Year: 2014

14 Nov

The several types of home mortgage protection

   There are several types of home mortgage protection. Some are designed to protect the lender should a buyer default on a loan. Others protect the homeowner in the case of job loss, injury or death. Costs for mortgage protection vary depending on the amount of the mortgage, the homeowner’s age, health and occupation.

home mortgage protection

Private Mortgage Insurance (PMI)

Private mortgage insurance, or PMI, protects the lender should a buyer default on the loan. Normally, a lender requires a buyer to put 20 percent or more as a down payment on a home. In some cases, a lender will offer PMI in lieu of the 20 percent payment. Once the mortgage has been paid below 80 percent of the value of the home, PMI may be removed. Recent federal regulations require lenders to notify the homeowner when the principal has dropped below 80 percent.

Mortgage Protection Insurance

Mortgage protection insurance, or MPI, is also known as mortgage payment protection insurance, or MPPI. The policy is basically a life insurance policy that pays the mortgage if a homeowner becomes disabled, loses employment or dies. Some MPI policies only cover the death of a mortgage holder, sending a check directly to the mortgage company to pay off the balance so that the heirs are left with a home unencumbered by a mortgage. In some cases, the company will pay if a homeowner becomes disabled or unemployed, paying the principal and interest payments directly to the mortgage company. Normally, those payments are for a specific amount of time, usually six months to two years.

Mortgage protection insurance provides protection for the homeowner in case of death, disability or job loss, while other types of insurance protect the lender should the homeowner default on the loan. In most cases, mortgage insurance is inexpensive and can provide peace-of-mind to homeowners that their mortgage will be covered should the unthinkable occur.

5 Jun

Sending Money Abroad

   If you find yourself in the position of wanting to send money to another country, you are probably wondering what the best way to do this is. In some cases, this is a relatively simple process – for instance, if the receiving party takes credit cards, then this is no different than making a transaction in the United States. However, at other times this is not an option, and you have to find another way of getting cash to a foreign destination. There are in fact a number of different ways of doing this, but the one that you should choose depends on a number of factors such as how quickly you want the money to get there, and whether the person at the other end has a bank account.


If the person does have a bank account and they can wait for a week or so for the money to show up, then setting up an international bank transfer is a good option. This is when the money is transferred directly from your bank to the bank in the other country. You should be able to do this using your online banking facility, but you can always do this by going into your bank if they do not offer an online option. You will need the recipient’s account number, as well as their SWIFT number. You will also need their IBAN if they are located in Europe. Aside from that, you just need sufficient money in your account to cover the amount plus any transaction fees.

If the person does not have a bank account, then another option is to use an international wire transfer service. This should allow the recipient to pick up the cash at a wire transfer office in their country, provided that they have appropriate identification. In some cases, they can even pick up money without identification if you set a password on the transfer and the amount is not too large. As with any transfer, you will have to pay fees, although some wire transfer companies waive these for certain charitable donations – for example, you can donate to the Philippines through if you want to help the victims of Typhoon Yolanda.


Another way of sending cash overseas is to use PayPal. Some overseas merchants accept PayPal, so this will work in much the same way as if you use a credit card – and they will pay the transaction fees, not you. You can also send money to family and friends abroad if they have a PayPal account – if you do this, it’s a good idea to choose to pay the transaction fees at your end, since the amount charged is less than if the fees are paid by the recipient directly. The money should arrive in minutes in their PayPal account, but withdrawal times vary. However, if they want to use the money to make online purchases using PayPal, they should be able to do this right away.

29 Apr

Myriad Of Finance Options To Meet The Medical Expenses Of Your Pet At Times Of Emergency

   It is obvious that you are very aware of the health and the well-being of your pet. In spite of that there are instances of illness to affect your beloved pet. It is important for you to be prepared for such occurrences. A sound financial plan can help you to initiate the treatment procedures right on time, without worrying about the financial hurdle. If you are financially planned and prepared, you will try to cater the best medical facilities that are available rather than compromising on the quality of the treatment. Over the years, expenses incurred for catering medical facilities to the pets have increased considerably.

Financial help from friends

You can resort to a host of financial products that are designed to cover the medical expenses of these little creatures. In times of emergency, seldom you have any disposable cash at hand, so it is advisable to set apart an amount in advance, so that you can use the same when it is actually needed. For any emergency, you might prefer to seek help of your friends and families for finances. Though this might seem to be a feasible solution for some, but it totally depends on the nature of your relationship with the lenders.

Have a savings account

A viable option in this regard is credit cards, which are apt to use especially during medical emergencies. Few agencies are known to provide these cards, which can be used through the country in various clinics. These cards are known to provide loan for a short duration, in order to cover the medical expenses. Interest is levied depending on the loan amount and also the loan term. Next is the saving account for the pets, for this you need to contribute regularly adequate amounts so that the same can be utilized when required. You can earn interest on the deposited amount and there is not any provision of premium.

Insure your pet

Pet insurance is another option that is in rage now among the pet owners. It is considered to be an effective tool of risk management in incidences like serious illness, toxic attacks, serious accidents and other life-threatening incidences. Though you might get the money if your pet had not met the accident, but it provides peace of mind to the owner. You can avail both catastrophic and comprehensive insurances. In the second one, a regular checkup, cleaning of your pet are included. You need to assess the merits of the both and then decide, which is best for your pet.

Contract with institutes and vets

You can also contact the educational institutes or veterinary teaching hospitals, as they provide services at a competitive price. Often a vet is appointed, for the convenience of the pets. Be it the regular checkups or the grooming session of your pets, the vets are also responsible for this. So a contract with them will ensure the wellbeing of your pet. You can negotiate on the terms of the contracts and also on the rate of these checkups. Since the vet knows your pet well, even at times of medical crisis, your loved one will be provided with best care and treatment.

Avail philanthropic grants

Various grants are also catered by philanthropic organizations to help the pets when they are in need. Few funds are also provided for this purpose, no interest is levied on the amount. If you are not eligible to obtain other funds then this is the best one that you can opt for. Few of these finances are the result of long-term planning. To know the finance that suits you the most, you need to shop around various lenders and organizations that provide the same. Opt for the one that fits your budget seamlessly.

Author Bio: Wilma Giles works for an organization that provides pet supplies. Here she has shared her research regarding the finance options that pet owners can use during emergencies.

28 Jan

The financial benefits of growing older

   We're all led to believe that we don't have much to look forward to as we get older, but is that really the case? With medical research constantly finding new treatments and cures for health problems we can expect to live much longer than the traditional 'three score years and ten' of our forefathers. So growing old doesn't have to mean a life restricted to creaking knees, aching hips and an empty wallet.

Over 60 years of age

The Citizen's Advice Bureau offers details of the benefits that people over the age of 60 can expect to receive, according to certain criteria in some cases.

The financial benefits of growing older

Although most people no longer qualify to receive state pension at age 60 there are still plenty of financial benefits available for the over 60s. Pension credit can help to top up your income even if you are not drawing your state pension, and other benefits include help with housing costs, winter fuel payments and additional cold weather payments which are available if the temperature drops below a certain level.

The age at which people can start to receive their state pension changes according to your date of birth, so check out the details available on the Citizen's Advice website to find out how recent changes in pension law affect you and those nearest to you. Where you live in the United Kingdom also plays a part in the benefits you can receive and the age at which you can apply for them, so make sure you are armed with the most up-to-date information and claim your full entitlement.

Free prescriptions and eye tests are just two of the benefits available for the over 60s and many local health authorities organise special rates at certain times of day to anyone over this age, so check what it available in your local area.

Over 50s

Surprisingly, many financial benefits are available for those people who have reached the fairly young age of 50. Newspapers and journals constantly bombard us with the information that middle age now begins at 50, but many service providers consider people above this age to be of particular interest.

Most people over the age of 50 are reasonably financially stable and have good incomes after many years of hard work. Children have usually left home meaning that a household has more disposable income to hand, and with the flightiness of youth long gone, this age bracket is considered to be sensible, safe and mature. This is why home and content insurance for people over 50 is so competitive, with some companies dealing exclusively with this age group.

It's a similar story with car insurance as companies recognise the safe driving habits of those drivers who have many years of driving under their belts. Premiums drop accordingly and the savings to be had by shopping around can be quite considerable.

Concessions can be found across a wide range of entertainments and activities, so it's worth looking out for special deals in cinemas, theatres, restaurants and other venues.

Image credit : Renjith Krishnan