While there are reasons it makes sense to get a life insurance policy on a child, it s important to understand why you are purchasing it and how the policy works. The policy we went with was a $50,000 20-Pay Whole Life Insurance Policy. This meant that the death benefit was $50,000 and it was set to be paid off in 20 years.
Why we bought a whole life insurance policy for our daughter
One of the reasons we purchased this policy was the ability to guarantee our daughter s insurability in the future. This meant that if she were to have some sort of medical diagnosis that prevented her from getting life insurance coverage when she was older, she would at least have the insurance policy that we bought for her when she was an infant and could have the option to add more insurance to it in the future.
Today s mortgage and refinance rates: April 4, 2021 | Rates rise
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Since last Sunday, the majority of mortgage and refinance rates have increased. However, mortgage rates on 7/1 ARMs have dropped. In general, rates are still at all-time lows.
You might think about a fixed-rate mortgage if you re aiming to get a mortgage or refinance because you ll receive a lower interest rate than you would with an adjustable-rate mortgage. You ll also secure your rate for 15 or 30 years without gambling on a future rate increase with an ARM.
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We try to make sure that focus includes what they can
truly afford as well as what makes sense in the context of everything else they want to accomplish with their finances.
To give clients definitive answers, we created two critical guidelines to follow.
1. Keep your housing costs to 20% of your gross income
Our definition of affordability must take into account what you can actually afford
and the money you need to have available to fund other needs and goals throughout your life.
That s why we advise, as a baseline recommendation, to keep annual housing costs to 20% or less of your gross household income.
Setting a baseline budget helps us avoid lifestyle creep and save thousands
To create the baseline, we looked at our average monthly expenses as well as our average monthly income to find an amount that allowed us to pay our bills without extravagant spending. This was the amount we knew we could live off of.
In 2019, my husband and I were able to save a significant amount of money by budgeting on our baseline and putting extra commission and bonus money into our savings account. We knew there were upgrades we could have made to our home, but we were also looking to potentially move and wanted to save as much money as we could before then. Forgoing home projects and the latest iPhones, as well as watching what we spent in other areas, made it possible to save a considerable amount.
NBKC Bank mortgage interest rates
NBKC has a thorough, easy-to-use feature for seeing a customized interest rate on home purchases and refinances. Enter the value of the home you want to buy, down payment, state, and credit score to see your estimated interest rate.
NBKC shows rates for 30-year fixed, 15-year fixed, and 5/1 adjustable mortgages. It provides your interest rate, APR, monthly principal and interest payment, and lender fees. You ll see several columns with different numbers; the numbers vary depending on how many discount points you d use at closing.
The website is more in-depth than what most lenders provide, and you ll get a good idea of what you ll pay should you go through NBKC.