insurance what type? how much?

personal insurance

In this section, we explain and help you understand the differences between

• life insurance, which includes term life and whole-of-life insurance, and

• accident and illness insurance, which includes income protection and dread

disease


life insurance

The good news is that not everyone needs life insurance.

• If you have enough assets to provide you with an income without going to work, you don’t need life insurance.
  

• If you don’t have a partner or dependants and do not have any liabilities you don’t need life insurance. If however, you have debts and dependants, you need to work out what the financial effect would be if you or your partner were to die? Your answer will probably be that you need enough life insurance to:
  

• pay off your debts, and

• provide an income for your dependants.

Apart from life insurance provided by your retirement fund, the two types of life cover you can buy are known as term life insurance and whole-of-life insurance. term life insurance
Term life insurance is a very attractive type of life insurance policy that suits the needs of most households. It’s like your car or house insurance—you continue to pay the premium for the period and at the level of insurance you need. The policy lasts for the contracted period and has to be renewed or you are no longer insured. These periods are typically 5 years and 10 years.
Term life insurance provides the most competitive, easy to understand life insurance
that you can buy. Up to your mid-40s, term life insurance is not very expensive.
Compared to insuring your home or car, term life insurance up to age 45 - the time
when you are most likely to need it - does not cost a lot.
One feature you should make sure is included in your term life policy is a right to
renew the policy each year regardless of any change in your health.
The disadvantage of this type of cover is that during the period of the cover you could
contract some illness and be uninsurable, which would prevent you from obtaining
cover after the contracted term.


whole-of-life insurance
A whole-of-life insurance policy covers you for the rest of your life and cannot be
cancelled. However, the insurers can and do place what they refer to as a guarantee
period into the contract, which allows them to increase the premium you are paying or
reduce the cover for the same premium after the guarantee period. Typically, a
guarantee period could be for 10 years, which will provide you with the cover at the
contracted premium. After the guarantee period, the cover may reduce or the premium
increases for the same amount of cover, but the insurer cannot refuse to continue with
the cover irrespective of your medical condition.
This kind of insurance is an old style of life cover that generally combines both longterm
insurance and a savings scheme in the same contract. However, it is possible to
obtain whole life cover without a savings element.
As the amount of insurance you need changes as you go through life, it doesn’t make
sense to commit yourself to a deal where you can end up with insurance cover at a
time when you don’t need it. However, the key advantage of such cover is that you have
the cover in place in the event of you contracting an uninsurable illness.
If anyone tries to sell you a whole-of-life insurance policy, beware because the
commission paid on whole-of-life insurance contracts is usually very high and the deal
may be better for the person who is trying it to sell it than it is for you.


accident and illness insurance
Now we are going to look at the ways you can protect yourself from the awful financial
impact that would follow if the main income provider in your household had a serious
illness or accident and was out of work for several months or years.
Can you imagine the financial hardship you would experience if you were away from
work for several months after sick leave and accrued holidays had been used up and
you had no other source of income?


why life insurance isn’t enough
With modern medicine, the risk from a serious illness is not so much that you will die
but that you will survive and take months (if ever) to get back to work.
Even if you are covered for the medical costs of the illness, there are day-to-day
household costs such as your mortgage, phone, education, groceries and so on that
still have to be paid while you are not earning an income.


-------------------



With the combination of workers compensation and medical aid or health insurance,
the medical costs of accidents or serious illness are covered.
That leaves you with the task of deciding between income protection insurance or
dread disease insurance. You need to choose the insurance that you can afford and
that will cover your risks for a long period without your pay if you have a non-work
accident or serious illness.


income protection insurance
Income protection insurance can be structured to pay you a lump sum or to pay you
up to 75% of your current income if you are unable to work due to an accident or longterm
illness. Income protection insurance is also known as disability insurance.
Workers compensation only applies to work-related injuries. If you are unable to work
for other reasons such as a long-term illness (heart attack or stroke) or you are
seriously injured when not at work (working at home or playing sport), income
protection insurance will provide you with an income.
The good news is that, unlike normal life insurance policies, for this type of insurance
the premium paid is tax deductible if you make use of the income replacement option.
If you purchase a lump sum option, the premium is not tax deductible.
Premium rates for income protection insurance vary depending on your age, health,
occupation and the type of policy you buy. A good way to keep the premium down is to
agree to delay receipt of benefits for 90 days if ever you need to make a claim.
It is very important that you understand what is covered in any policy you look at. Low
cost policies may not be renewable and the benefits may be cut off after a couple of
years.
Income protection insurance also covers situations where through accident or illness
you are left permanently unable to work. Such an event is uncommon and is reported
to be something like 30 times less likely to occur than being off work for three months
due to illness or accident.
Before you start working out what you need there might be some good news. Income
protection insurance is sometimes provided or arranged for employees on a group
basis by their employer to ensure that employees who are forced to quit work by a
long-term accident or illness are not financially ruined. It’s worth checking with your
employer to see if they have, or can arrange, income protection insurance for you.
With income protection insurance it doesn’t pay to buy on price because you want a
policy that will keep paying you if you get really sick. Make sure you get a ‘guaranteed
renewable’ policy so that you can renew the policy even if your health deteriorates.


dread disease insurance
An alternative to income protection insurance is dread disease insurance, or as it is
sometimes called, ‘trauma’ insurance.
Dread disease insurance is set up to pay a lump sum payment in the event that you
have a very serious illness such as a heart attack or stroke, develop cancer, or various
other serious health problems.
Dread disease insurance can be bought on its own but is normally bought as an add-on
to a term life insurance policy.


how much dread disease insurance do you need?
Because it’s impossible to predict if, or how serious, an illness may be, it is common
practice to insure for the same amount of cover as you take for term life insurance. In
the term life example on page 9, we calculated that the total life insurance needed was
R2 850, 000 - so, in this example, the amount of dread disease insurance would also
be R2 850, 000.

Many households could not afford nor would they want both dread disease insurance
and income protection insurance so it becomes a choice. The trade-off you need to
make is between:

• the lower cost of dread disease insurance which only covers serious illness, or

• the higher (but possibly tax deductible) cost of income protection insurance which

covers non-work accidents as well as serious illness.



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Most people hate paying for insurance as it seems like money down the drain, but
there is no point in working hard, saving, and building up assets and then losing them
due to an accident or if your health fails.
You might be risking your entire wealth-building financial plan (and possibly leaving
your family at risk) by not considering and updating your insurances.


The financial impact and likelihood of life events
It’s easy to insure things that won’t destroy you financially if you lose them, but not to
insure what’s really important. Have a look at the chart below. It shows the financial
effects of different lifetime events for an ‘average’ two-income household at about age
40 with one dependant child.


When it comes to insurance, most people want to know

~ ‘what type of insurance do I need?’ and

~ ‘how much do I need?’



To answer these questions, you need to deal with two issues:

~ personal insurance

which covers death, accidents and illness, and

~ property insurance

which deals with your home, car and other goods.
However, this booklet only deals with personal insurance and it will help you to make
sensible, smart choices about what insurance is right for you. There is a limit to what
we can all pay for insurance, so it is important that we make sensible choices about
what we insure.


When it comes to buying insurance, there are three foundation stones you should use:

1. Work out how much insurance you want before you speak to an adviser.
2. Keep it simple. Only buy what you know you need and what you can easily
understand. Complicated policies work mostly for the insurance companies not for
you.
3. Use the cooling-off period after you receive the policy to demand your money back
if you get talked into buying a policy you don’t want or don’t understand.



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Payday Loans

• What is a Payday Loan or Cash Advance?

A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Quote Loans and Insurances you can apply for a payday loan online and have your advance electronically deposited to your checking or savings account.

• What can a Payday Loan be used for?

The money can be used for any purpose - to pay bills, buy something, have a great weekend, it's up to you! You won't be asked!

• How much can I receive?

Your first Quote Loans and Insurances loan is based upon the information you provide in your membership application. You can borrow an amount up to $1500. After successful repayment of your payday loan, we may raise your loan amount on any future Quote Loans and Insurances loans.

• How are fees established?

Our fees are competitive and in compliance with all applicable state and federal laws.
Depending on the lender the fee can range from $25 to $30 per $100 borrowed. So if you borrow $300 the fee will be between $75.00 to $90.00.

• What about qualifying?

Qualifying for a payday advance is easier than qualifying for traditional credit. Quote Loans and Insurances does not perform credit checks. You only need to meet the following requirements:
• Currently have a job (or receive regular income)
• Make at least $1000 per month
• Are 18 years of age or older and a U.S. citizen
• Have checking account or savings account with direct deposit.

• What’s the procedure to apply for payday loans online?

The procedure is extremely simple, all you need to do is just fill up the application form at our website and submit it online. The approval takes place immediately after you submit the application on any of the business days.

• What do I have to fill in application form?

You have to provide your name and address, employment information, bank account details, and picture identification in the payday loan application form.

• Is my application and financial information secure?

We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

• Is there an application fee?

Quote Loans and Insurances never charges applicants a fee to qualify for a payday loan.

• Does the online form obligate me to taking out a loan?

No. When you fill out our online application, you are only stating that you wish to have our agents approve you and contact you to discuss your options. You may still ask us any questions, and withdraw your request at this time. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.

• What if I have bad credit?

Bad credit will not prevent you from receiving a payday loan at Quote Loans and Insurances. Our friendly managers will work with you, even if you have already been turned down by other lenders.

• I'm a tenant - is this a problem?

No problem - it makes no difference to the lenders whether you are a tenant or a homeowner.

• Do I need to fax my details?

You don't need to have a fax machine to be able to apply for a loan. Lending company gets all necessary information instantly.

• Can I have more than one payday loan at the same time?

No. All other payday loans have to be repaid before another can be granted.

• Do you contact current or former employers?

No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.

• Do I need direct deposit?

At this time we can only process your loan if your paycheck is direct deposited; it is the most secure way to offer loans as quickly as we do.

• When I will receive my payday loan?

Your application will be processed within 30 minutes, once it has been received. When approved, you will receive your loan on the next business day. Once you receive the loan, we will help you to schedule you repayment dates so that you won’t have to worry about bounced checks or missed deadlines.

• How do I know that my loan has been approved?

You will receive an email notification once your loan has been approved. Quote Loans and Insurances reserves the right to make adjustments to your loan approval until the time you receive the funds in your bank account based on new information regarding your loan application.

• When will my loan be due?

Your due date will normally be due on your next payday that is between 8 and 25 days away. Each state has different rules and regulations.

• What if I want to pay early

Contact us if you want to pay your loan off early. If you pay off early, you may be entitled to a refund of part of your loan fee.

• What if I can’t repay my loan on the due data?

If you can’t repay the full amount of your loan on the due date, you may be able to request a loan extension.

We have different payment options available for our customers:

1. Paying the loan in full on the maturity date listed on your loan agreement.
2. Paying the finance fee and a portion of the principle on or before the maturity date.
3. Paying only the finance fee on the maturity date.

• How often can I get a payday loan?

We are here to help anytime you need extra cash between paychecks. We encourage all our clients to keep in mind that a payday loan is only a short-term solution to an urgent cash need, and to use these loans responsibly. Payday loans should not be used repeatedly to deal with continuing budgeting issues

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Home loans

• How can I benefit by using Quote Loans and Insurances?

Our website is for anyone who knows what type of loan they want and who is looking for a low cost home loan with fast and easy approval. Check out the rates on the other websites, and then come to us for a low cost, efficient loan on the Web! It's fast, it's easy, and it's totally online.

• What’s the procedure to apply for home loans online?

The procedure is extremely simple, all you need to do is just fill up the application form at our Quote Loans and Insurances website and submit it online. The approval takes place immediately after you submit the application on any of the business days.

• Is my application and financial information secure?

We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

• What happens after I apply with Quote Loans and Insurances on this website?

You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.

• Is there an application fee?

Quote Loans and Insurances never charges applicants a fee to qualify for a payday loan.

• Does the online form obligate me to taking out a loan?

No. When you fill out our online application, you are only stating that you wish to have our agents approve you and contact you to discuss your options. You may still ask us any questions, and withdraw your request at this time. If you are ready to proceed, you may confirm your information and agree to terms with one of our representatives.

• How long does it take to obtain loan approval?

Depending on your credit history and down payment and the loan program selected, some lenders may be able to approve your mortgage in as little as 24 hours. The average number of days from application to approval will vary from lender to lender. However, 7-10 business days is typical.

• How quickly can a lender close on my home loan?

Many lenders can facilitate closing 2 to 3 weeks after you have agreed on a purchase contract for a home. If you need more time, you can take as long as you need, while still closing prior to any rate lock expiration dates. Many lenders require 30-60 days from purchase contract and application to closing.

• Can I close on a home without having to be at the closing table?

Many lenders are willing to accommodate what is termed a "mail away" closing. You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. If you select a "mail away," the lender will coordinate overnight delivery of the documents to ensure a timely closing. Please note this process may require some additional coordination time.

• How much money will be required at closing?

You should consult with your individual lender and closing agent; however, the amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. A lender is required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing.

• What homeowner's insurance requirements will I need to meet at closing?

Most lenders require a one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage at the loan closing.

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Home Purchase

• Why Should I purchase a Home?

Purchasing a home can be one of the most rewarding decisions you can make. Though purchasing a home involves many factors, it has several key advantages over renting. For one, homeownership can be a strong investment where, historically, real estate appreciates in value over time. Each monthly mortgage payment you make earns you a greater percentage of, or equity in, your home. You also benefit from federal income tax laws which allow you to deduct mortgage interest paid (a hug chunk of the actual loan), property taxes, origination points, and home buying expenses such as legal fees and administration costs.

• How expensive is purchasing a home?

For most people, buying is more expensive than renting, but the tax deductibility of your mortgage expense makes the prospect of owning a bit more practical. Once you have made the leap and decided that you are going to buy a home, you have to find out what you can afford. That is where we come in.

• Is there a right way to find the right house for me?

First, figure out how much you can afford to spend on both a down payment and monthly mortgage payments. Decide where you want to live and how. How much room do you need? Do you want to buy a condo, co-op, or single-family home? Do you want to have a renter? What amenities (fireplace, deck, backyard) are non-negotiable? Once you've figured out what you want, you'll likely find it by searching for homes through real-estate brokers and the Internet.

• How much home can I afford?

How much home you can afford depends on the area you want to live, your income, your debt, your credit rating, and other financial factors that determine the size and type of mortgage you are applying for.

• What is the information I need prior to looking to purchase home?

Before you start shopping for a home, you need to itemize your debt, list your assets, and get your credit report to see if you can afford a mortgage.

• How important is it to improve my credit score?

A good credit score is an important element in getting a good mortgage. Pay down as much debt as you can before you get started in your search, particularly credit card balances.

• What's a down payment?

A down payment is the part of the purchase price that comes from your personal money supply, not out of your loan. As prices rise, coming up with a down payment is one of the biggest hurdles for first-time buyers. The larger a down payment, the more likely you’ll get a better interest rate.

• How much should I put down?

House sellers like big down payments, so that may be a factor for you in your home search, but the down payment should be directly related to what you can afford. The rule of thumb is to put down 5%, 10%, or 20% of the sale price. The more money you put down, the lower your mortgage payments will be. Be sure to have enough money left in the bank after you close to deal with the closing costs.

• What's the difference between lenders, brokers, and banks?

A broker typically acts as a "middleman" between a customer and lender and may or may not actually provide financing. A lender typically provides financing but often does not offer depository services. A bank provides financing and depository services. Credibility, dependability, and longevity in the marketplace are the three most important factors to look at when considering a lender, broker, or bank to work with.

• What's a sub-prime lender?

So-called sub-prime lenders are lenders that specialize in making loans to borrowers with fair to poor credit histories or high loan-to-value ratios.

• How do I shop settlement costs?

Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender's costs in processing the loan, to appraisal and credit-report fees. Many of these fees are fixed, but some can be negotiated.

• What is an APR?

The Annual Percentage Rate or APR is a tool intended to make comparison between mortgages simpler for the average consumer by disclosing the "total cost of credit", including fees, expressed as an annual rate. The APR is part of the Truth in Lending disclosure statement that is required for all residential mortgage loans.

• Which is better - a fixed or adjustable rate mortgage?

It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on:

• the interest rates and mortgage options available when you're buying a house
• your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation means that they will fall)
• your personal financial and investment goals, and
• how willing you are to take a risk.

When mortgage rates are low, a fixed rate mortgage is the best bet for many buyers. Over the next five, ten, or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARMs teaser rate will adjust up soon and you won't gain much if you plan to stay in the house more than a few years (the broker can tell you your break-even point). In the long run, ARMs are likely to go up, meaning many buyers will be best off locking in a favorable fixed rate now and not taking the risk of much higher rates later.

• What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

• How do I find the right product for me?

If two mortgages were exactly identical in terms of length and fees, but one charged a lower interest rate than the other, you'd pick the cheaper one. Unfortunately, it's hard to get an apples-to-apples comparison, so the starting point for comparing mortgages is the length of the mortgage and its interest rate. Then look at terms (such as prepayment penalties), fees, and options (such as paying points) before making your decision.

• What goes into an interest rate?

An interest rate is the cost you pay to borrow money. An interest rate is determined by several factors including the market cost of funds to the lender, plus the cost associated with the risk of lending that money. As a result, the cost of money is always changing.

• What's the difference between a 30-, 20-, and 15-year loan?

Mortgages come in different terms. Shorter loan terms often come with lower interest rates although the monthly payments are higher because the time to payback the amount borrowed is shortened.

• What's a 'point'?

Paying a point, also known as a discount point, buys the interest rate down on your loan. You give the mortgage lender or bank more money up front, to lower your interest rate. Note that it's not a "down payment"; a point is part of your loan. One point is one percent of your loan amount, not of your house price. For a $400,000 house with a $300,000 mortgage, one point is $3,000.

• Should I pay points?

It depends on how long you're planning to stay in your home. Generally, if you're going to stay less than five years, paying for points isn't worth it; if you're going to stay for more than 10 years, it may make a lot of financial sense.

• What mistakes do mortgage shoppers make?

The most obvious mistake is that they don't realize that prices change from day to day. You can't compare a quote from one bank last Wednesday with a quote from another bank today. Each mortgage is unique to the borrower’s circumstances.

• When is the right time to lock?

For some, locking a great rate right away feels safer than riding out market fluctuations. Others argue that floating an interest rate is the only way to take advantage of potential price decreases. The real trick is selecting a lock-in period long enough for your loan to be processed.

• What if my lock-in period expires?

Whether it's the result of a misplaced document or a delay stemming from construction issues, lock-in periods can and do expire. It's not the end of the world. Lenders will often let you extend your lock period -- although you may lose the favorable interest rate and the number of points you had locked.

• Why should I get my lock-in in writing?

When it comes to establishing a lock-in agreement, the written word is the only way to go. Most lenders have pre-printed forms that outline the exact terms of the agreement. If you don’t understand the agreement, ask your lender or broker to explain it to you or show it to a lawyer or real estate professional for clarification.

• What is the difference between loan pre-qualification and loan pre-approval?

Pre-qualifying is the process to determine whether you are likely to qualify for a loan with a lender, and for what amount you would likely qualify for. Pre-approval comes when the loan officer performs a comprehensive review of your creditworthiness with independent verification including W9s and W2s, credit reports, etc. and approves you for a specific loan amount. Once the loan has been approved, the lender issues a commitment fund the loan, pending at least an appraisal of the property, title report, and purchase contract.

• Are income and debt both important?

Absolutely. The two go hand-in-hand. You may be pulling in the big bucks, but if you have a history of spending beyond your means and racking up enormous debt, a lender may not see you as someone capable of meeting monthly mortgage payments.

• What's 100% financing?

One hundred percent financing means that there’s no down payment. Zero down is typically used by first-time buyers with limited incomes or college graduates in their first year of employment. But buyers beware: These loans have higher risk to creditors d so lenders protect themselves by charging higher interest rates and requiring mortgage insurance.

• Is a Closed-End Second Mortgage for me?

In a closed-end second mortgage the interest rate is usually higher than a first mortgage interest rate. Borrowers typically use second mortgages to make improvements to their home like adding a swimming pool, or to pay off debts. A second mortgage can assist with debt consolidation by combining all high-interest debts into one low monthly payment, but remember the repayment term on a second mortgage may be longer.

• What's a Reverse Mortgage?

A reverse mortgage is exactly what it sounds like: a home mortgage where the lender pays you. It allows people age 62 and older to stay in their home while taking out some accumulated equity without selling. You can choose to get the payout monthly, in a lump sum, or as a line of credit to tap into when needed (the latter being the favored choice among retirees using this vehicle).

• What's the difference between a temporary buydown and a permanent buydown?

A temporary buydown reduces your interest rate in the early years of a mortgage loan. in exchange for an up-front cash payment to the lender provided by the home buyer, the seller, or both. A permanent buydown is the payment of points in exchange for a lower interest rate for the life of the loan.

• Does the government sell FHA mortgages?

No. The Federal Housing Administration was founded in 1934 to provide families with access to homeownership through reasonably priced, low down payment, government-insured mortgages. FHA loans require a down payment of at least three percent, but the maximum loan amount is relatively low and varies from county to county.

• How do I make Interest Only work for me?

In an Interest Only "I/O" loan, the borrower pays no principal until a reset point, which can be anywhere from 5 to 20 years in the future. I/Os are great if you want a larger loan amount or a bigger, better house because they lower the required initial payment.

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Home Equity Loans

• What is a Home Equity Loan?

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.

• Why would I take out a home equity loan?
  

Customers have told us as many reasons for getting a home equity loan as the number of loans we've funded. You may choose to use an equity loan for home improvements, to buy a car, pay college tuition - or whatever you want.

Because home equity interest rates are typically lower than credit card rates, it may make sense to pay off your high interest debt with your equity loan. And, the interest payments on home equity loans are tax-deductible. Your tax advisor can give you the scoop on the tax benefits an equity loan can provide.

At Quote Loans and Insurances, we offer flexible equity programs where you can borrow up to 125% of the value of your home. Tell us what you want an equity loan for, and we'll find a good value for you.

• What equity loan amount do I qualify for?

The amount of equity you can borrow depends on a couple of factors. We'll check your home's loan-to-value (what you currently owe versus its value), your credit and income. With our flexible home equity programs, chances are you'll find the loan that's right for you.

• How much equity do I need to qualify for a home equity loan?

Unlike some lenders, Quote Loans and Insurances gives you options. We offer home equity loan programs where you can borrow up to 125% of the value of your home. If you want to find out how much equity you have, use our home equity calculator or call one of our Equity Specialists today.

• How do I know how much equity I have in my home?

Take the market value of your house and subtract the amount that you still owe on your mortgage. If your house is worth $350,000, but you have $200,000 left to pay on your mortgage note, that means you have $150,000 of equity in your house.

• How long does it take to get the cash to me?

In just a few minutes online or over the phone, we can get you pre-approved for your loan. All we need after that are a few verification documents, and we'll start your loan process right away. In most cases, we can close your loan in as little as 10 days! As soon as your loan closes, we will overnight your check or wire the funds to a specified bank account.

• What loan term options do you offer for home equity loans?

Quote Loans and Insurances has a strong selection of loan and payment terms to suit you. You could qualify for one of our fully amortized and interest only payment options with flexible terms of up to 30 years, or maybe one of our fixed-rate programs is more in line with your needs. With the variety of programs we offer, our equity specialists can help you figure out which loan program and loan term is right for you.

• How much money can I borrow?

Quote Loans and Insurances funds equity loans in the range of $15,000 to $500,000 upon qualification. If you want a loan apply online and be approved in minutes.

• I want to get financing to renovate a bathroom. What's the difference between a home equity line of credit and a cash-out refinancing?

A HELOC or Home Equity Line of Credit is typically a second mortgage on top of your existing one, secured on the portion of your house that you've already paid off. In some ways, a HELOC is like a credit card: your money is available to you at any time (up to your credit limit) and you only pay interest on the amount you actually use, not the full amount of your available credit. A cash-out refinancing is a mortgage that replaces your current mortgage. If the value of your house has increased since you bought it, your lender will probably let you increase the amount of principal and get some of the money out as cash. The new loan pays off the old loan and you begin repayment under the new terms.

• I'm in the market for my first house but I have only enough money to put down 10 percent. Can a 'piggyback loan' help me?

A piggyback refers to buying a property using more than one mortgage loan. Typical piggybacks are 80-10-10 loans or 80-15-5 loans. The first number is the portion of the purchase price financed by the first mortgage; the second number is the portion provided by the second mortgage; and the third number is the down payment paid by the home buyer. Another variation is the 80-20-0, a zero-money-down loan in which the first mortgage provides 80 percent and the second provides 20 percent of the financing. Piggyback loans usually have higher interest rates than standard mortgages, but allow home buyers who put down less than 20 percent to escape paying private mortgage insurance.

• What is a reverse mortgage?

A reverse mortgage is a special home loan available to seniors age 62 and over. It allows you to turn the equity you have in your home into cash, and typically does not have to be repaid until you die, sell your home, or move out. You can get the money in a single lump sum, as a regular monthly cash advance, or as a line of credit that you draw as needed. In the end the loan is paid off with the proceeds of the sale of the house. If the house sells for more than the loan amount, the owner of the house, or his or her heirs, gets the difference.




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