial real estate (CRE) loans, major net shares of banks reported tightened standards and weaker demand, particularly among mid-sized banks. Over the past year, banks have tightened all surveyed terms on all CRE loan categories, including construction and land development loans, nonfarm nonresidential loans, and multifamily loans.
Foreign banks also reported tightened standards and terms for C&I and CRE loans, along with weaker demand for such loans.
Summary of lending to households:
Over the first quarter, lending standards tightened for most residential real estate (RRE) loan categories and home equity lines of credit (HELOCs). Banks reported weaker demand for all RRE loans, except for government, qualified mortgage (QM) non-jumbo, non-GSE-eligible, and HELOCs. Standards remained unchanged for GSE-eligible and government residential mortgages.
In consumer lending, significant net shares of banks reported tightened lending standards for credit card, auto, and other consumer loans. Banks also tightened almost all queried terms on credit card loans, such as increasing minimum credit score requirements and decreasing credit limits. Banks reported tightened terms on auto loans and other consumer loans, with significant net shares reporting wider interest rate spreads on auto loans.
Regarding demand for consumer loans, a significant net share of banks reported weaker demand for auto loans, and a moderate net share reported weaker demand for other consumer loans. Demand for credit card loans remained basically unchanged on net.
Special Questions on Banks’ Reasons for Changing Standards and Outlook for 2023
Banks tightening standards due to unfavorable economic outlook, reduced risk tolerance, deteriorating collateral values, funding costs, and liquidity concerns.
Mid-sized and other banks more concerned with liquidity positions, deposit outflows, and funding costs.
Foreign banks: economic outlook, risk tolerance, collateral values, and secondary market issues as reasons for tightening.
Banks expect tighter lending standards for the remainder of 2023.
Major net shares expect tightening for C&I loans, CRE loans, nonconforming jumbo mortgage loans, and consumer loan categories.
Foreign banks also expect tighter standards for C&I and CRE loans.
Below is the survey results for large and median banks regarding their lending standards.
The lending standards compare to the 4Q of 2022 below:
Since the surveys are from one quarter to the other, the lending conditions for large and median sized banks (combined) continued to tighten and at a higher rate vs the prior quarter
In the treasury market yields have moved higher after the report:
2 year yield 4.003% +8.1 basis points
10 year yield 3.509% +6.3 basis points
30 year yield 3.824% +6.3 basis points
US stocks are little changed:
Dow industrial average down 42.2 or -0.13% at 33631.52
Home loans help buyers make a down payment immediately and spread the liability of paying for the home over a period of many years. Go through this checklist before taking a home loan or finalising a property.
Credit score
This is one of the prime factors that determines the eligibility and amount of loan that can be sanctioned by a bank. Try to improve your credit score before availing a home loan. This can be done by establishing a continuous track record of regular and timely credit card payments, and repayment of dues on other loans. You can purchase a credit report to check your score.Down payment Some part of the cost needs to be funded by the home buyer. This contribution varies among banks and also depends upon the type of property, such as whether it’s an old house being resold or a new one.
Documents Some of the documents that are required are proof of income, residence of the applicant, financial situation and verification of the property papers. Ensure that all property documents are available for review by the bank, so take the advice of a lawyer if you need to.
Pre-approved housing loan
Banks provide preapproved sanction of home loan based on income of the applicant, even before the property has been identified and finalised. A preapproved sanction will provide a ballpark estimate of the amount of loan that you are eligible for, which can help you to finalise a property based on your affordability.Points to note
Do a survey of different home loan products to ascertain the best option, facilities and rate available to you.
Understand the processing charges and loan foreclosure charges levied by the bank or financial institution so that you are prepared for these in advance.
Louisiana is a unique state, packed with interesting attractions, delicious food, and beautiful landscapes. But the state is also home to millions of residents in need of banking services. The best banks in Louisiana offer plenty of amenities, including low-fee checking accounts and ATM access where you need it.
10 Best Banks in Louisiana
Whether you’re looking for a national bank or a small regional bank, the best banks depend on the features that matter most to you. Here are some of the top banks in Louisiana to help you narrow down your options.
1. Hancock Whitney Bank
Based in nearby Gulfport, Mississippi, Hancock Whitney Bank has branches in Louisiana, Mississippi, Alabama, Florida, and Texas. If you’re looking for a regional bank with plenty of physical branches, Hancock Whitney could be a great choice. The checking accounts do come with monthly maintenance fees and a minimum deposit, but you’ll get competitive rates on CDs and personalized customer service.
Fees:
$7 monthly service fee
No overdraft fees
Balance requirements:
$25 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Hancock Whitney ATMs from Florida to Texas
$2 per out-of-network ATM transaction
Interest on balance:
Up to 5.00% APY on CDs
Additional perks:
Great rates on small business loans
IDProtect ScoreTracker helps you track your monthly credit score
2. Chime
Chime is an online banking option that has no local branches. You’ll get a totally free checking account and an online savings account that pays 2.00% APY. As long as you have at least $200 directly deposited into your account each month, you can qualify for Spot Me, which covers you for up to $200 in overdrafts.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 60,000 AllPoint and MoneyPass locations
$2.50 per out-of-network ATM transaction
Interest on balance:
Up to 2.00% APY on savings accounts
Additional perks:
3. Gulf Coast Bank
Gulf Coast Bank is a local bank with branches in Baton Rouge and New Orleans. You’ll get personalized customer service and a checking account with no monthly fees. You can get fee-free ATM access at any Gulf Coast or Community Cash ATM nationwide.
Fees:
No monthly service fee
$35 overdraft fee
Balance requirements:
$20 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Gulf Coast ATMs
Fee-free at Community Cash ATMs
$1.50 per out-of-network ATM transaction
Interest on balance:
Up to 0.60% APY on savings accounts
Additional perks:
Nearly Virtual Mortgage provides a mostly paperless lending process
Check your credit score at any time in the Gulf Coast Bank dashboard
4. CIT Bank
CIT Bank is a mobile and online banking option with checking and savings accounts. Although the bank has no branches or ATMs, the interest-bearing checking account offers 0.10% APY on your checking balance, which bumps up to 0.25% APY once your balance reaches $25,000. CIT’s savings accounts and CDs come with impressive rates as well.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required ($25,000 to earn higher interest rate)
ATMs:
No ATMs provided, but no CIT Bank fees for ATM use
Up to $30 in third-party ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.50% APY on savings
Up to 5.00% APY on CDs
Additional perks:
Set travel alerts to avoid issues while away from home
Award-winning customer service
5. Red River Bank
With branches and ATMs across Louisiana, Red River Bank is a great local bank. You’ll get excellent customer service and checking accounts with no monthly fees. Red River offers ATM access at its own ATMs across Louisiana. You can also withdraw cash at Hancock Whitney ATMs in Louisiana and across the U.S.
Fees:
No monthly service fee
$34 overdraft fees
Balance requirements:
$50 minimum opening deposit
No minimum daily balance is required
ATMs:
Fee-free at Red River and Hancock Whitney ATMs throughout Louisiana and the U.S.
Interest on balance:
0.10% APY on checking
Additional perks:
Penny RoundUP moves money from each debit card purchase to your savings account
Wide variety of personal loans
6. GO2bank
Another mobile banking option with competitive offerings is GO2bank. You’ll get a fee-free checking account as long as you have at least one payment directly deposited to your account each month. But the real winner is GO2bank’s savings accounts, which offer 4.50% APY. Unlike other online banks, GO2bank also allows you to deposit cash at retail locations nationwide for a small fee.
Fees:
No monthly service fee with qualifying direct deposits
$15 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at AllPoint ATMs nationwide
$3 per out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Cash deposits at nearly 90,000 retail locations nationwide
Secured credit card that helps you build credit
7. First Horizon Bank
It may have started as First Tennessee Bank, but First Horizon Bank has expanded to locations across the U.S., including Louisiana. It’s one of the best banks in Louisiana for those looking for a free checking account with local branches in 12 states. The interest rates are fairly low, but there is a money market savings account that offers up to 1.75% APY.
Fees:
No monthly service fee
$35 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at First Horizon ATMs
$3 per out-of-network ATM transaction
Interest on balance:
Up to 1.75% APY on money market savings accounts
0.30% APY on traditional savings accounts
Up to 0.10% APY on CDs
Additional perks:
Wealth management services available
Account recommender helps you choose between checking accounts
8. Chase Bank
There are some perks that come with a national bank, and Chase Bank is a good example of that. You’ll get a full suite of banking services, including multiple checking options and a free debit card that you can use at ATMs across the nation. If you prefer a bank with in-person service, Chase has 4,700 branches.
Fees:
$12 monthly service fee (waived with minimum deposit)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)
ATMs:
Fee-free at more than 15,000 Chase ATMs
$3 per out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Additional perks:
$200 bonus on new checking accounts
Overdraft Assist gives you extra time to repair overdrafts
9. Regions Bank
One of the best regional banks in Louisiana is Regions Bank, which has branches in Louisiana, as well as Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
The basic checking account’s requirements to avoid monthly service charges include maintaining a $1,500 minimum balance or $500 in direct deposits.
Fees:
$8 monthly service fee (waived with minimum deposit)
$36 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)
ATMs:
Fee-free at more than 2,000 Regions ATMs
$3 per out-of-network ATM transaction
Interest on balance:
Up to .01% APY on savings
Up to 4.75% on CDs
Additional perks:
$50 Visa Reward Card for referring new account holders
1% annual savings bonus for connected savings account
10. Ally Bank
Ally Bank’s online banking options include an interest checking account that earns 0.25% APY. You’ll also get competitive interest rates on your savings account and CDs. Although there are no physical locations, you’ll have access to ATM withdrawals at 43,000 ATMs. If you regularly need to make cash deposits, though, Ally might not be the best bank for you.
Fees:
No monthly service fee
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at more than 43,000 AllPoint ATMs
Refund of up to $10 in out-of-network ATM fees per cycle
Interest on balance:
0.25% APY on checking
3.75% APY on savings
Up to 4.50% on CDs
Additional perks:
Advanced investment services including Robo Portfolios
Spending buckets help you manage your finances
Bottom Line
Whether you’re looking to avoid monthly service fees or enjoy the conveniences of an online bank, it’s important to compare multiple accounts. The best banks in Louisiana may not be the ones that have the lowest fees. Instead, you may find that the convenience of a bank with higher fees makes it worth the extra cost.
Turn-key rental properties can be a great option for investors looking to get cash flow without a lot of work. They are also a great option for investors who cannot find cash-flowing properties in their state and must invest in a different area. Turn-key rental properties are fully repaired, rented, and managed by a property manager. Buying a turn-key property allows a long-distance investor to buy a property that cash flows with minimal work. I own a lot of local to me real estate, and I have bought a turn-key rental as well out of my area. You must be very careful with the property you buy and the company you use. While turn-key rentals can help investors buy cash-flowing rentals in different markets, it can also be a risky investment.
What is a turn-key rental property?
Some consider a turnkey property to be a house that is remodeled and needs no repairs, but for this article, we are talking about rental properties that are set up to make money right away. I consider turn-key to mean the home needs no repairs and has a tenant and property management in place. Make sure you and whomever you are talking to about turnkey properties have the same definition of turn-key!
There are many companies that will sell turn-key rentals to real estate investors, but be very careful when using these companies. Some are great and some have caused investors huge losses. Make sure you vet whatever company you use.
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What are the advantages of turn-key rental properties?
One of the biggest problems for many investors is finding affordable properties that will make money. Turn-key rentals are often located in areas that have low prices and relatively high rents.
Here are a few advantages to buying turnkey rentals and why I bought a turn-key rental:
Easy to find: You can buy a turn-key property very quickly from turnkey providers who have a stock of turn-key properties available to purchase. Turn-key companies can have a large inventory of turn-keys because the properties are providing cash flow and are making money while the company owns the properties. You do have to know the right turnkey companies to work with.
Less work than a normal rental: Turn-key properties are already rented, managed, and repaired. You do not have to find contractors, property managers, or real estate agents.
Provide cash flow from day one: The first day you buy a turn-key, it will have a tenant in place paying rent. You do not have to worry about how long the repairs will take or how long it will take to get a tenant.
Provide a great return: Most turn-key rentals provide 10 to 15 percent returns. The return begins right away and takes little work to maintain because a property manager takes care of the house for you.
Provide diversification: Buying turn-key rentals in different markets of the country gives you diversification.
Can be bought for cash: Many foreign investors have trouble buying properties because they cannot get financing. Turn-key rentals can be as inexpensive as $30,000, making them easier to buy with cash.
You can invest your retirement savings: You can invest a self-directed IRA or 401k into turn-key rentals.
What are the disadvantages of turn-key properties?
While there are many advantages to buying a turn-key rental property there are disadvantages as well:
Turn-key rentals are usually priced at retail value or even above retail value. I like to get a great deal on my rentals and that is why I have not bought more turn-key rentals.
It can be tough to know where to buy a long-distance rental or keep track of it. You must have a great property manager to make sure the home is maintained and managed right.
Not all turn-key companies are reputable and many take advantage of long-distance buyers because they do not see the property.
There may not be as much cash flow with a turn-key property than if you buy it yourself.
How can you find turn-key rental properties?
There are many turn-key rental property providers throughout the United States. Some companies are specific to local markets such as Memphis, Ohio, Missouri, Florida, Texas, Chicago, and Wisconsin while other companies have properties all over the country. The properties vary in price, rent, financing options, and returns, but a good turn-key property will cash flow. Even with cash flow, I would advise investors to spend time researching the property manager and the area they want to invest in before buying any turnkey property.
A Google search for turnkey rentals will get many results for property managers and houses for sale that are not rented. I have spent a lot of time researching turnkey companies and have met with turnkey companies in person. I have met a lot of turnkey company operators and only met a couple that I trust! Fill out the form below and I will refer a company to you I trust. Your information will not be given to anyone or used for anything except a turn-key rental property company to talk to you about turn-key rentals.
The company I used for my turn-key rental is not one I would recommend and is not selling turn-keys anymore. This is a different company and I have talked to many investors who used them with success.
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Do I invest in long-distance turn-key rental properties?
I had always bought my rental properties in Colorado until 2015. That was when prices became too expensive here to get good rentals. I bought one turn-key property in Ohio that has done okay for me. I have no plans to buy any more turn-key properties because I prefer to find deals on my own in my local market. If I can find the deals I can get a discount which is a huge advantage with real estate. I may buy in other states but I would buy with a real estate agent who is able to search for more houses, but just what the turn-key company owns. A good agent can also find property managers and even contractors. I have a few agents like this across the country in areas with good rent-to-value ratios.
How much do turn-key rental properties cost?
Every turn-key property is different and every location for turn-key properties is different. I have seen turn-key rentals that are repaired, rented, and managed that range from $35,000 to $150,000. I have not seen turn-key properties in higher price ranges because it is much harder to cash flow on a higher-priced rental property than on a lower-priced one. The lower-priced turn-key rental properties usually provide better cash flow and may be a good option for foreign investors who have a hard time getting a loan on properties in the United States.
Can you make money with a turn-key rental property?
I normally do not buy rental properties that are turn-key ready, because they usually cost more. I rarely buy homes that are fixed up, because they usually are not a great deal. Rental property number nine, which I just got under contract, is the closest thing to a fully repaired property that I have purchased (or that I will have purchased). It needed a bit of paint, but that was about it. In a perfect world, I would love for all the rentals I buy to be repaired and rented before I buy them, which is one advantage of turn-key properties.
When I buy my rentals, they usually need work and I get a discount for the money and time I have to put into repairing them. In fact, it is less helpful to buy a home that needs repairs than purchasing a home fixed up, unless you can get a great deal. It is harder to have built-in equity on a turnkey rental, but you do not have to spend time repairing the home, renting it out, or finding a property manager.
When would investing in a long-distance turn-key property be a good idea?
I have had many people reach out to me about investing in rental properties, but they do not know how to start because their market is too expensive. When starter homes are $300,000 or more in an area, it is almost impossible to cash flow on rental property unless you pay cash for it. When you pay cash, your returns are not nearly as good as if you can get a loan (as long as the property cash flows). Rents are almost never high enough on a $300,000 home to cash flow, no matter where you live.
The down payment on a $300,000 property is going to be at least $60,000 unless you use a technique to buy with less money down. Then you have to add closing costs, reserves, repairs, and other costs associated with buying a rental property. I can buy two or three cash-flowing rental properties in my market, where someone in a more expensive area would only be able to buy one that may not cash flow at all. I never invest for appreciation, which is what many people are forced to do in these areas.
If you are in an area with very expensive homes or very low rents compared to home prices, you may want to consider long-distance investing and possibly long-distance, turn-key investing.
Diversification with turn-key rental properties
Many people like to spread out their risk when investing and rental properties are no different. If all of your properties are in one place, it could be riskier if something were to happen to that area. I have all of my rental properties in one place; one reason I like the idea of an out-of-state property is that it would provide diversification.
What is the difference between long-distance investing and long-distance turn-key investing?
Long-distance investing is simply investing in real estate outside of your local market area. You are still in control of the purchase, the renovation, and finding a property manager. This can be a great way to invest if you have a great team that can handle all of these aspects for you or if you are able to travel to handle them yourself. However, it takes a lot of time and work to buy a rental property in another state; you have to control the entire process of finding the property, repairing it, renting it, and finding a property manager.
Why do you need to do due diligence on a turn-key rental property?
Turn-key rental properties are typical houses that have been purchased by a turn-key company, renovated, rented, and have a property manager put in place. An investor still has to perform due diligence when buying a turn-key to ensure the properties are as advertised. The turn-key companies know their clients are out-of-state and they may try to fudge their numbers a bit to make more money on a deal. It does not hurt to have an inspection done on any property you buy even if the turn-key company says the home is completely repaired.
How can an out-of-state investor determine the value of a home
I wrote an article here about how to determine value. Even if a property cash flows great, an investor still does not want to pay much more than market value for a home. It is not easy to determine market value from a long distance, but it is possible. The best way to find out what a home is worth is to get an opinion from a local real estate agent. You can also use websites like Zillow or Trulia, but I would not count on them to be very accurate.
How can you find a real estate agent to provide a price opinion?
I wrote an article about how to find a great agent here, but many agents will be wary of providing values to an out-of-state investor. My advice is to be perfectly honest with the agent and tell them you are trying to verify if a price on a home is market value. Tell them your situation and see what they say. You should be able to find an agent or two who will give you ballpark values. You may even find an agent who knows of more turn-key properties in the area.
If you want a detailed value you can even order a BPO (broker price opinion) from a real estate agent. Most REO agents perform BPOs for banks on distressed properties. For $75 to $100 you should be able to find an agent who can complete a BPO report. Try looking on usreop.com, nrba.com or reonetwork.com for experienced REO agents. The agent should have their own BPO form they can use that provides three sales, three active comparables and they should know exactly what a BPO is. If not, find another agent.
How can an out-of-state investor determine fair market rents?
Not only does an investor need to know that they aren’t overpaying for a turn-key property, but they also need to know that the rents are accurate. It is possible a property manager or turn-key company rented a home for more than market rents by charging a premium to an unqualified tenant. You don’t want to buy a turn-key, have the tenant stop paying and then find out the home was rented for more than it should have been.
The best way to determine rents is to call a few property managers in the area. Tell them you are an investor, are buying some homes, and need a property manager. This serves a few purposes; it gives you an idea of market rents, the property manager can let you know if a property will be difficult to rent, and you can interview property management companies in case you need a new one.
You can also check Zillow for rental rates, but again they may not be accurate. You can also look at Craigslist, the classifieds, or check out this article for more tips on determining rental rates.
How to determine if your property management company is good on a turn-key property
The most important piece of a long-distance rental property is the property manager. A bad property manager can cause thousands of dollars in losses through lost rent or damaged property. This article on how to find a great property manager can help you determine if the property manager the turn-key uses or referred you to is any good. Make sure you ask the property management company what kind of screening process they use to check tenants; background checks, credit checks, references, income, and job verification. It is best to let the company tell you what they do and not suggest these screening processes to them.
In some cases, it may be difficult to contact the property management companies. A lot of turn-key companies sell hundreds of properties a year and the property managers do not have time to talk to hundreds or even thousands of prospective buyers.
What can you do if the rents, values, or property management is off on a turn-key?
The first thing you want to do is make sure you discover any issues before you buy a turn-key property! It will be difficult to get any recourse after the fact, although some turn-keys offer rent guarantees and buyback programs.
If you discover a problem before you buy a property, talk to the turn-key. Tell them what the issues are and see what they offer. The more facts and information you can back up your numbers with the better. You may be able to negotiate a better price or have them help you find a new property manager.
This is a great time to see how customer service-oriented the turn-key company is as well. Will they work with you and try to come up with a solution or become defensive? If they won’t try to help at all, then you have a great idea of how good they will be to work with after you buy a property and there is a problem.
Are turn-key rental properties a good option for foreign investors?
Foreign investors can buy homes in the United States, but it is hard for many of them to get financing. Traveling to the U.S., researching markets, finding real estate agents, closing on properties, and then repairing and renting properties is very difficult when you live in another country. Turn-key rental properties make it much easier for foreign or any long-distance investor to invest in rental properties. If you buy a turnkey rental property, you might not make as much money as if you did all the work yourself, but the time and money saved may be worth the cost.
Are turn-key rental properties a good option for self-directed IRAs?
You can invest money from a self-directed IRA into real estate. When you use an IRA to buy real estate, the IRA is buying the property and all income and expenses must go through the IRA. Some turn-key rental properties specialize in self-directed IRA investing and can help investors invest from their IRA into rental properties.
Can you buy turn-key rental properties with less than 20 percent down?
Some turn-key rental property providers offer seller financing that can be used to buy turnkey proprieties for less than 20 percent down. The trade-off with putting less money down is a higher interest rate and loan costs. Rates may be as high as 9 or 10 percent on seller-financed turn-key properties.
Conclusion
Turn-key rental properties are a great way to invest for cash flow when cash flow is hard to find in your market. Turn-key rental properties are also a way to invest in rental properties without having to repair or rent out the house or having to find a property manager. However, it is hard to get a great deal on turnkey rentals because turn-key providers want compensation for all the work they do.
How can you get more detailed information on specific turn-key properties?
If you would like a custom report on turn-key rental properties and more information on turn-key rental property companies, please fill out the form below. Your contact information will not be given to anyone, except a turn-key rental property company.
With a Friday deadline looming over lawmakers’ heads, the latest stimulus package seems closer than ever. But nothing has been signed just yet. The $900 billion stimulus proposal didn’t originally include direct payments to Americans, though the latest word from Congress tells us checks will be included after all — even if they’re only half of the CARES act counterpart.
As stimulus checks have been one of the largest pain points for lawmakers, the addition means we very well could have something tangible by the weekend. This is just in time for the 10 million people whose unemployment benefits would end on December 26 and the millions who would face eviction without aid.
Here’s what’s expected to be included
Aid for schools and vaccine distribution is included, though the exact breakdown isn’t quite clear. Here’s what we know so far.
Stimulus checks — While it was a late addition, one time direct payments to Americans is in the current plan. It’s just not at the level of the CARES act. Americans are expected to get $600, $700 if we’re lucky.
Unemployment benefits — $300 weekly unemployment aid is included — a 50% decrease from the $600 weekly benefits offered by the CARES act. The long-term unemployed also see some relief with the extension of extra state unemployment benefits.
Business aid — More than $300 billion is pledged to business support, including another round of paycheck protection for struggling small businesses.
Renters and food assistance — $25 billion is allocated to help renters say in their homes. Food assistance is also included.
Postal service — $10 billion has been allotted to bail out the U.S. Postal system.
[ Read: Latest PPP Data Raises Questions About the Distribution of Loans ]
What’s the holdup?
It’s the same old story, Democrats and Republicans can’t agree on what should be included and prioritized in the package. We seem to be over the stimulus check hurdle, though it did come at the cost of a larger check.
The original $908 billion bipartisan stimulus package proposal included $106 billion for state and local governments — a provision that Republicans would not pass. So that slowed things down. Democrats were able to secure help for cities through funds for transportation, schools and vaccine distribution; it’s just not as much as they originally pushed for. Democrats opposed the liability shield for businesses and universities that may face coronavirus-related lawsuits, so both sides have been forced to compromise.
[ Read: 11 States Stepping up to Supplement Unemployment Benefits ]
The present solution has been to split the original plan into two smaller bills — allowing them to delay the controversial topics without holding up the majority of the package. The first bill will total $748 billion and include measures like the Paycheck Protection Program and Unemployment benefits.
Too long, didn’t read?
The string of swapped proposals seems to be coming to an end — with barely any time to spare to avoid a government shutdown. But there are things lawmakers still can’t agree on. Despite it all, Biden remains eager for aid and has said this package is “an important downpayment” for the additional aid that will come in 2021.
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One of the rights afforded to us under the Fair Credit Reporting Act is the ability to challenge information on our credit reports with which we do not agree. I addressed several methods of disputing credit entries in this Mint article.
The credit dispute process is free and normally takes less than a month. There is some confusion, however, about the impact a credit dispute can have on your credit scores. In this post, we’ll cover what happens when you dispute a credit report, how a credit dispute impacts your credit score, what is disputable, and how you can do so.
When Can I Dispute a Credit Report?
When you file a dispute with the credit reporting agencies, they are required by the Fair Credit Reporting Act to show that the item is “in dispute.” They accomplish this by placing the code “XB” on the offensive credit entry.
The XB code is what’s referred to in my world as a “Compliance Condition Code.” When it’s placed in your credit report, it reads as “Consumer disputes, investigation in process” or some derivative of that wording.
Essentially, it means that the credit bureaus received your dispute and are actively investigating the information.
The Impact of “XB”
When the XB code is present on an account, a public record, or a collection, credit scoring systems treat it differently than they would if the account was not actively in dispute.
This is where the confusion comes from. The FICO score will not allow an item that is actively being disputed to harm your score. How does it accomplish this?
FICO will not consider an item with the XB code present for either its Payment History or Debt related measurements. So, if you have a credit card account with late payments and you’re disputing those late payments, the FICO score will choose not to consider those late payments. And, if you have a credit card account with a large balance and you’re disputing the balance, the FICO score will not consider the balance.
So, does disputing a credit report hurt your score? No. The act of disputing items on your credit report does not hurt your score. However, the outcome of the dispute could cause your score to adjust. If the “negative” item is verified to be correct, for example, your score might take a dip. Note: this dip is not because the dispute was proven inaccurate, but because the XB code is taken off. Alternatively, if the disputed item is proven to be inaccurate, this could raise your credit score.
The fact that the FICO score is temporarily ignoring these items can cause your scores to be higher. Having said that, the score improvement is temporary and can’t be used to “game” the system.
What happens if the disputed item is found to be accurate?
If the item has been verified as accurate, then the credit bureaus are no longer investigating it. That means the credit bureaus will remove the “in dispute” label by removing the XB code.
Once the XB code is gone, then the item is fair game in the eyes of FICO because it has been verified and is, arguably, accurate.
This process isn’t news, and lenders also know about it, which is why you can’t just go and dispute everything that’s bad on your credit reports, have your FICO scores shoot through the roof, and then go apply for a loan.
Most lenders, especially mortgage lenders, require that all items DO NOT have the “in dispute” label before they process an application to closing. They realize the score that has been calculated is likely not the consumer’s most accurate score because the model is ignoring certain aspects of the credit report.
And FICO isn’t the only scoring system that has this specialized treatment of items that are currently being investigated. If you check your credit score using the VantageScore model, you may run into a similar situation.
According to Sarah Davies, Vice President of Analytics and Product Management at VantageScore Solutions, “While an account is documented as ‘Account information disputed by consumer under the Fair Credit Reporting Act (XB)’, it is temporarily excluded from consideration by the VantageScore model.”
What if the item is still being disputed?
If you were not successful getting the offensive credit entry removed or changed, then you can still have it shown as being “in dispute” for as long as it remains on your credit reports. But, that is not the same as an item that’s in dispute AND being investigated.
That is to say, lenders will still likely consider the item when evaluating your credit score since the XB code has been removed.
If you still disagree with an item you can have a label added to your credit reports showing as much. But, that’s not going to cause the score to reflect that label for Payment History and Debt measurements.
How to Dispute a Charge on Your Credit Report
If, after reviewing what happens when you dispute a credit report, you decide it could be the right course of action for you, here’s how you can get the ball rolling.
Step One: Obtain a recent copy of your credit report
In order to dispute an item on your credit report, you’ll need to prove to the powers that be that your credit report is inaccurate. To do so, you’ll want to have a copy of your credit report handy. Consumers are entitled to one free credit report each year from each of the three main credit reporting agencies, which you can access through AnnualCreditReport.com. Or if you’re a Mint user, you can easily view your credit score in the Mint app whenever you please!
Once you’ve got your credit report in front of you, pull out that red pen of yours and notate any items on the report that are inaccurate or with which you do not agree.
reasons to dispute items on credit report to help you decide if it’s worth a shot:
There is incorrect personal information on your credit report, such as your name or Social Security Number
There is a negative item that is beyond the statute of limitations for reporting
The report shows that you carry a debt balance which you have already settled
There is duplicate information shown on your credit report
You have a duplicate credit report or mixed information for yourself and another person
There are fraudulent items on your report, like a new credit card or loan that you did not open or apply for
Step Three: Decide which credit dispute method to use
File a report with the credit bureau: This is the most common method consumers use to dispute credit reports. Each of the credit reporting bureaus—Experian, Equifax, and TransUnion—have dispute forms on their website which you can fill out.
Here’s where you can find them:
If the error appears across each of the credit bureaus’ reports, you’ll need to file a separate report for each. Each of the credit dispute processes vary slightly, but in general, you’ll need to include the dispute form with an explanation of the error(s) as well as a copy of your report with the same error(s) notated.
Report the error to the furnisher: Another method you can use to dispute a debt on your credit report is to go directly to the source—the lender, bank, credit card company, or collection agency that misreported information. When you dispute the item, the furnisher will then be required to report the dispute to each of the credit bureaus, making your job a little easier.
Takeaways
To wrap up, let’s review a few of the key takeaways we covered.
Does disputing a credit report hurt your credit score? No, credit disputes do not hurt your credit score. When an item on your report is being investigated, the credit bureaus will notate this on your credit report using “XB” code which signals to lenders that the item is under review and should not be considered in their evaluation.
Depending on the outcome of your dispute, your credit score may be adjusted to reflect the updated information. If a negative item is removed, the dispute could improve your credit score.
To dispute an item on your credit report, follow these steps:
Get a copy of your credit report
Decide whether or not you should dispute the item
File a dispute with the furnisher or the three major credit bureaus with a dispute form and a copy of your credit report
For more information of credit disputes, check out this blog to learn how to win a credit dispute.
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The Comptroller of the Currency and the FDIC released proposed rules today regarding Qualified Residential Mortgages (QRMs), which will be exempt from the risk retention requirements tied to the Dodd-Frank legislation.
Essentially, QRMs may be securitized without any risk retention, while loans not exempt will require lenders to hold onto five percent of the mortgages they sell on the secondary market (skin in the game).
“And because risk retention is the rule’s focus, any exemption from risk retention is intended to be narrow, and include only loans of high credit quality,” said John Walsh Acting Comptroller of the Currency, in a press release.
“This should ensure that normal securitizations thrive because risk retention requirements are of a type, and in an amount, consistent with the protection investors will demand.”
Preliminary underwriting requirements for a QRM will look something like this:
– 20% down payment for purchase money mortgages – If a purchase, no second mortgages – 75% max loan-to-value ratio for rate and term refinances – 70% max LTV ratio for cash out refinances – 30-year max amortization – Max debt-to-income ratio of 26/38 (no stated income loans) – No negative amortization (option arms, etc) – If an adjustable-rate mortgage, rate increase cannot exceed 2% in any 12-month period and 6% over the life of loan – No prepayment penalties – Total mortgage points cannot exceed three percent of loan amount – Borrower cannot be 30 days or more past due on any debt obligation – Borrower must not have been 60 days or more past due on any debt obligation within 24 months prior to loan closing
The takeaway: These are just some of the rules, so it’s clear the agencies want QRMs to play a very small role in the mortgage market.
Also note that FHA loans, as well as loans backed by Fannie Mae and Freddie Mac, are exempt from the risk retention rules, though that could change once rules are finalized.
By Peter AndersonLeave a Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited February 26, 2011.
When I look back on my financial life, there are a lot of things that I’ve done that I should’ve done differently. I’ve made bad decisions about money, that ended up causing me a lot of financial grief in the long run.
Everyone out there probably has a few of these “shoulda, woulda, coulda” finance moments of their own, and today I’m going to list a few of mine. Maybe it can help someone else to not make the same mistakes.
Here Are My 5 Biggest Money Mistakes
Not starting to contribute to my 401k sooner: When I first entered the work force the company I was working for offered a 401k plan that allowed your contributions to be deducted pre-tax from your paycheck. I didn’t do this at the time because I would rather spend the money on things like going to the bar, hanging out with friends, etc. If I had instead invested that money in my 401k, I would be thousands of dollars ahead today. I eventually wised up to this and started contributing to my 401k, but I wasted a lot of money that could have been compounding interest.
Getting a credit card in college… and using it: While I was in college I gave in to the temptation to get a credit card. They were giving out these great t-shirts at my college when you applied, so how could I refuse!Now buiding your credit isn’t necessarily a bad thing, except that I decided to use the credit card for things I didn’t need. I used it for trips, nights on the town and for buying CDs through Columbia House (we didn’t have MP3s back then kids). Luckily I didn’t get so in over my head that I wasn’t able to pay it off, but again there were thousands of dollars spent there that could have gone to savings.
Getting more student loans than I needed, and spending the money on frivolous things: I paid for my college experience through grants and student loans. My only regret is that I probably got more student loans that I needed. After paying for my classes and room and board expenses, I found I had quite a bit of money left over. Instead of saving it or using it to pay off other debts I used it to have a good time. I bought a new computer, video games and a new stereo VCR! If I could do it all over I would have applied for less in loans, and not have spent the money on all the junk.
Buying too many expensive gadgets: I have a weakness for expensive gadgets, whether it is the newest gaming system to the hottest new widescreen HDTV. When I was single I was indulging in these purchases a lot more than I am now, and it probably kept me from saving a lot more than I could have.
Eating out all the time. I mean ALL the time: This is one that I struggle with even today. Just last month my wife and I spent $600 eating out while on vacation for 5 days! Obviously that money could have been much better spent. (For the record, we were in San Francisco, and it was very expensive to eat out there.) My wife and I are getting better with this, bringing our lunches to work, and trying to eat healthier fresh foods at home.
Those are a few of the mistakes I’ve made in my financial life, that I wish I hadn’t. Some of the mistakes we’re still trying to fix.
So now it’s your turn. What are your top 5 money mistakes? (If you post your own five on your blog, let me know and I’ll post an update here on my blog linking to your piece.)
Other People’s 5 Biggest Money Mistakes
(Seems a lot of people thought of this before I did. And here I thought I was original).
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Prepaid debit cards can be used to buy almost anything, whether you’re shopping online or in person. They may also be a helpful budgeting tool, and they don’t affect your credit. You may even be able to recover your money if you lose the card.
However, prepaid debit cards do have some disadvantages, including possible fees. Learn how these cards work to help determine if a prepaid debit card makes sense for you.
What Is a Prepaid Debit Card?
A prepaid debit card shares some features of a credit card, debit card, and gift card. It’s a debit card that’s been pre-loaded with money that you can generally use at any retailer (online or in person) that accepts credit cards.
Like credit cards, prepaid debit cards may be associated with credit card networks. So a prepaid Visa debit card, for instance, can be used anywhere that accepts Visa.
Each purchase you make on a prepaid debit card will deduct from the amount that’s been pre-loaded onto the card. When you reach the end of your pre-loaded cash, you can’t buy anything else with the card.
It may be possible to add more money to the card when the balance gets low via cash or direct deposit, depending on the card. However, there might be a fee to reload the card with money.
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Pros of Prepaid Debit Cards
Like most financial products, there are pros and cons to consider when it comes to using prepaid debit cards. Here are a few of the benefits.
No interest or bills
A prepaid debit card is not a credit card, and you can’t carry a balance on it. That means you pay no interest when you use the card, and there is no bill to pay at the end of the month. A prepaid debit card is basically the plastic equivalent of cash.
Limited loss
It used to be that losing a prepaid debit card was like losing cash — you were out of luck. But legislation by the Consumer Financial Protection Bureau (CFPB) that took effect in 2019 required card issuers to provide protection against fraud and errors. In order to access this protection, you must usually follow instructions to register your card with the prepaid card issuer and report any theft or loss promptly.
Security for Personal Information
Prepaid debit cards don’t typically contain any of your personal or financial information. So if your card falls into the wrong hands, it’s generally not possible for someone to access your sensitive information.
Automatic budgeting
Prepaid debit cards offer a hard stop on spending, meaning that if there’s $100 on the card, you can’t spend more than $100.
For people who have a hard time with impulse purchases or those who are trying to stick to a strict budget, prepaid debit cards may provide a helpful tool to prevent overspending.
There are some prepaid cards that allow account holders to overdraft and spend more than the balance on the card. They may charge a fee for this. If going over the limit is a problem for you, it may be worth considering a card that doesn’t allow overdrafting.
Available to those with less-than-stellar credit
There is no credit check required to get a prepaid debit card. This makes prepaid debit cards one option to consider for consumers who are unable to qualify for a traditional credit card.
If your credit is sub-par, you can get a prepaid debit card and use it where major credit cards are accepted.
Teaching tool
Those with children may find that prepaid debit cards could be a useful tool to teach about money.
Prepaid debit cards could be used by parents to introduce concepts of spending within limits, to help children understand using plastic instead of cash, or to dole out allowances so kids can practice their money management skills.
Spending tracker
Some cards offer email or text alerts based on card activity, or they’ll notify you when the card has been reloaded or the account balance is getting low.
Possible to deposit paychecks
You can have funds (like paychecks) directly deposited onto some prepaid debit cards, skipping the need to manually reload the card as the balance runs low. This could mean that funds are available faster than they would be if you were cashing a paper check.
Cons of Prepaid Debit Cards
Here are a few downsides to consider when it comes to prepaid debit cards.
No credit effect
Although there’s no credit check required to get these cards, it means prepaid debit cards aren’t connected to a line of credit like credit cards are.
Because the company that administers the prepaid debit card is not reporting your payment activity to the credit bureaus, these cards aren’t helpful for establishing or strengthening your credit history.
High fees
Depending on the card, a prepaid credit card may come with a host of attached fees. Some prepaid cards may charge fees for certain activities including:
• Activating the card
• Making a purchase
• Adding money to the card
• Checking the balance on the card
• Withdrawing money at an ATM
• Replacing a lost card
• Foreign transaction fees
• Inactivity after a period of time with no transactions
If you’re considering using a prepaid debit card, you may want to shop around and review the costs and fees associated with different types of prepaid debit cards.
Another option for your money — and one that could help it grow — is to open an online bank account that offers a high yield for your savings. With a bank account, you’ll typically also have access to ATMs and online and mobile banking for added convenience. And some bank accounts come with no fees, unlike certain debit cards.
Potential for loss
If you don’t register your prepaid card and something happens to it — loss, theft or fraud — there may be no way to recover your cash.
Getting a Prepaid Debit Card
You can purchase prepaid debit cards at a variety of locations, including grocery stores and drug stores, online, or from some banks and credit unions.
Purchasing a prepaid debit card usually requires you to load money onto the card at the time you buy it. For example, if you want to buy a $50 prepaid Visa debit card at the drugstore, you would pay the fee to activate the card, plus the $50 you want to load onto it.
If you’re shopping for cards, pay attention to the card fees, which should be displayed on the card’s packaging. There may also be a toll-free number or website you can visit for complete fee information. To the extent possible, it’s worth trying to find prepaid debit cards with fewer fees.
After purchasing the card, to be protected against fraud, loss or theft of your card, you’ll usually need to register it.
The prepaid card will generally come with instructions for doing this. The card provider may request information such as your full name, contact information, date of birth ,and Social Security number or tax ID.
Managing Your Money
Sticking to a budget and managing your money can be daunting. Balancing your income against your expenses and savings goals takes dedication and commitment.
Fortunately, the right tools can make it easier. If you’re looking for an alternative to a prepaid debit card, one option to consider is SoFi Checking and Savings. It allows you to streamline money management since you can save and spend in one place. Plus, the account comes with a high APY and no account fees.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOBK0523003
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Budgeting for life insurance might not be as exciting as budgeting for a new car or a fun trip, but it is much easier. Many people think about life insurance, but then decide to put it on the back burner because they think it’s expensive. Well guess what? Life insurance is actually very affordable.
Life insurance is really about protecting your loved ones from financial disaster if you should pass away. Think of it as income replacement.
Plan for what you need
Most people overestimate the cost of life insurance by 3-4 times. Life insurance is less expensive than you think. On average, you can get a $500,000 policy for $50 per month! We recommend getting coverage that is at least 5-10 times your income, but most importantly you should buy what you can comfortably afford. Having $100,000 in coverage is a million times better than having nothing at all.
Here’s what you need to cover:
Personal debt (car, student loans, credit cards)
Mortgage
Funeral expenses
Monthly income your family will need (future college tuition for children, groceries, monthly bills)
How to save money on life insurance
There is no such thing as a coupon for discounts on life insurance, but there are other ways you can save money.
Buy term. Term life insurance is the most affordable coverage you can own. Permanent insurance can cost 10 times more than term life insurance.
Pay annually. Insurance companies add fees for the extra administrative work needed to provide you that convenience of paying monthly or quarterly. Paying annually typically saves you around 5%.
Compare quotes. Life insurance pricing isn’t the same across the board with insurance companies. Different carriers evaluate your application on their specific guidelines, so you may save money by choosing a company that is more lenient toward your health situation. When you compare quotes using a tool like Quotacy, you are provided with competitive prices from all the top life insurance carriers.
Take another look. You may be overpaying especially if you purchased life insurance directly through an agent that only represents one insurance company. Chances are you may be able to get a lower rate just by comparison shopping different companies.
Unbundle your coverage. Bundling your life insurance with home and auto insurance is typically more expensive.
Put the cost of life insurance into perspective
We insure our health, cars, home, valuables, and even our phones, but most of us don’t realize that life insurance is cheaper to insure than most of these. In life we face financial challenges. We budget for daycare, student loans, phone bills, car payments and much more. Life insurance may not feel like a necessity when we are on a tight budget, but when you realize that you can get your family covered for pennies on the dollar, it’s easy to make that decision. If you feel the financial struggle now, what happens to your family if you die? Make sure your family is protected.
Fitting life insurance into a budget
Let’s look at three easy changes that you can make to fit life insurance into your budget. I’ve even made them myself!
1: Practice BYO (Bring Your Own)
Do you go through the Starbucks drive-thru or out to lunch on a daily basis? What about those happy hours and brunching on the weekend? I get it. It may take baby steps to start making your own coffee, packing your own lunch, and cutting back on eating out in general. But you’ll be surprised at how quickly the savings adds up.
My girlfriends and I alternate between throwing our own happy hours or brunches on the weekends. There’s no pressure to get all dolled up, and we make it easy by having everyone pitch in and bring their favorite drink or dish. Sure, I still go out and have fun, I just do it a little less often.
2: Conduct a subscription audit
These days with all the apps we have our fingertips and that fine line between need and want, it’s easy to let the number of subscriptions we have get out of hand. So many of these subscriptions are auto withdrawn, so when you look at your bank account it’s hard to decipher what you are even paying for anymore. Chances are you don’t need to pay for Hulu, cable, and Netflix, or Pandora, Spotify, and iTunes Radio. Give up a few and your bank account will thank you.
I’m the queen of subscriptions. But after my budget boyfriend became my budget husband, I was encouraged to give up a few subscriptions in order to save for our future. I thought $10 per month was no big deal, but when I added everything up, it became a real chunk of change. I encourage you to go through your subscriptions and decide what you really need.
3: Get creative with date nights
Going out for a date night gets expensive. Even if you just go out for dinner and a movie, that night adds up quickly. A dinner for two can quickly reach $50 or more, especially when you add in drinks. Have you been to a movie lately? Evening tickets are averaging $12-$14 each! And of course you want that delicious, buttery popcorn to go along with that show. It’s easy to spend $100 for a simple night out.
I’m a lover of date nights, but when my husband and I made it a weekly thing, it became a large monthly expense. While we enjoy a dinner and a movie, sometimes we make it a daytime activity. A lunch and a matinee can cost almost half the price of an evening out. Or, we choose a movie on Netflix and make a dinner at home.
We also decided to spice things up by finding activities we both enjoy and took up tennis lessons. Now we love taking our dates to the tennis court and loser has to make dinner at home. Fortunately my game is better than his, so I rarely have to cook. Not only do we save money by not going out, we also get a good sweat session in.
How to shop around for life insurance coverage
Admittedly, you’ll be shopping for the lowest price. Make sure the prices you see are from well-known brands with high financial strength ratings (A rated or better). These companies have been around a century or more and will be here for a long time to come.
Let’s say you’re looking for a $500,000, 20 year term policy. To stay competitive, insurance companies all have around the same price for the same policy, maybe just within a few cents of each other, so at first look they all appear to be about the same. Starting prices are based on your gender, your age, what state you live in, and whether or not you smoke cigarettes.
From there, pricing starts to change based on specific niches that insurance carriers have created for certain medical conditions and lifestyle habits. For instance, if you enjoy an occasional cigar during your monthly golf game, many carriers will consider you to be a smoker at a higher price, while a few companies see that as less of a big deal and will classify you a non-smoker at lower prices.
Here’s another example. Even if you are the epitome of health, but one of your parents wasn’t, prices can be higher because of the genetic risk they passed onto you. Let’s say your father died of cancer before we was 50. Your low rate won’t be affected with one or two carriers, but with all the rest your price will be higher.
A good place to start your shopping is at Quotacy. When you use Quotacy’s life insurance quoting tool you’ll see how easy it is to find and compare prices between the top carriers. You’ll be able to find the right price for you.
Jeanna Simonson is a writer and the Ambassador of Buzz at Quotacy. She has been researching and writing educational articles on the importance of life insurance since 2015. When not writing for Quotacy, you can find her scoping out the newest fitness and beauty trends for her own personal blog, traveling and spending time with her husband and fur babies. Connect with her on LinkedIn.
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