Homeowners insurance costs on the rise and mortgage pre-approval tips

Here’s what you need to know ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week’s mortgage rates Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage In the market for a mortgage? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact In light of positive inflation news this past week, the Fed decided to not raise interest rates for the first time in 15 months. 🎉 In the news Try This Out Before Getting Pre-Approved! Try This Out Before Getting Pre-Approved! In 2022, [a mere 9% of homebuyers]( contacted a lender before diving into the homebuying process. Gearing up to buy a house can feel overwhelming, so if you’re asking yourself where the heck to begin, you’re not alone! If you’re thinking about getting pre-approved, you’re definitely on track. A pre-approval letter will give you a general idea of how much money you’re approved to borrow for a mortgage loan. To get pre-approved, you’ll need to submit an application, which will typically require a soft credit check and the financial information you submit. Before getting pre-approved, it’s a good idea to plug some numbers into a [mortgage calculator](. While it’s important to understand the maximum amount you’re approved to borrow for a mortgage, it’s also really important to understand what your monthly costs will be as a homeowner. Once you have an idea of your monthly mortgage payment (including principal, interest, property taxes, utilities, homeowners insurance, and HOA), you can begin to build out a realistic homebuying budget based on your current financial situation. Using a mortgage calculator at the beginning of your homebuying journey will help you understand how much home you can afford, how much you should plan on saving for a down payment, and what you can expect to pay for your monthly mortgage payments so you can get a full understanding of what you’ll be spending each month. Then, it’s time to get pre-approved to see your personalized rates and how much a lender will loan you. --------------------------------------------------------------- Better Mortgage Ready to see your personalized rates? [Get pre-approved in minutes]( --------------------------------------------------------------- Inflation and Severe Weather Events Lead to Jump in Insurance Costs Inflation and Severe Weather Events Lead to Jump in Insurance Costs This year, we’ve seen insurers raising rates, and according to [Insurify’s 2023 Homeowners Report]( they’re predicted to climb an additional 9% throughout the remainder of the year. The increase in rates comes amidst pressure from climate events and inflation across the country. For example, just last week, [the US experienced the worst toxic air pollution]( recorded since Stanford University started a dataset on smoky conditions back in 2006, and home replacement costs (or the amount it costs to rebuild your home from scratch) rose [55.4% since 2019]( as wages and material costs have escalated. Given these rising rates, shopping around for a lower rate on your homeowners insurance policy is more important than ever. If you find a lower rate, you win and save. And if you don’t find a lower rate, you have nothing to lose! So what’s stopping homeowners from trying to save money? “I don’t want to leave my house.” You don’t have to. “I don’t want to leave my house.” You don’t have to. Shop for quotes online and then sit back, relax and enjoy your savings. “It takes too much time!” Nope! “It takes too much time!” Nope! Find a modern, digital insurer and shopping for an updated insurance policy doesn’t have to be a hassle. “I can only shop when it’s time to renew my policy.” Wrong! “I can only shop when it’s time to renew my policy.” Wrong! Not only are you able to shop at any time during your policy, you should be eligible for a refund on any prorated or upfront costs that may have been paid towards your current policy. --------------------------------------------------------------- Better Cover Don’t have time to shop around? We do. [Get a quote with Better Cover]( --------------------------------------------------------------- Quiz What is the minimum downpayment required for a first-time homebuyer? - 3% - 5% - 7% - 15% Press Play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [Facebook]( • [YouTube]( [Better] [Better] [social]( [social]( [social]( [social]( [social]( © 2023 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC sells insurance products; and Better Settlement Services provides title insurance services; Better Connect, LLC dba Better Attorney Match provides real estate attorney connection services; and Better Inspect, LLC provides home inspection services. All rights reserved. Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender [Equal Housing Lender]. [NMLS Consumer Access]( BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 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License #881593. 325-41 Chestnut Street, Suite 807, Philadelphia, PA 19106. Insurance quotes and policies are offered through Better Cover, LLC. A Pennsylvania Resident Producer Agency. License #881593. A full listing of Better Cover, LLC’s license numbers may be found [here](. Better Mortgage Corporation, Better Real Estate, LLC, Better Settlement Services, LLC, Better Cover, LLC, Better Connect, LLC dbs Better Attorney Match, and Better Inspect, LLC are separate operating subsidiaries of Better Holdco, Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable and legal and regulatory requirements. Products not available in all states. The Better Home Logo is Registered in the U.S. Patent and Trademark Office. This email was intended for {EMAIL} [View this email online]( | [Unsubscribe](