Why today’s homeowners should have insurance

Published September 8, 2021
by Better

Mortgage News: Why Today’s Homeowners Should Have Insurance

Here’s a look at the latest developments in the refinance market this week.

Extreme weather is getting more frequent. Do you have the insurance you need?

As the impact of climate change continues to worsen around the country, storms and major weather events are becoming more frequent. If you want to protect your home and its financial value, it’s important to have insurance that fits your needs.

Homeowners insurance covers losses and damages that occur to or on your home. Your policy can provide the funds to repair or replace damaged property, and protect you from certain liabilities. While it may seem like an extraneous cost when things are going well, its value is undeniable when they’re not.

Most homeowners pay around $90 a month for homeowners insurance, though it depends where you live and what you need. Many types of damage like wind, hail, and lightning, are covered under a standard homeowners insurance policy. But some events fall under a separate deductible, like flooding. Just an inch of water can bring up to $25,000 in damage, so it can help to make sure you’re protected, even if that means getting an additional policy.

Read up on all things insurance to figure out what you need for your home, and how to get it. If you’re looking for a fast insurance experience that’s entirely online, head to Better Cover to see how they can help.

With one less fee and low rates, it’s still a good time to refinance

Thanks to a steady market, mortgage rates remained in place for two weeks in a row. The 30-year fixed rate sat at 2.87%, just 0.22% away from the all-time low it reached in January.

It’s still a good time for many homeowners to refinance, especially now that the FHA’s adverse market fee has been removed. This fee added an extra 0.5% to the loan balance, costing the average homeowner $1,400 over the life of the loan.

Roughly two thirds of the country’s mortgage applications come from homeowners refinancing, but that amount dropped 4% week-over-week. Many more could be taking advantage of savings. To find out where you stand, crunch the numbers with the Better Mortgage refinance calculator to see how much you could save.

Why Tess Silwa chose to buy her first home with Better Mortgage

Better Mortgage is proud to be a digital-first mortgage lender, because it helps them communicate quickly and efficiently with everyone they work with. That’s part of what drew Austinite Tess Silwa to the company when she decided it was time to buy her first home.

Tess began house hunting with her partner in 2019. When browsing for lenders online, she was instantly impressed by Better Mortgage’s competitive rates. Tess says she decided on Better because the team was responsive and helpful, and didn’t make her feel like she had to come in knowing the loan process already, as so many other lenders had. If you’re new to homeownership and not sure what’s next, get a lay of the land with the 8 steps to buying a home.

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