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Finding an insurance policy can be a tedious process, especially dealing with the jargon involved. Insurance policies are, after all, legal contracts between you and your insurer. These contracts have to navigate the conditions of a wide range of claims, for a wide range of scenarios. They tell you who is and isn’t covered, and what is and isn’t covered.

Insurance policies become so abstract that even everyday words we take for granted — like “you” and “we” — need to be clearly defined. Doing so leaves no ambiguity, no snags. At least, that’s the idea.

But because you have a life, you probably don’t speak insurance. That’s not a problem. We’ll outline car insurance terms that don’t usually come up during family dinners or on a first date. And “we’ll” do so (meaning, I’ll do so) in plain English. That way “you” (as in you, the reader) can be a savvier shopper.

Deductibles

Your deductible is what you pay out of pocket before coverage kicks in. Say someone careens into your car while it’s parked. They cause $3,000 worth of damage and your deductible is $500. You’d first pay the deductible toward repairs, and your insurer would pay the remaining $2,500.

Whether you choose a higher or lower deductible is up to you. Higher deductibles usually mean lower premiums because you’re taking on more of the financial risk. A lower deductible means a higher premium, but you’d pay less out of pocket for a claim.

Binder

To put it simply, a binder is a temporary insurance policy. It can come in handy when you need proof of insurance on-the-spot.

If, for example, you’re getting a car loan, your loan company will likely ask for proof of insurance. Your insurer can provide you with an insurance binder so that you’re not waiting for your insurance policy to be processed. A binder is typically good for 30 or 60 days and falls off once your formal insurance policy is produced.

Full Coverage Car Insurance

It’s a phrase used frequently, but truth be told, there’s actually no such thing as “full coverage.” When people use this term, they’re likely referring to comprehensive and collision. Together, these guard your ride against an array of perils.

Comprehensive helps cover you for most damages not caused by collisions. That means vandalism, falling trees, theft, fires and mudslides, to name a few.

Collision coverage helps pay for damages caused by — you guessed it — collisions, be they with another car or an object. In order to add collision to your policy, many insurers require you to have comprehensive coverage, too.

Gap Insurance

Financing or leasing a car? This coverage could help pay the difference — or the gap — between what you owe on it and how much it’s worth when you have an accident.

Especially if you’re leasing, your contract will likely require you to have gap coverage. What’s more, it might be included automatically.

If it isn’t, however, you may want to seriously consider adding it ASAP. There’s a good chance the gap will be there for at least a couple years. You’d be responsible for the difference, and it could save you from being thousands of dollars in the red.

It’s also important to note that comprehensive and collision are typically required in order to add gap insurance. If you’re unsure about that, you can always check the declaration page on your policy.

What’s the declaration page, you ask? Perfect segue.

Declaration Page

Also simply called “dec,” this is typically the first page of an auto insurance policy. It provides the who, what, where and when of your insurance plan. You’ll find pertinent info like:

  • The names of everyone listed on your policy
  • Excluded drivers
  • Your policy number
  • The start and end dates of your policy term
  • Your address
  • Your insurer’s address

You’ll also find info on your coverages, limits and deductibles, which can be especially helpful. The dec doesn’t provide all-encompassing detail, but it is an easy-to-read summary.

Loss Payees

You might notice another individual listed on the dec page — the loss payee. This is either a person or an institution that has a stake in your vehicle.

So if you’ve just financed a car, say, then the lender would be listed as the loss payee. Because they’re loaning you money for the purchase, they have an “insurable interest” in it and want to protect their investment. By being listed on your policy, the loss payee can stay up to speed with its status and have peace of mind — just like you — knowing that coverage is still in effect. You’ll also find your loss payee’s name, address and contact info on the dec page.

Anything Amiss? Ask.

If anything’s ever unclear, don’t hesitate to ask your insurer. That’s what they’re there for, after all. Besides, asking questions can be a skillful way to gauge just how top-notch and transparent an insurance company is.

Familiarizing yourself with the basic nomenclature of insurance can not only help remove its otherwise ominous-sounding tone. It can help you fully understand what you’re looking at when it comes time to evaluate your insurance needs — without having to make a day of it. You have better things to do.

Eric Madia is Vice President of Product Design at Esurance, where he is responsible for designing the company’s personal lines products. Eric has 23 years of experience in the insurance industry, focused primarily on underwriting, pricing, and product innovation. You can learn more about Esurance home and auto insurance policies by visiting their website.

*This blog post does not constitute, and should not be considered a substitute for legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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Posted on: July 26, 2022

While there are some specific steps pertinent to those using their VA loan benefits, the overall process is similar for all homebuyers.

The good news? It’s not complicated.

The VA home program has allowed millions of veterans, active-duty service members and surviving spouses to purchase or refinance homes. If all of those fellow military members managed it, so can you.

Check your VA home buying eligibility. (May 1st, 2023)

VA Home Loan Program Offers Valuable Benefits

VA loans are backed by the U.S. Department of Veterans Affairs and offer considerable benefits for eligible borrowers. Some of the most valuable aspects of the VA home loan benefit include:

  • Low or zero down payment
  • Competitively low mortgage interest rates
  • ​No private mortgage insurance (PMI)

12 Steps To Buy a Home With a VA Loan

1. Work out what you can afford

The first step toward your home purchase is determining what you can afford to spend. This involves taking a close look at your household budget.

Once you know where your money is going each month, you’ll have a sense of your potential buying power and the monthly mortgage payment amount you can handle. Keep in mind that homeowners have extra expenses including property taxes, homeowner’s insurance and home repairs.

Creating a budget isn’t a requirement for loan qualification, but it makes you a more informed consumer.

2. Get pre-approved

Getting pre-approved gives you “serious buyer” status in the eyes of sellers and real estate agents. It means you’ve talked to a mortgage lender who has run your finances.

Getting pre-approved includes establishing your eligibility for a VA loan, checking your credit, confirming your income, and working out how big a mortgage you can afford.

Once completed, the lender sends you a letter confirming your loan amount. This means sellers and agents take you way more seriously. And, gives you an advantage when negotiating the price, especially when up against other potential buyers who aren’t approved.

Don’t get confused between pre-approval and pre-qualification. Pre-qualification is better than nothing, but it only means the lender asked you a few questions and relied on your answers (with zero verification) to estimate how much you can borrow. It’s less credible than pre-approval.

VA Loan Eligibility Requirements & Your Certificate of Eligibility (COE)

Your mortgage lender can help you request your Certificate of Eligibility (COE), a document that establishes your VA loan eligibility. Your COE includes information about your military service (confirming you meet the VA’s service requirements), along with the amount of your VA loan entitlement and your VA funding fee.

3. Shop for lenders

You may think all VA loans are the same. While these loans are government-backed, your loan will be issued by a private lender. Some lenders offer great deals and others less great — or flat-out bad.

You should shop around between lenders to find the very best deal for you. But, it’s not just us saying that.

Last year, the Consumer Financial Protection Bureau (CFPB) wrote:

Mortgage interest rates and loan terms can vary considerably across lenders. Despite this fact, many homebuyers do not comparison shop for their mortgages. In recent studies, more than 30 percent of borrowers reported not comparison shopping for their mortgage, and more than 75 percent of borrowers reported applying for a mortgage with only one lender. Previous Bureau research suggests that failing to comparison shop for a mortgage costs the average homebuyer approximately $300 per year and many thousands of dollars over the life of the loan.”

Lenders are required to send you a loan estimate detailing everything you need to know about the mortgage you’re being offered. The CFPB has an exceptionally helpful guide about how to read these — and how to compare them.

Read more: Questions To Ask Before Picking A Lender.

4. Find a reputable buyer’s real estate agent

Usually, as a buyer, retaining a real estate agent costs you nothing. This is because sellers generally pay the buyer’s real estate agent’s commissions. Not every buyer has an agent, but it’s a good idea. Your real estate agent can be one of your greatest assets throughout the transaction. (Just don’t use the same one the seller is using. Their first duty is to the seller.)

A good real estate agent helps you with the following:

  • Finding your dream home
  • Negotiating the best possible purchase deal
  • Completing the buying paperwork
  • Guiding you throughout each step of the transaction
  • Troubleshooting any issues

5. Find your home

This is the fun part: picking out your new home.

Depending on your local real estate market, it may take time to find the right property.

Think ahead about your future needs as well as your existing ones. Choose a home that meets your requirements for many years to come if possible and realistic.

Don’t be tempted by a quick-fix purchase with the expectation that you can move again in a few years. Buying and selling a home is expensive and the real estate market unpredictable — you don’t want to do it more often than you absolutely have to.

6. Make an offer

This is the moment when a good real estate agent proves most valuable. So listen to their advice.

It’s a real estate agent’s job to get you the best deal and they should have the knowledge and expertise to achieve that. So leave the negotiations up to them. Of course, your real estate agent should talk through tactics with you. Basically, how to pitch an offer that won’t alienate the owner but will have you paying the smallest amount possible.

Your real estate agent will also advise you on any “contingencies” that should be included in your offer. These are items that allow you to walk away at no cost if certain eventualities arise like an inspection contingency (if the home inspection uncovers unexpected issues) or a finance contingency (in case your mortgage loan has problems). There may be others as well.

7. Pay earnest money

You’ll typically be expected to pay earnest money when your offer is accepted. Your agent can negotiate the amount, but expect to pay between 1 to 5 percent of the purchase price.

As its name implies, earnest money indicates to the seller that you’re a serious (aka earnest) buyer. This isn’t lost money, though. You’ll get it back either as a deduction from your closing costs, or if your closing costs are covered by a third party, you’ll be refunded the amount.

8. Get a home inspection

Home inspections aren’t required to purchase a home, but they’re highly recommended — especially if you’re buying an older home. A home inspection gives you a top-down evaluation of the home and property, including the roof and home exterior, and shouldn’t be confused with a VA home appraisal.

Typically, you can back out of your offer and receive your earnest money back as long as there is an “inspection contingency” written into the purchase contract.

The VA home appraisal is required for a VA home loan and is arranged by your VA lender. It evaluates the property according to the VA’s minimum property requirements (MPRs) and is intended to protect you from purchasing a property that isn’t safe, sound, and sanitary; it also establishes a fair value of the property.

Read more: VA Appraisal & Home Inspection Checklist

9. Update your lender documentation

Every document used to approve your loan must be the most recent. Ultimately, your lender will ask for what it needs, but you can avoid delays by having it all ready in advance. Gather copies of your personal documents, including your latest pay stubs and bank statements.

You’ll also send a copy of the signed purchase contract to your lender. This allows your lender to order the VA appraisal and update your loan application with the address for your next home.

At this point, you may be asked to sign mortgage disclosure documents. These are sent to you by your lender and lay out the terms of your loan in detail — terms may have changed now that a specific home was found and purchase price agreed upon.

Read more: VA Mortgage Loan Document Checklist

10. Meet your lender’s underwriting conditions

Once it has all the required documentation, your lender submits your application to its underwriting department. This is the final step to officially approve your mortgage loan. It’s not uncommon for underwriters to request more information — called conditions — at this stage. Usually, additional documentation is all that is needed.

After the underwriter gives final loan approval, your lender sends your final loan documents to an escrow company.

11. Sign the final paperwork

You’ll likely go to the escrow agent’s office to sign all the final paperwork. Review all the documents carefully. Compare your most recent loan estimate with the closing disclosure. (Closing disclosures provide a final breakdown of all your loan’s details, including “projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs),” according to the CFPB.)

If there are discrepancies between your closing disclosure and your last loan estimate, your lender must justify them. While some costs can increase at closing, others legally can’t. Call your lender immediately if something doesn’t look right.

If you need to pay any closing costs, you’ll pay those at this time too. Bring a cashier’s check or other certified funds to the escrow office when you sign your documents; your escrow company provides the total amount needed.

12. Monitor the status of your loan

Unfortunately, your loan is not complete when you sign the documents. Your lender could take up to a week or more to finalize your loan and transfer the money. Once the lender funds the loan, the seller and all other parties are paid. (The final step: when the transaction is recorded in your jurisdiction’s official records.)

You might think now’s the time to relax. You can, soon. But, not quite yet.

Few home buyers realize that lenders routinely carry out a second (or third) credit check before closing. If your credit score has taken a hit, your lender could cancel your loan — or increase your mortgage rate. That means no late payments and no new credit cards until the loan process is complete.

Buy a home one step at a time

If you’re just getting started, then consider the VA loan program. VA loans can save you a lot of money and make your homeownership dreams come true.

VA loans typically come with lower interest rates than most other mortgages. The ICE Origination Insight Report shows they’re consistently lower than FHA and conventional loan interest rates. VA home loans also require zero money down and no continuing private mortgage insurance.

See if you’re eligible for a VA home loan (May 1st, 2023)

Source: militaryvaloan.com

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Home warranty services like Advanced Home Warranty offer to shield you from unexpected repair bills in exchange for $400 to $600 a year plus service fees.

You could sign up within minutes online and have coverage in place after a 30-day waiting period.

But do you really need to?

Would the warranty protect you from out-of-control expenses or would it be just another bill to worry about?

Could you find another way to pay for repairs?

To answer these questions with any certainty, you’d need to know the future, and we can’t help with that. You’ll have to settle for the next best thing: Studying the warranty to find out how it works and how it might (or might not) help you.

About Advanced Home Warranty

Advanced Home Warranty hasn’t been around very long, but its sister company, Choice Home Warranty, has provided warranties for decades. The companies offer very similar warranty plans.

Both companies offer lower-priced options compared to other warranty companies. You can save on premiums and service call fees.

You can also save by opting only for coverage on the systems you need, within certain parameters.

Advanced Home Warranty does not let you build your own customized warranty, but its plan structure lends itself to some customization.

Advanced Home Warranty’s Basic Plan

Advanced’s Basic option will cover the fundamental systems in your home with a couple of notable exceptions. The plan covers:

  • Cooktop
  • Ceiling and exhaust fans

  • Dishwasher
  • Ductwork
  • Oven / range / stove

  • Heating system
  • Electrical system
  • Plumbing system

  • Plumbing stoppages
  • Water heater
  • Whirlpool bathtub

  • Built-in microwave
  • Garbage disposal
  • Garage door opener

The Basic plan is a bargain at about $400 a year. But it does not cover your refrigerator, your clothes washer and dryer, or your air conditioner.

If you don’t need coverage for these systems, you could save with Advanced’s Basic Plan. If you do need this coverage, you’ll need the Total Plan.

Advanced Home Warranty’s Total Plan

The Total Plan includes everything in the Basic plan, along with your:

  • Air conditioner
  • Refrigerator
  • Clothes washer/dryer

The Total Plan starts around $550 a year.

Optional Coverage: Add Flexibility

With either the Basic or Total Plan, you could add coverage as needed in any combination to protect your:

  • Additional spa

  • Central vacuum
  • Pool/spa
  • Roof from leaks (limited protection)

  • Standalone freezer
  • Additional refrigerator
  • Well pump

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  • Septic system
  • Sump pump
  • Septic tank plumbing

Each of these add-ons could cost between $20 and $50 extra a year. This flexibility allows you to include only the coverage you need without paying to protect a system you don’t even have.

When warranties bundle more coverage together, you’re more likely to pay for services you don’t need, like a central vacuum system when all you have is an old upright Hoover, or a sump pump when your home is built on a concrete slab.

How Advanced Home Warranty Works

Advanced Home Warranty gets high marks for giving you more control over how you build your warranty coverage.

But we’re still in the hypothetical phase of the shopping process. How would this translate if you bought a plan that meets your specific needs?

Filing a Warranty Claim

You can buy a warranty on your home right now without needing a home inspection or any documentation. Unless your home exceeds 5,000 square feet, you’ll get a standard pricing plan based on your ZIP code.

Like most warranties, you’d have to wait 30 days after signing the contract before you can file a claim with Advanced Home. After your 30-day waiting period, you could call the company’s toll-free service number 24 hours a day.

Paying Your Service Fee

Assuming your warranty covers your faulty system, the company will send out a technician within two days (four days on weekends or holidays).

The technician will charge you $60 to diagnose the problem. Service fee amounts vary between warranty companies, but charging this fee is standard practice. It works like a deductible on your homeowners insurance policy or a co-pay on your health insurance.

The technician will either:

  • Fix the problem for no additional charge: This is the best case scenario, and if this happens you’ll feel good about your decision to buy the warranty.
  • Have a more specialized contractor come out: You’re still getting the problem fixed, but it’ll take a little longer.
  • Recommend replacing the system: As long as a replacement falls within your warranty’s annual spending caps, which we’ll get into below, you can get the system replaced at no charge.

  • Inform you the warranty won’t fix your problem: This can be infuriating after you’ve already paid the premiums and the service fee. Prevent this scenario by reading the contract carefully before signing.

Your Contract’s Exclusions

Any home warranty comes with some exclusions which could deny coverage even to a covered system in your home.

Many new homeowners who buy a warranty feel surprised when the warranty denies their claims. Advanced Home Warranty’s sample contract spells out the exclusions, which are far too numerous to list here.

Exclusions include:

  • For a refrigerator: Advanced won’t fix racks, shelves, lighting problems, ice makers, Freon, ice crushers, beverage dispensers, door hinges and gaskets, glass, Internet-connected features, spoiled food.
  • For a clothes washer: The warranty won’t fix problems with door seals, filter screens, leveling and balancing, glass, soap dispensers, knobs and dials, hinges, damage to clothing.

  • For an air conditioner: The warranty won’t cover condenser casings, electronic air cleaners, filters, humidifiers, gas air conditioning systems, registers and grills, non-ducted wall units, window units, water towers,  improperly sized units, chillers, roof mounts, jacks, stands or supports, commercial grade equipment — this list goes on and on.
  • Electrical system: The warranty won’t help with alarm systems, attic or exhaust fans, DC wiring, doorbells, fixtures, CO2 alarms, smoke detectors, inadequate wiring capacity, solar power panels or components, running new wires, damage due to power failure or surge. Again, this isn’t all.

The list of exclusions goes on for page after page, but the sampling above should show you the importance of checking the contract thoroughly before signing.

Annual Spending Caps

Your warranty’s contract should also tell you the maximum amount your warranty would pay each year. If your repair exceeds the spending cap, you’ll have to make up the difference out of pocket.

Most warranties have a comprehensive cap and/or a per-system cap.

Here’s a sampling of Advanced Home Warranty’s spending caps:

  • Heating system: $1,500 per year.
  • Electrical system: $500 per year.
  • Plumbing system: $500 per year.

  • Ductwork: $500 per year.

Other Reasons for Non-Payment

Advanced Home Warranty will provide details in your contract about several other conditions which could prevent the company from paying to fix your system.

For example, the warranty won’t pay for damage resulting from:

  • Known or unknown pre-existing conditions
  • Rust or corrosion
  • Mildew or mold

  • Sedentary build-up

Also, expect to cover the cost out of pocket for cutting through concrete or walls to access damaged systems. The company also won’t pay to repair cosmetic damage resulting from this kind of repair.

Alternatives to Advanced Home Warranty

Take a look at some of Advanced Home Warranty’s top competitors to ensure you get one of the best home warranties to protect your home.

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Should You Get a Home Warranty?

At this point, many shoppers ask themselves, “Why even bother with a warranty? Why would anyone pay into a plan with so many exclusions?”

These are good questions. Yet thousands of homeowners buy warranty coverage every year because they like the idea of paying about $500 a year in exchange for a few thousand dollars worth of home repairs.

The key is knowing how to use a warranty: The warranty should repair or replace home systems that wear out from normal wear and tear.

A warranty won’t fix a system which faltered because of misuse, over-use, lack of regular maintenance, or improper installation. A warranty also won’t help with cosmetic issues or personal preferences. It won’t pay for maintenance, inspections, or to get your system up to code.

Warranties vs. Homeowners Insurance

Sometimes your homeowners insurance policy could help you repair system damage that a home warranty will exclude. If lightning strikes your home and fries the electrical panel, for instance, your warranty won’t pay but your homeowners policy should.

It’s easy to confuse these two sources of help. Basically, a warranty can help when a system in your home wears out from normal use. Your insurance should help when an outside force — wind, hail, lightning, a tree, a burglar, or fire — damages or destroys your property.

Understanding this difference can help place a home warranty in context.

Who Needs a Home Warranty?

Whether a home warranty makes sense for you depends partly on your home. In a home where systems will be less likely to wear out, a warranty makes less sense.

In a brand-new construction, for example, you’re less likely to need work on your electrical system or your plumbing system. Something could go wrong, of course, but statistically speaking, you’re less likely to face high repair bills than someone in a 35-year-old home.

However, if you bring your older refrigerator and clothes washer into your new home, those systems will be more likely to need repairs this year. Your warranty should reflect this reality.

Reasons Not To Get a Home Warranty

Along with the condition of your home, your overall financial situation can also help you decide whether to buy into a plan like the one Advanced Home Warranty provides.

If you have several vulnerable systems in your home and you have no idea where you’d come up with a couple thousand dollars if needed, a home warranty could be useful. I’m assuming, of course, the $400 to $600 in premiums wouldn’t be too much of a hardship.

If you have money saved or you have another plan for coming up with repair money, such as a low-interest line of credit, you could rely less on the protection of a warranty.

Also, if you know how to fix just about anything in your home, you’d probably be OK without a warranty. You’ll still need to save some money for parts, perhaps, but you’d have less need for a technician to come out and assess your ailing system.

Bottom Line: Follow the Rules

Home warranty companies like Advanced Home Warranty provide a concrete service: home system repairs.

But they tend to sell customers on an abstract concept: a sense of security.

This sales pitch taps into your sense of fear as you enter homeownership. The pitch gives you an action to take (buying a warranty) to ease your fears of out-of-control repair bills.

To make the best decision as a consumer, you have to look beyond this sales pitch to see exactly how the warranty would (and when it wouldn’t) help you. These four rules can help:

  1. Understand What You’re Buying: We call these plans “home warranties,” but they hardly resemble a manufacturer’s warranty which will replace your phone or food processor. Instead, you’re buying a service contract which doesn’t come with very many guarantees. It can offer convenience and it should help replace or repair worn out systems.
  2. Read The Contract: Read and understand every word of your actual contract before you sign it. A sample contract like the one Advanced Home Warranty provides on its site will give you a good idea how the company works. But it’s not the same as the contract you’ll need to sign. If you don’t understand a clause, call customer service. If the rep can’t help you understand, consider moving on to another company.
  3. Customize Your Coverage: Advanced Home Warranty allows for more warranty customization than many companies. Try to avoid paying for coverage you couldn’t possibly use. Sometimes you’ll have to include a system or two you don’t need, but often you can create a customized plan.

  4. Have a Backup Plan: But wait, you might say, the warranty is my backup plan. Since warranties have so many limitations on service, you should still set aside some money for home system repairs. This can also help if your repair exceeds your warranty’s annual spending cap.

No, you can’t see the future and know for certain whether a warranty could save you money in the coming year. But learning as much as you can about Advanced Home Warranty in the present should help you avoid a lot of future frustration.


Source: goodfinancialcents.com

Apache is functioning normally

Most homebuyers have to pay a portion of the property’s purchase price upfront. This amount is called a down payment. Exactly how much you’ll need to put down hinges on several factors beyond just the price of the home. Here’s what to know.

What is a down payment on a house?

A home down payment is the part of a home’s purchase price that you pay upfront and does not come from a mortgage lender via a loan.There are many ways to come up with a down payment to buy a home. For repeat buyers who have positive equity in their current home, it’s often the proceeds from selling that home that helps make a down payment on another one. Other sources include:

Some down payment sources, however, are not allowed by lenders. These include loans or gifts from anyone who would benefit from the transaction, such as the home seller, real estate agent or lender.

How do down payments work?

Suppose you want to buy a house priced at $300,000. If you were to put $9,000 toward the purchase price, or 3 percent down, you’d take out a mortgage for the remaining $291,000. If you were to put down $60,000, your down payment would equal 20 percent of the purchase price, and your loan would be for $240,000.

Mortgage lenders often refer to the percentage of the purchase price that they finance as the loan-to-value ratio, or LTV. Using the above examples, here’s how that looks:

  • When you put $9,000 down (3 percent) on a $300,000 home, your LTV ratio is 97 percent.
  • When you put $60,000 down (20 percent) on a $300,000 home, your LTV ratio is 80 percent.

Who gets the down payment on a house?

As the homebuyer, your down payment goes into an escrow account, often managed by a real estate attorney or settlement officer. This third party holds onto the funds and distributes them to the seller once the deal is finalized. The seller ultimately receives the down payment.

How to choose the best down payment amount

Putting a large down payment comes with plenty of perks, but it’s not necessarily the best decision for every homebuyer. Consider these pros and cons:

Benefits of a bigger down payment

  • Smaller monthly payments: Making a bigger down payment upfront translates to smaller mortgage payments each month. Consider the difference between 3 percent down and 20 percent down on a $400,000 home. With a 30-year loan at a fixed 6 percent interest rate, Bankrate’s down payment calculator shows that the bigger down payment translates to a monthly mortgage payment savings of around $400.
  • Lower lifetime interest charges: Those smaller monthly payments add up to significant savings in the long run. In that $400,000 home example, a 20 percent down payment would save more than $78,000 over the course of a 30-year mortgage.
  • Potentially better terms: Lenders like to see larger down payments. By putting more of your own money into the transaction, you’re borrowing less of theirs, which can put you in the running for the lowest rates possible.
  • Ability to skip PMI: If your down payment is 20 percent on a conventional loan, you won’t have to deal with the additional monthly fee of mortgage insurance.

Drawbacks of a bigger down payment

  • Potential to stretch your savings too thin: If you’re draining nearly all your savings to make a bigger down payment, you’re putting yourself in a precarious position as a new homeowner. What happens if you need to cover an emergency cost?
  • The need for more time to save: You might be tempted to keep saving up money to make a bigger down payment, but that strategy can backfire. While you’re trying to cut every expense, home prices might still be rising at a pace you can’t keep up with.

Bigger vs. smaller down payment example

A bigger down payment can make it easier for you to get approved for a mortgage and allow you to buy more house for the same monthly payment, or even less. You might also get a lower rate and lower mortgage insurance premiums (if any). Here’s a breakdown of a 30-year, $375,000 mortgage with a 6.5 percent interest rate, using data from Bankrate’s mortgage calculator and mortgage insurance estimates from Freddie Mac’s PMI calculator:

$375,000 $11,250 (5%) $2,299 $342 $2,641
$375,000 $37,500 (10%) $2,133 $219 $2,352
$375,000 $56,250 (15%) $2,014 $89 $2,103
$375,000 $75,000 (20%) $1,896 $0 $1,896

Note this example doesn’t account for the interest rate savings you’d likely see if you were to make a larger down payment. With 20 percent down, for example, you might pay a lower rate compared to the rate you’d get with 10 percent down.

Keep in mind, as well: There is a trade-off between your down payment and credit rating. Bigger down payments can offset (to some extent) a lower credit score; higher credit scores can offset (to some extent) a lower down payment. It’s a balancing act.

For many first-time buyers, the down payment is the biggest obstacle to homeownership. That’s why they often turn to loans with smaller minimum down payments. Many of these loans, though, require borrowers to purchase some form of mortgage insurance.

However, mortgage insurance is not necessarily a bad thing if it gets you into a home and starts you on the road to building equity. Consider this: If you were to save $250 a month, it would take you 25 years to accumulate the $75,000 needed for a 20 percent down payment on a $375,000 home. That’s a long time to keep renting just to save up the money. Plus, by the time that 25-year period is up, that $375,000 house is going to cost a lot more.

What is the minimum down payment on a house?

The minimum down payment on a house depends on the mortgage program, the type of property you buy and the price of the home. In some cases, you might be eligible for a loan that doesn’t actually require a down payment at all.

Most conventional loans allow for as little as 3 percent of the purchase price if you have great credit. FHA loans require a small down payment as well: just 3.5 percent.

There are two government-backed loan programs that don’t have a down payment requirement: VA loans for service members and veterans and USDA loans for eligible buyers in rural areas.

Why mortgage lenders require a down payment

Very few mortgage programs allow 100-percent, or zero-down, financing. That’s because a down payment on a home reduces the risk to the lender in several ways:

  • Homeowners with their own money invested are less likely to default (stop paying) on their mortgages.
  • If the lender has to foreclose and sell the property, it’s not on the hook for the entire purchase price, which can limit its potential losses if the home is sold for less than the remaining mortgage balance.
  • Saving a down payment requires discipline and budgeting. This can help set up borrowers to be successful homeowners.

Why down payments are good for homebuyers

That initial down payment might feel like a huge obstacle standing in your way, but saving for a down payment provides good practice for the financial responsibilities of homeownership.

Suppose you currently rent for $800 per month, and the payment for the home you want to buy would be $1,200 per month. You can “practice” for homeownership by putting the $400 difference into savings. This accomplishes three things:

  • Your down payment savings grows.
  • You’ll get used to having less spending money.
  • You might avoid an expensive mistake if you realize you can’t handle the larger payment.

Many financial experts agree that having a down payment is a good sign you’re ready for homeownership. If you can make the necessary sacrifices to amass a down payment, then you’ll likely be able to manage expenses that come with owning a home, including monthly mortgage payments, homeowners insurance and maintenance, repairs, property taxes, HOA dues and utilities.

Plus, a larger down payment can also help you win a bid for a home against other buyers. By reducing uncertainty about whether the transaction can go through, the higher down payment makes your offer more competitive.

Bottom line on down payments

The size of your mortgage down payment is a personal and practical decision. Take a holistic look at your monthly budget, debts and cost of living in your city. Bankrate’s affordability calculator can help you determine the right amount for you, and so can a trusted mortgage professional. Ultimately, the decision comes down to your desire, discipline and resources.

Source: thesimpledollar.com

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Every day, we make decisions which help to protect our homes and properties.

We insure our vehicles, take out homeowners insurance, and make sure we sign up for the warranties on our items to ensure they are safe and covered for longer.

A home protection plan allows you to protect the essentials in your home in case of malfunction or breakdown.

TotalProtect can help you out by providing a plan which is designed to cover the expense of replacing or repairing your appliances if they go wrong—a fact which is inevitable over time following the general wear and tear of everyday life.

A home warranty means you are fully prepared for whatever life throws at you, and saves you from spending massive amounts on replacing your appliances.

About Home Warranties

A home warranty acts in a similar way to taking out an insurance policy on your home or vehicle.

Most homeowners have home insurance—a requirement for many mortgages—but this is limited to scenarios such as theft or damage to your property from fire or other disasters.

Any mechanical aspects of your home, from garage doors to dryers, will not be included, meaning you will be left with the headache of sourcing a repair person and facing a hefty bill if anything goes wrong.

What Home Warranties Cover

A home warranty, on the other hand, is designed to cover these appliances, as well as heating and cooling systems, plumbing, electrical, and more.

You pay a monthly sum and are fully covered for any repairs, replacements or breakdowns which occur during the life of the product.

In return for this regular payment, the company will provide technicians who can repair, replace or, in rare circumstances, offer a cash substitute for any items which have malfunctioned.

How Claims Are Processed

In the event of a claim, you can contact the customer services team by phone or email, and this resource is available 24/7, even during national and public holidays.

Upon receiving this call, the handler will be able to schedule a technician to visit your home and assess the situation, as well as carry out any repairs or replacements which are needed.

With over 40,000 pre-screened technicians, this is a fast and easy way to deal with the problem quickly.

What TotalProtect Has to Offer

TotalProtect is among our top picks for home warranties.

A plan from TotalProtect is ideal for busy homeowners who do not want to be calling a technician every time something breaks down.

This takes up precious time and often proves more expensive. Instead, a single call to your provider will take care of everything for you.

One key bonus is the ability to pick and choose your plans—we will discuss these in more detail later—and this allows you to adapt your policy to your lifestyle and needs, ensuring that you are not paying for anything unnecessary.

You can select the items, systems, and appliances which you require cover for, and tailor your plan to suit you.

TotalProtect Plans

TotalProtect offers three plans.

These are:

Appliances Plan

This plan covers all appliances in your home, with a particular emphasis on kitchen and laundry appliances. Items covered include:

  • Stoves, ranges, and ovens, including wall ovens
  • Range exhaust hood
  • Refrigerators
  • Washers and dryers
  • Dishwashers
  • Built-in ice and water dispensers
  • Built-in microwave
  • Integrated trash compactor
  • Built-in dishwasher
  • Garbage disposal

Systems Plan

As the name suggests, the systems plan is designed to cover all critical systems within your home, such as:

  • Heating and air conditioning systems
  • Gas and electrical systems
  • Interior plumbing
  • Water heaters
  • Toilets
  • Plumbing lines
  • Plumbing stoppages
  • Sump pump
  • Whirlpool bath
  • Central vacuum
  • All doorbells and chimes
  • Garage door opener
  • Smoke detectors
  • Interior electrical lines
  • Interior gas lines
  • Attic or whole house exhaust fan

Combo Plan

The combo plan allows you to pick and choose the elements of the systems and appliances plans, to create the perfect combination for your needs and requirements.

It also comes with additional benefits, including:

  • Homeowners insurance discounts
  • Unknown pre-existing condition coverage
  • No inspections required before taking out the policy
  • Coverage for rust and corrosion
  • No annual aggregate caps
  • Coverage for your pool or spa

Exclusions

As with any policy, there are certain exceptions and exclusion which cannot be claimed.

Unlike some of their competitors, TotalProtect will cover a pre-existing condition which you were previously unaware of.

That means you will not be abandoned without support if one of your systems or appliances suddenly develops a fault.

There is typically a price cap of around $1,000 per item, which may leave some homeowners out of pocket if you have invested in a particularly pricey product.

Alternatives

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font-size: 1em

#ap77488-w-placement-top10-v2 .company-table .company-item .overview ul li p,
#ap77488-w-placement-top10-v2 .company-table .company-item .overview ul li span
font-size: 1em

#ap77488-w-placement-top10-v2 .company-table .company-item .overview hr
margin-top: 0.5rem;
margin-bottom: 0.5rem;
border: 0;
border-top: 1px solid #F0F5F9;;
width: 100%;

#ap77488-w-placement-top10-v2 .company-table .company-item .overview .attrs-list
display: flex;
flex-wrap: wrap !important;
justify-content: space-between;
margin-bottom: 0.75rem;

#ap77488-w-placement-top10-v2 .company-table .company-item .overview .attrs-list .attrs-list__item
display: flex;
flex-direction: column;
margin: 0.5rem;

#ap77488-w-placement-top10-v2 .company-table .company-item .overview .attrs-list .attrs-list__item__value
font-size: 14px;
margin-top: 0.5rem;

#ap77488-w-placement-top10-v2 .company-table .company-item .cta
order: 3;
min-width: 200px;
text-align: center

#ap77488-w-placement-top10-v2 .company-table .company-item .cta a.btn-primary
min-width: 120px;
border-radius: 100px;
font-size: 1.3em;
line-height: 1.3em;
font-weight: 600;
text-align: center;
padding: 12px 30px;
text-decoration: none;
display: inline-block;
transition: background-color .2s ease, border-color .2s ease, color .2s ease;
word-break: break-word

#ap77488-w-placement-top10-v2 .company-table .company-item .cta a.btn-primary:hover
opacity: 0.92

#ap77488-w-placement-top10-v2 .company-table .company-item .mobile-p1-highlight
display: none

#ap77488-w-placement-top10-v2 .company-table .company-item .cb-item-toggle
width: 0;
height: 0;
opacity: 0;
overflow: hidden;
position: absolute;
pointer-events: none;
bottom: 0

#ap77488-w-placement-top10-v2 .company-table .company-item .cb-item-toggle:checked~.overview
max-height: 150vw

#ap77488-w-placement-top10-v2 .company-table .company-item .cb-item-toggle:checked~.overview-toggle::before
content: “See Less”

#ap77488-w-placement-top10-v2 .company-table .company-item .cb-item-toggle:checked~.overview-toggle::after
transform: rotate(0)

#ap77488-w-placement-top10-v2 .company-table .company-item .overview-toggle
display: none

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .top-partner-banner
padding: 6px 40px 6px 10px;
overflow: hidden;
flex: 1 1 auto;
display: flex;
align-items: center;
justify-content: center;
position: absolute;
top: 8px

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .top-partner-banner::before
position: absolute;
content: “”;
width: 0;
height: 0;
border-style: solid;
border-width: 20px 30px 20px 0;
border-color: transparent #fff transparent transparent;
right: 0

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .top-partner-banner span
font-size: 1.3em;
font-weight: 600;
line-height: 1.2em;
margin: 0;
padding: 0;
text-align: center;
position: relative;
width: 100%;
hyphens: auto

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .top-partner-banner::before
display: block

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .logo-container
margin: 52px 0

#ap77488-w-placement-top10-v2 .company-table .company-item:last-of-type
border-bottom: none

#ap77488-w-placement-top10-v2.shadow-none header
padding: 15px 0px;

#ap77488-w-placement-top10-v2.shadow-none .company-table-header
border: 2px solid #F0F5F9;
border-bottom: none;

#ap77488-w-placement-top10-v2.shadow-none .company-table .company-item
border: 2px solid #F0F5F9;

#ap77488-w-placement-top10-v2.shadow-none .company-table .company-item:not(:first-child)
border-top: 0px;

#ap77488-w-placement-top10-v2.shadow-none .company-table .company-item:last-of-type
border-bottom: 2px solid #F0F5F9;

#ap77488-w-placement-top10-v2 .company-table .company-item .our-partner
margin-top: 12px;
display: block;
font-size: 1em;
font-weight: 500;
color: #9B9B9B;

@media screen and (max-width: 768px)
body
padding: 0;
margin: 8px

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper form
flex-direction: column;

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .zip-filter
margin-bottom: 10px;

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .zip-filter .title,
#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .sorting-menu .title
min-width: 80px;
font-size: 14px;
text-align: right;

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .zip-filter,
#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .sorting-menu
width: 100%;

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .zip-filter input,
#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .sorting-menu,
#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .sorting-menu .action-group
width: 100%;

#ap77488-w-placement-top10-v2 .company-table-wrapper
box-shadow: none

#ap77488-w-placement-top10-v2 .company-table-header
display: none

#ap77488-w-placement-top10-v2 .company-table .company-item
border-radius: 8px;
box-shadow: 0 0 4px 0 #9AAAB9;
margin-bottom: 18px;
flex-wrap: wrap;
align-items: stretch;
padding: 0

#ap77488-w-placement-top10-v2 .company-table .company-item .logo-container
flex: 1;
width: 50%;
min-height: 140px

#ap77488-w-placement-top10-v2 .company-table .company-item .cta
margin: 10px 0;
order: 2;
flex: 1;
min-width: auto;
width: 50%;
display: flex;
align-items: center;
justify-content: center

#ap77488-w-placement-top10-v2 .company-table .company-item .cta a.btn-primary
min-width: 120px;
font-size: 1.1em;
padding: 16px 10px

#ap77488-w-placement-top10-v2 .company-table .company-item .mobile-p1-highlight
padding: 0 8px;
order: 3;
width: 100%;
display: flex;
justify-content: center;
font-size: 1.2em;
font-weight: 600;
color: #333;
text-align: center

#ap77488-w-placement-top10-v2 .company-table .company-item .overview
order: 4;
display: block;
line-height: 1.4em;
font-size: 1.1em;
overflow: hidden;
transition: max-height .3s ease;
max-height: 0

#ap77488-w-placement-top10-v2 .company-table .company-item .overview .overview-inner
padding: 8px 15px 20px

#ap77488-w-placement-top10-v2 .company-table .company-item .overview p
line-height: 1.4em;
text-align: left;
margin: 0

#ap77488-w-placement-top10-v2 .company-table .company-item .overview .p1-highlight
display: none

#ap77488-w-placement-top10-v2 .company-table .company-item .overview ul
padding: 0;
margin: 0

#ap77488-w-placement-top10-v2 .company-table .company-item .overview ul li
text-align: left;
line-height: 1.4em

#ap77488-w-placement-top10-v2 .company-table .company-item .overview-toggle
padding: 6px;
width: 100%;
max-height: 24px;
order: 4;
cursor: pointer;
font-weight: 700;
line-height: 1em;
font-size: 1em;
color: #7C92A7;
background-color: #F0F5F9;
display: flex;
align-items: center;
justify-content: center;
align-self: end;
border-bottom-left-radius: 8px;
border-bottom-right-radius: 8px

#ap77488-w-placement-top10-v2 .company-table .company-item .overview-toggle::before
margin-right: 8px;
content: “See More”

#ap77488-w-placement-top10-v2 .company-table .company-item .overview-toggle::after
content: “”;
width: 12px;
height: 12px;
background-image: url(data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxMiAxMiI+PHBhdGggZmlsbD0iIzdDOTJBNyIgZD0iTTExLjcgOEw2IDIuMy4zIDhjLS40LjQtLjQgMSAwIDEuNC40LjQgMSAuNCAxLjQgMEw2IDUuMWw0LjMgNC4zYy4yLjIuNC4zLjcuM3MuNS0uMS43LS4zYy40LS40LjQtMSAwLTEuNHoiLz48L3N2Zz4=);
transform: rotate(180deg);
background-repeat: no-repeat;
background-position: center center;
background-size: contain

#ap77488-w-placement-top10-v2 .company-table .company-item.highlight .logo-container
margin: 45px 0 0 0

#ap77488-w-placement-top10-v2 .company-table .company-item:first-of-type .logo-n-cta .logo
margin-top: 20px

#ap77488-w-placement-top10-v2.expand-bullets-on-mobile .company-table .company-item .overview-toggle
display: none

#ap77488-w-placement-top10-v2.expand-bullets-on-mobile .company-table .company-item .overview
max-height: 150vw

#ap77488-w-placement-top10-v2 .company-table .company-item .ranking
border-top-left-radius: 8px;
left: -2px;
top: 0px;

#ap77488-w-placement-top10-v2 header h3
margin-bottom: 0.5rem;
margin-top: 0.5rem;

@media (min-width: 576px)
#ap77488-w-placement-top10-v2 .d-sm-inline
display: inline;

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Should You Get a TotalProtect Home Warranty?

Pros

  • Work guarantee: 180-day guarantee on all work, repairs, and replacements, which usually far exceeds the warranty you may get from sourcing an independent technician or service
  • Customer service: 27/7 access to customer support, allowing you to make a claim at a time which is most convenient to you and your schedule
  • Flexible payments: Monthly repayments make this an affordable option, and it can work out as being better value than sourcing your own contractors and replacements, particularly if you are required to replace more than one item.
  • Easy booking: TotalProtect will provide the technician, saving you time and effort
  • Versatile plans: A range of plans, including the option to create your own providing flexibility and ensures that you are not paying for anything you don’t want or need

Cons

  • Limited selection: You are restricted to using the technicians and contractors supplied by TotalProtect. There is no option to choose your own supplier, even if you have a preference
  • Vague exclusions: TotalProtect is not clear on the exclusions from the policy. It is essential to be fully aware of any exceptions before agreeing to sign up
  • Low maximum: Price cap of around $1,000 per product for a repair or replacement, which could leave homeowners with more expensive items out of pocket

In Conclusion

A home warranty plan is an ideal way for busy and time-poor homeowners to ensure that every aspect of their home, systems, and appliances are fully covered.

It offers an affordable way to repair and replace any aspects which begin to malfunction and has the bonus of coming with a team of qualified technicians who can diagnose and address the problem in no time.

The option of low monthly repayments is also an appealing alternative to the cost of a new air conditioning system or refrigerator.

As with any policy or warranty, it is crucial to read the small print and be confident that you have all of the facts and information you need to make an informed decision. It is particularly important to consider the exclusions to the policy.

Make sure that this information is available to you at the start of the process to reduce the risk of any unpleasant surprises when you come to make a claim.

If you are looking for a convenient solution to take care of your appliances and home systems, a home protection warranty could be precisely what you need.

Source: goodfinancialcents.com