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Building Credit to a Better Future
Building credit is building a better future. Nowadays it takes
good credit scores to purchase a home, buy a car, and get a
credit card and so on. If your credit is bad usually more bad
follows. It takes you to find a solution to repair your...
Credit Help for Buying Houses: 14 Common Credit Mistakes
Get the credit you need to buy real estate. Qualifying for a real estate purchase requires different credit than automobile financing or retail credit. If you plan to finance real estate, either as a home buyer or as an investor, these credit...
Don't Pay Your Minimum Balance on Credit Cards
You have two or more major credit cards comfortably snug inside
your wallet. You are quite proud of them and they seem to act
like your security blanket. But are you sure that security is
the commodity being offered by the credit cards? The...
Free Credit Reports For You
American consumers are now entitled to receive one free copy of their credit report per year from each of the three major credit reporting agencies. Equifax, Experian, and Trans Union are now all required by law to furnish to you a copy of your...
Total Cost Of Credit vs Monthly Payments
I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release was home mortgages. A company was announcing the availability of 40 year mortgages for its customers....
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What is Credit Insurance?
Are you wondering what is credit insurance? Very simply, credit insurance is an insurance policy that protects a loan on the chance that you are unable to make the repayments. The next time you have occasion to apply for a loan or mortgage, you will be asked if you want to buy credit insurance, or it might already be included in your loan proposal. If so, it will increase your loan amount and you'll pay additional interest.
Credit insurance usually is optional, which means you don't have to purchase it from the lender. Before deciding to buy credit insurance from a lender, think about your needs, your options, and the rates you're going to pay. You may decide you don't need credit insurance.
If you decide to get credit insurance be aware that it can be an expensive form of insurance. For example, it may be less expensive and more practical for you to get life insurance than credit insurance.
Before deciding to buy credit insurance, ask the lender the following questions:
How much is the
credit insurance premium?
Will the credit insurance premium be financed as part of the loan?
Can you pay monthly instead of financing the entire premium as part of your loan?
How much lower would your monthly loan payment be without the credit insurance?
Will the insurance cover the full length of your loan and the full loan amount?
Can you cancel the insurance? If so, what kind of refund is available?
Prior to signing any loan papers, ask the lender whether the loan includes any charges for voluntary credit insurance. If you don't want credit insurance, tell the lender. If the lender still insists that you take out credit insurance, find another lender.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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