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Credit | Rocket HQ

Credit is an important part of your financial health. Check out the latest tips for improving and maintaining a healthy credit score.

Actived: Thursday Jan 21, 2021

URL: https://www.rockethq.com/learn/credit

The Basics Of Homeowners Insurance | Rocket HQ

Details: Homeowners insurance is designed to cover you in the event of property damage as well as provide insurance for stolen or damaged property and also give you the resources if someone suffers injury or property damage because of you. While it covers many things, you may need hazard insurance for items like floods, wildfires and earthquakes.

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Insurance Premiums: What They Are And How They Work | RocketHQ

Details: This insurance helps pay to replace the items inside your apartment or unit when they are destroyed or damaged. You might think you can skip the cost of paying renters insurance premiums, thinking that your landlord will cover damages. This is a myth. Your landlord is responsible for repairing damages to the building itself, not your unit.

› Verified 5 months ago

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What Is A Rider In Insurance? | Rocket HQ

Details: An insurance rider (also called an insurance endorsement) is an add-on that policyholders have the option to use to supplement the coverage their standard policy offers.

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Guide To Financial Services For Beginners | Rocket HQ

Details: Insurance agents are sales people who represent one or more insurance companies and receive commissions for selling policies. They might sell automotive, property or life insurance. Brokers. Whereas an agent represents the agency, the broker represents the consumer.

› Verified 7 days ago

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How To File A Claim For Life Insurance | Rocket HQ

Details: Every life insurance company is different, so it’s best to contact them directly. For the most part, the procedure is as follows: Know the name of the company – In many cases, you may not need the policy number or the policy information. However, you do need to know the life insurance company’s name or the agent who sold it to the deceased policyholder.

› Verified 17 days ago

› Url: https://www.rockethq.com/learn/personal-finances/how-to-file-for-life-insurance-claim Go Now

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What Is The FDIC And What Does It Cover? | Rocket HQ

Details: Almost universally known by its acronym, “FDIC,” the full name of the regulatory body is the Federal Deposit Insurance Corporation. It’s a government agency that has been around since 1933, developed in response to a need to address a wave of bank failures caused by “bank runs.”

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Deductible: What Is It, And How Does It Work? | Rocket HQ

Details: These insurance policies, then, can be an affordable way to pay for insurance, whether health, car or homeowners, throughout the year. Make sure, though, that you can afford the deductible. There are certain limits placed on high-deductible health insurance plans. According to HealthCare.gov, the IRS for 2020 defines a high-deductible health

› Verified 7 days ago

› Url: https://www.rockethq.com/learn/personal-finances/deductible Go Now

› Get more:  Homeowner,  HealthGo Now

Underwriters: Who They Are And What They Do | Rocket HQ

Details: Insurance Underwriter. An insurance underwriter's primary focus is to review applications for property and casualty (auto and home insurance), or life and health (life, dental, disability) and either accept or reject an application based on the risk and underwriting outcome.

› Verified 14 days ago

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What Is An Annuity And Is It Worth The Investment? | Rocket HQ

Details: Basically, you pay the insurance company either a lump-sum payment or multiple payments. In return, they promise to pay you a regular income either immediately or in the future. This makes an annuity a pretty neat benefit if you’re looking to retire, because you get to put a single payment into a product that pays you back when you need it.

› Verified 3 months ago

› Url: https://www.rockethq.com/learn/personal-finances/annuity Go Now

› Get more:  Insurance QuotesGo Now

What Qualifies As An Asset? | Rocket HQ

Details: Life insurance policy. If you have taken out a life insurance policy, it may qualify as an asset. Term life insurance policies are not typically considered assets without a cash surrender value. Whole life insurance policies are more likely to be considered an asset because they typically have a cash-value investment component embedded in the

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How To Shop For Life Insurance | Rocket HQ

Details: Many life insurance professionals recommend a policy with a value of 5 – 10 times your income. Finally, consider the benefits of both whole and term life insurance before you start shopping. Term life insurance. Most experts prefer term life insurance to whole life insurance. As the name suggests, you’ll have coverage for a fixed amount of

› Verified 1 months ago

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What Is The Half Payment Method? | Rocket HQ

Details: Auto insurance: $100 due on the 10th of the month; Internet: $50 due on the 1st of the month; Total payments due: $950; Money left: $300; As you can see, you have funds left over at the end of each pay period. However, you have double the amount of funds left over in the first pay period of the month.

› Verified 6 days ago

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Long-Term Care Insurance: What Is It And Do You Need It

Details: Long-term care insurance can ensure that you receive the care you need, and don’t have to drain your retirement savings in the process. However, don’t forget about the long-term care elimination period. Most plans will come with a waiting period, which is the number of days you’ll pay for the insurance before being eligible to receive

› Verified 20 days ago

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What Is Imputed Income? | Rocket HQ

Details: Benefits such as adoption assistance, group term life insurance or ones with assigned values are straightforward to calculate. Other ones like personal use of a company vehicle may be more complex, requiring employers to calculate the fair market value. In this instance, the value of this fringe benefit is the cost an employee would be charged

› Verified 5 days ago

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How Much Life Insurance Do You Need? | Rocket HQ

Details: Schimri Yoyo, a licensed life insurance agent and financial advisor with Seattle-based CompareLifeInsurance.com, says that consumers should consider the three P’s when determining how much life insurance they need: purpose, payout and price.. First, look at the purpose of your life insurance policy, Yoyo says.

› Verified 7 days ago

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How To Pay Medical Bills When You Don’t Have Insurance

Details: Both health insurance and medical care are expensive in the United States. Covering medical bills when you lack insurance will require a combination of shopping for lower-cost care, negotiating payment plans and even turning to crowdfunding sites for donations.

› Verified 6 days ago

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HSA: What It Is And How To Make The Most Of It | Rocket HQ

Details: For 2020, the IRS defines a high-deductible health plan as any insurance plan with a deductible of at least $1,400 for an individual or $2,800 for a family. If you’re in such a plan, then, you might end up spending thousands of dollars in out-of-pocket costs before your insurer begins to cover its share of your healthcare costs.

› Verified 23 days ago

› Url: https://www.rockethq.com/learn/personal-finances/hsa Go Now

› Get more:  HealthGo Now

How To Get Rid Of Mortgage Insurance | Rocket HQ

Details: Borrower-paid mortgage insurance (BPMI): BPMI is an additional fee that you’ll pay along with your mortgage payment until you have at least 20% equity in your home. It’s split into monthly installments. Lender-paid mortgage insurance (LPMI): If you’d like to avoid tacking on a fee to your mortgage payment, LPMI may be a good option. While

› Verified 8 days ago

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100 Frugal Living Tips For Seniors | Rocket HQ

Details: 7. Drop Disability Insurance. If you no longer need to work to survive, you may want to reconsider your disability insurance. Only continue to pay for coverage if it makes sense for your lifestyle. 8. Reconsider Life Insurance. As you continue to age gracefully, you might find that you have fewer obligations and dependents.

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How To Apply For Unemployment | Rocket HQ

Details: Unemployment insurance is a form of temporary assistance meant to help workers who have become unemployed through no fault of their own while they search for a new job. If you believe you’re eligible for unemployment benefits, you’ll most likely file a claim with the state in which you worked. If approved, you’ll begin receiving checks.

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What Is A Combination Mortgage | Rocket HQ

Details: PMI is a type of insurance that you pay monthly if you have less than a 20% down payment when you buy your home. PMI protects your lender in the event that you default on your loan – and it doesn’t offer you any protection as the homeowner. However, your mortgage lender will still require you to pay a PMI premium every month if you finance

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5 Best Home Warranty Companies In 2020 | Rocket HQ

Details: The Basics Of Homeowners Insurance Home Buying 7-minute read September 21, 2020. Homeowners insurance is a policy that covers losses and damages to your property. Read on for a basic understanding of how it works and how it helps homeowners. Read More

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How To Set Up An Emergency Budget | Rocket HQ

Details: This is especially good for insurance costs. Often times, you may be able to stick with your current provider and get a lower cost by telling them you’re switching to a different provider. When it comes to debt payments, work with your lender and see if you can lower your interest rate or, if in dire straits, defer payments.

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Tax Deductions For First-Time Home Buyers | Rocket HQ

Details: Due to some recent changes to the tax law, private mortgage insurance (PMI) is deductible for tax years 2018, 2019 and 2020. This is due to The Mortgage Insurance Tax Deduction Act of 2019. Do some research and consult a tax professional to see how you can deduct this from previous year's taxes.

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What Is An Installment Loan? | Rocket HQ

Details: When your interest rate is fixed, your monthly payments will remain largely unchanged, which makes it easier to budget for your payments. Again, there are exceptions. Your monthly mortgage payment might rise or fall if your homeowner’s insurance or property tax payments do the same.

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The Pink Tax: What Is It And How Can I Avoid It? | Rocket HQ

Details: The rationale for charging women more for health insurance was that women have more health – specifically, reproductive – costs than men. In 1991, Yale Law professor Ian Ayres found that car dealerships were systematically offering better prices on identical cars to white men than they were for black or women shoppers.

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What To Do With Your Retirement And Investments During

Details: When the stock market drops, it’s an opportunity for investors. It’s a good time to invest in more stocks for less dollars.. Bob Gustafson, a certified financial planner with Triton Financial Group in Marlborough, Massachusetts, says that investors who are younger and further from retirement age should invest more in the stock market and maximize their investments in their 401(k) plans or

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Personal Finances | Rocket HQ

Details: Insurance deductibles affect your coverage when you file a claim. Learn what deductibles are, how they work, and which type of deductible is best for you. Read More Show More Articles Our Sister Companies. Buy a home, refinance or manage your mortgage online with America's largest mortgage lender¹

› Verified 17 days ago

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› Get more:  Mortgage,  FinanceGo Now

What Is An Escrow Shortage? | Rocket HQ

Details: Mortgage insurance: If you made a down payment of less than 20%, you’ll end up paying for private mortgage insurance until you reach at least that amount of equity with a conventional loan. FHA and USDA have their own forms of mortgage insurance requirement, usually for the life of the loan.

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Best Options For High Mileage Car Leasing | Rocket HQ

Details: This is certainly an option, although it gets to be a bit of a hassle when you consider you’ll have to pay for a new registration, insurance, etc. If purchasing another car for the time being is too much, cut down on your miles by carpooling to work and any other place possible.

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Who Pays Closing Costs? | Rocket HQ

Details: Homeowners insurance premium: Typically the buyer will pay for homeowners insurance for the rest of the year at closing. Private mortgage insurance (PMI): You can sometimes pay for PMI upfront. Although it varies by lender, this is an opportunity to save money over the long term.

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Debt-To-Income Ratio: Facts & DTI Calculator | Rocket HQ

Details: Let’s say you have a monthly gross income of $6,000 and spend $1,500 between your mortgage payment, homeowners insurance and property taxes. In this case, your housing expense ratio would be 25% ($1,500÷$6,000=0.25).

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What Are Living Expenses? And How Much Do You Need

Details: These expenses include things like insurance premiums, office copays for general practitioners and specialists, pharmacy copays and over-the-counter medications. 5. Clothing At first glance, clothing may seem like more of a want than a need. But everyone needs clean and appropriate clothing to wear.

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How To Calculate And File Self Employment Taxes For 2020

Details: Unemployment Insurance. Finally, the CARES Act made state unemployment benefits available to self-employed workers, including independent contractors, who were unemployed or underemployed due to the pandemic. Different states might have altered requirements, so be sure to find out what you might be eligible for.

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How Collateral Works And Types Of Collateral Loans | Rocket HQ

Details: Collateral Protection Insurance is used to insure an asset that is being used as collateral for a loan. As part of the loan agreement, the borrower typically agrees to purchase CPI and add the lender as a lienholder on the policy. In the event that the asset is damaged – say, a home is flooded, or a car is totaled – the CPI then protects

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› Url: https://www.rockethq.com/learn/personal-finances/collateral-loans Go Now

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The Real Cost Of Buying A Home | Rocket HQ

Details: Title Insurance. According to one estimate by ValuePenguin, the total cost of title insurance if you get both the lender’s title policy and the owner’s policy is $1,374. Let’s break down title insurance briefly and explain what each of these policies represent. When you take the title and deed of a home, you own that property.

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13 Common Mistakes First-Time Home Buyers Make | Rocket HQ

Details: Make sure you have an emergency fund built up before you purchase a home. Some financial professionals recommend at least $1,000 or enough to cover your insurance deductibles, while others recommend 3-6 months worth of expenses. You should also separate the money you are saving for a down payment from your regular savings account.

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The Definitive Guide To Creating A Budget That Works

Details: Things like birthday gifts, insurance premiums, the electric bill after a heat wave, your family’s annual school shopping trip – how do you prepare your budget for rare or unexpected costs? When you’re making your budget, looking at what you’ve historically paid for certain variable expenses (such as groceries or electric bills) can help.

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45 Tips For Home Buyers | Rocket HQ

Details: To avoid PMI insurance, you’ll want to save at least 20% for a down payment. Also, most conventional loans require a larger down payment of 5% on a one-unit primary residence, though there are some 3% conventional loans available. For FHA buyers, don’t get discouraged if everyone’s asking for conventional terms.

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From End-Of-Life Care To Funeral: The Cost Of Dying In

Details: Health insurance coverage is typically very limited when it comes to long-term care. If you anticipate needing to live in a long-term care facility as you age, you should plan ahead, as it’s likely you’ll be responsible for the majority of the costs. You may consider purchasing long-term care insurance or speaking with a financial advisor

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How To Make Passive Income Through Rental Income | Rocket HQ

Details: Landlord Insurance. Landlord insurance is a type of homeowner’s insurance that protects your property when you have long-term tenants. Landlord insurance provides many of the same benefits as homeowner’s insurance but can be more expensive due to additional tenant risk.

› Verified 7 days ago

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What Is An FHA Mortgage? | Rocket HQ

Details: Mortgage Insurance Requirements: If you opt for an FHA loan, you’ll be on the hook for an upfront mortgage insurance premium and annual mortgage insurance premiums. A conventional mortgage will only require mortgage insurance if you put less than 20% down. Is The FHA Loan Right For You?

› Verified 9 days ago

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What Is Down Payment Assistance And How Can It Help You

Details: There’s no down payment required and instead of mortgage insurance there’s a one-time funding fee that can either be paid at close or tacked on to the loan principal. The amount of the funding fee varies based on the size of your down payment (if any) as well as whether you were active-duty or in the National Guard/reserves.

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Furlough: What Does It Mean For Your Finances? | Rocket HQ

Details: Once laid off, your position or job isn’t guaranteed, though you may be able to be rehired. It also results in a loss of employee benefits such as company-provided health insurance – though there are ways to continue coverage. Depending on the company, laid-off employees may be eligible for severance pay.

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What Is A USDA Guarantee Fee? | Rocket HQ

Details: USDA loans are intended for low-to-moderate income households with the goal of providing affordable housing in qualifying areas that are rural or on the edge of suburbia. The income levels required will vary depending on what area you’re looking to buy in and the size of your household.. Many people don’t even know USDA loans exist because many lenders don’t actively promote them.

› Verified 8 days ago

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Start 'Em Young: How To Improve Your Child's Credit Score

Details: As adults, we’re aware of the importance of a healthy credit score. We know that those three little numbers hold the key to enviable interest rates, approval for certain financial products, and even low premiums on products like auto insurance.

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What Is A Refinance And How Much Money Can It Save Me

Details: Conventional loans have a couple of other benefits. Unlike an FHA loan, mortgage insurance goes away if you have enough equity in the property. This is also the only loan type from a major investor that you can use to refinance a second home or investment property. FHA Refinance. If you have an FHA loan, you have a few options for refinancing.

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Adjusted Gross Income (AGI): Defined & Explained | Rocket HQ

Details: Health insurance premiums for the self-employed; Losses from the sale or exchange of property; Employer portion of self-employment taxes Penalties on early savings withdrawals Alimony paid on divorces settled prior to 2019; Moving expenses for active military members and their pets; Etc. With these numbers subtracted, you now have your AGI.

› Verified 6 days ago

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The Best Travel Credit Card For 2021 | Rocket HQ

Details: Key perks: Travel and lost baggage insurance, extended warranty, flexible redemption options. Cons: Sure, you get some great perks for an annual card with no fee, but your earnings are much lower than what you could get with a card with a $95 annual fee. If you want to increase your rewards earnings and use credit cards often, you might want to

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How To Calculate Your Net Income: 4 Steps | Rocket HQ

Details: Health insurance – $32.99; Since he knows that the above deductions will be taken from his check 24 times a year, he adds them up and multiplies by 24. The answer he gets is $3,328.08. He subtracts this from his gross income and gets the total $34,798.32.

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