When taking out a mortgage, you’ll have to pay several fees to the lender, including a mortgage origination fee.

The mortgage origination fee is one of the costs you’ll pay at closing. It’s a fee the lender charges to issue the loan. The fee covers the cost of processing your application, underwriting the loan and other administrative expenses.

The mortgage origination fee can be expensive — as much as 1% of the mortgage amount — but you may be able to negotiate the fee or find loan options without origination fees.

• What do mortgage origination fees include?
• How much are mortgage origination fees?
• When do you have to pay the mortgage origination fee?
• Can you get the mortgage origination fee waived?
• What to know about no-origination-fee mortgages
• FAQs about mortgage origination fees

What do mortgage origination fees include?

Buying a home is a major investment. And when you take out a mortgage, the lender takes on a substantial risk to issue the loan. To make the risk worthwhile, the lender charges interest and fees so they can make money.

Lenders charge a mortgage origination fee in exchange for underwriting and issuing the loan. The fee may include the following expenses:

• Time and cost of processing your loan application
• Underwriting the loan
• Funding the loan
• Other administrative expenses

How much are mortgage origination fees?

Mortgage origination fees can vary by lender and loan type, but the fee is typically between 0.5% and 1.00% of the total loan amount.

The fee can be substantial. The median home sales price was $379,100 as of January 2024. Assuming the home you purchase is that price, your origination fee could be between $1,895.50 and $3,791.

When do you have to pay the mortgage origination fee?

You will usually pay the mortgage origination fee upfront at closing. You can complete a wire transfer ahead of time to pay the necessary closing costs. Otherwise, you will need to bring a cashier’s check to closing to cover outstanding escrow expenses or closing costs that haven’t been rolled into your mortgage. 

Can you get the mortgage origination fee waived?

Mortgage origination fees — and other fees — are often negotiable. You can ask the lender to waive the fee or agree to a reduced rate.

If the lender isn’t willing to budge on the origination fee, you may be able to negotiate with the seller to have them cover some or all of the origination fee.

What to know about no-origination-fee mortgages

As you shop for a mortgage, lenders may advertise loans with no origination fees. However, that doesn’t mean that there is no fee at all. It’s just handled differently. These lenders typically do one of the following:

• Add costs to the loan: Some fees are rolled into the loan, increasing your total loan principal to cover closing costs. Interest is calculated based on the total loan amount, so you’ll pay more over the life of the loan.
• Increase the interest rate: The lender provides a rebate for closing costs. In exchange, the lender will charge you a higher rate on the loan. The loan may become more expensive overall, but the tradeoff can be worth it if you’re short on cash at closing.

Consider using a mortgage calculator to determine how rolling closing costs into the loan or increasing the APR can affect your total loan cost.

FAQs about mortgage origination fees

Shopping for a home loan can be daunting. A mortgage broker may be able to help you find the best deals.

Rates and fees can vary significantly between lenders, so shopping around is key to finding the right mortgage. But, there are thousands of mortgage lenders, and selecting a lender can be challenging. A mortgage broker can be invaluable in helping you find a lender that works for your needs.

Mortgage brokers work with various lenders — including credit unions and local banks — to find competitive loan rates and terms available in your area.

• What is a mortgage broker?
• How does a mortgage broker make money?
• What’s the difference between a mortgage broker and a loan officer?
• Pros and cons of working with a mortgage broker
• Is a mortgage broker right for me?
• How to choose a mortgage broker
• FAQs about mortgage brokers

What is a mortgage broker?

A mortgage broker isn’t a lender, nor are they connected to a particular bank or credit union. Instead, mortgage brokers work independently to identify home loan options from banks, credit unions and other financial institutions.

Buying a house may be the biggest investment you’ll ever make and researching your options is crucial. A mortgage broker can help you find the right loan for your financial situation.

A mortgage broker will research the market and special programs available, such as low down payment or down payment assistance programs for first-time homebuyers, and help you navigate the preapproval and application processes.

Mortgage brokers are licensed professionals, typically covered by bonds or recovery accounts that guarantee the broker will fulfill their obligations to their clients.

How does a mortgage broker make money?

Mortgage brokers are paid a fee or a commission based on the loan amount. Their fee or commission could be paid by you as the buyer, or it could be paid by the lender.

Like shopping for an agent or a lender, it’s wise to shop around for mortgage brokers, too, since fees can vary by broker.

What’s the difference between a mortgage broker and a loan officer?

Mortgage brokers and loan officers can play crucial roles in the homebuying process.

While a mortgage broker is independent and can work with many lenders to find a mortgage for you, a loan officer is connected to a specific lender. The loan officer is the point of contact with the bank or credit union you’re borrowing from, and the officer is who you’ll work with to submit your mortgage application and supporting documentation.

The loan officer will review the mortgage options available to you from the financial institution they represent, and they will ensure that the loan disclosures and other documents meet legal requirements.

Pros and cons of working with a mortgage broker

There are several advantages to working with a mortgage broker, but there are some drawbacks to consider, too.

Pros

• Personalized assistance — A mortgage broker provides personalized assistance throughout the home loan process, from getting preapproval to closing. For first-time homebuyers, that extra help can be especially beneficial.
• Simplifies comparison shopping — There are thousands of mortgage lenders, so finding the right one can be daunting. A mortgage broker can streamline the process, using their expertise and contacts to find the right home loan for your financial situation.
• Potential savings — Mortgage brokers know the market and can negotiate with lenders to get better deals by asking them to waive application or origination fees.

Cons

• Added cost — Mortgage brokers don’t provide their services for free. The fees for a mortgage broker can add hundreds or thousands to your overall cost.
• May miss out on some opportunities — Although mortgage brokers work with many lenders, it’s nearly impossible to work with all of them. As a result, there’s no guarantee that the broker will find the lowest possible rates.

Is a mortgage broker right for me?

Whether it makes sense to work with a mortgage broker depends on your knowledge of the homebuying process and comfort in finding a lender. If you’re a first-time homebuyer or shopping for a home in a hot housing market, a mortgage broker can help you through the process and find a loan that works for you.

How to choose a mortgage broker

When researching mortgage brokers, make sure that they are licensed. You can look up licensing information for specific brokers at the National Multistate Licensing System and Registry website.

Besides licensing information, ask about the broker’s fees or commissions and how they are paid. They can be paid by you or the lender, and the cost can vary between brokers.

FAQs about working with a mortgage broker

Applying for a home loan

Once you’ve decided whether working with a mortgage broker is right for you, you can start the next phase of the homebuying journey. Getting preapproved is the next step in buying a home and it will give you an idea of how much you can borrow and let sellers know you’re a serious buyer.

21st Mortgage Corporation at a glance

• Conventional loans: No
• FHA loans: No
• VA loans: No
• Refinancing: Yes, manufactured homes only
• Adjustable rates: No
• Fixed rates: Yes, manufactured homes only

New manufactured homes can cost a fraction of new traditional homes. However, manufactured or mobile homes are often ineligible for certain loan programs, so financing a manufactured home isn’t always easy.

Unlike some lenders, 21st Mortgage specializes in loans for manufactured homes and offers financing for units with or without a permanent foundation. Depending on your credit and income, you could qualify for financing that covers up to 100% of the purchase price, eliminating the need for a down payment.

Pros

• Closing costs can be financed
• No private mortgage insurance (PMI) required
• Up to 100% financing available

Cons

• Higher rates than conventional financing
• Not available in all states
• No financing for rehab expenses for used homes

5 things to know about a 21st Mortgage loan

1. It only finances manufactured and mobile homes

Many banks and credit unions offer home loans and usually have several mortgage options. For example, a bank may offer Federal Housing Administration (FHA) loans, conventional mortgages, jumbo loans and construction-to-permanent loans.

21st Mortgage works differently — it only provides financing for manufactured and mobile homes.

With 21st Mortgage, you can buy new or used manufactured homes with or without a permanent foundation. If you’re buying from a dealer or an existing 21st Mortgage customer, the minimum loan amount is $16,000. The minimum for homes purchased by other individuals or refinancing loans is $25,000.

2. Its loans have higher rates than traditional mortgages

Depending on the type of manufactured or mobile home you’re buying and whether it has a permanent foundation, you may qualify for either a personal property loan — also known as a chattel loan — or a real property loan.

Across the industry, rates for manufactured homes tend to be higher than those for site-built homes, and that’s especially true if the mortgage is classified as a chattel loan.

21st Mortgage is one of the largest providers of chattel loans. With 21st Mortgage, interest rates can be several percentage points higher than the national average for conventional mortgages.

3. Up to 100% financing available

Although 21st Mortgage doesn’t offer government-backed mortgages like FHA or VA loans, it does allow eligible borrowers to finance up to 100% of the purchase price of a manufactured or mobile home.

Borrowers can also finance closing costs — with the exceptions of the appraisal and recording fees for the deed or mortgage — reducing how much cash buyers will need to close the deal.

4.No financing for improvement projects

21st Mortgage doesn’t offer rehab financing or loans for home improvements. At a minimum, all must meet local code requirements and have working plumbing, appliances, electricity, gas, locking doors, and sound roofing and flooring.

5. Loans aren’t available nationwide

21st Mortgage issues loans in most states. However, its loans are unavailable to Alaska, Hawaii, Massachusetts or Rhode Island residents. It also doesn’t issue home and land loans to residents of the following counties in Illinois: Cook, Kane, Peoria and Will. If you’re thinking about a 21st Mortgage loan, make sure to check availability in your state.

Who is a 21st Mortgage loan good for?

For those looking for a more affordable path to homeownership, 21st Mortgage could be a useful option.  21st Mortgage also has loans for homes and land, allowing you to buy a manufactured home with or without a foundation. Depending on your credit, you could finance up to 100% of the purchase price and even your closing costs.

However, 21st Mortgage’s rates can be high, so shopping around and comparing your loan options is a good idea. Depending on the home you’re interested in, you may qualify for a conventional mortgage or even an FHA loan at a more competitive rate.

How to apply for a 21st Mortgage loan

21st Mortgage has no prequalification option, so there’s no way to check your loan eligibility without affecting your credit.

Instead, you must complete an online application and consent to a hard credit inquiry. Afterward, a loan specialist will contact you to review the lender’s decision, loan options and next steps.

To fill out the application, you’ll need to provide the following information:

• Your full name, date of birth and address
• Your Social Security number or taxpayer identification number
• Income and employment information
• Selected home details, such as its size and the year it was built
• Details on the land or community where you intend to use the home
• The purchase price and desired down payment
• The name of the retailer or individual seller

According to the lender, the entire process — from submitting the application to closing — usually takes 4-8 weeks.

Not sure if 21st Mortgage is right for you? Consider these alternatives.

Before choosing a lender, it’s wise to shop around and get quotes from other lenders. If you limit your mortgage inquiries to a short window, such as 14 days, the credit bureaus treat it as a single hard inquiry, limiting the impact on your credit.

If 21st Mortgage isn’t a good fit for your needs, consider these alternatives:

• Rocket Mortgage: Rocket Mortgage offers conventional loans for manufactured homes with permanent foundations.
• Better: Better provides a 100% digital home loan experience and financing for both site-built and manufactured homes.

SECU mortgages at a glance

• Conventional loans: Yes
• FHA loans: No
• VA loans: No
• Refinancing: Yes
• Jumbo loan: Yes
• Adjustable rates: Yes, 5-year
• Fixed rates: Yes

Qualifying State Employees’ Credit Union members may qualify for various mortgage options with competitive rates. Available loans include first-time homebuyer programs and home loans specifically designed to purchase historic or manufactured homes.

Pros

• Specialty mortgages for historic homes, investment properties and manufactured homes
• First-time homebuyer program with closing cost assistance
• Transparent about rates and fees

Cons

• No government-backed loans
• Loans are only available in select states
• Membership is limited to certain groups

5 things to know about a SECU mortgage

1. It has several mortgage options

SECU has several mortgage programs, including fixed-rate loans and adjustable-rate mortgages, or ARMs.

SECU also has specialty loan options, including the following:

• Manufactured home loans — SECU finances single- and double-wide manufactured homes through its ARM, fixed-rate or first-time homebuyer programs with a maximum term of 15 years.
• Historic home loans — For those looking to buy a historic home, SECU has special financing for homes under the jurisdiction of the North Carolina Historic Preservation Society or a local Historic Preservation Board. Members can finance up to $400,000.

2. Mortgages only in select states

SECU is a nonprofit credit union that primarily serves employees of the state of North Carolina. As a result, its mortgage products are only available in some states. Only qualifying members purchasing properties in Georgia, North Carolina, South Carolina, Tennessee or Virginia are eligible.

3. No government-backed loans

Though SECU issues fixed-rate and ARM loans, it doesn’t originate government-backed loans like Federal Housing Administration, or FHA, U.S. Department of Veterans Affairs, or VA, or U.S. Department of Agriculture, or USDA, loans. These loans are popular because they have lower credit score and down payment requirements than most mortgages, so borrowers wanting to take advantage of those programs will have to work with another lender.

4.First-time homebuyer program is available

SECU has a special program for first-time homebuyers. Eligible members can qualify for financing for up to 100% of the purchase price — with no down payment required — up to a maximum of $500,000. Eligible members may qualify for up to $2,000 in closing cost assistance.

The first-time homebuyer loan is only available under SECU’s five-year ARM program. To qualify for the program, borrowers must not have owned a home in the past three years and meet one of the following requirements:

• Be new employees of North Carolina state agencies or the state public school system
• Be existing employees relocating to accept a new position with the state of North Carolina

5. Upfront about rates and fees

SECU is upfront about its mortgage rates, fees and terms, clearly listing sample rates for fixed-rate loans and ARMs with different term lengths. Depending on the type of loan and the value of the home you’re purchasing, up to 100% financing is available for primary residences. The origination fee is 1% of the loan amount, capped at a maximum of $2,500.

Who is a SECU mortgage good for?

If you qualify for SECU membership and are looking to buy a home in one of the states where it offers mortgages, it offers a variety of mortgage options.

Depending on the mortgage type of your home, you may qualify for financing up to 100% of the home price, making it a good choice for first-time homebuyers who may not have lots of cash in savings. Plus, SECU doesn’t charge application or credit report fees.

But if you’re looking for a property in another state or want to apply for a government-backed mortgage like an FHA or VA loan, SECU isn’t the right lender for you.

How to apply for a SECU mortgage

To qualify for a SECU mortgage, you must be a credit union member. Some credit unions are open to the general public, allowing anyone to join if they open an account, deposit money or donate to a partnering organization. But SECU is stricter about its eligibility criteria. Membership is limited to the following groups:

• Employees of the state of North Carolina
• Federal employees assigned to North Carolina state agencies
• Employees of the North Carolina public boards of education
• Members of the North Carolina National Guard
• Employees of associations formed for the benefit of state of North Carolina employees, such as the State Employees’ Association of North Carolina
• Employees of agencies or departments that are subject to the North Carolina State Personnel Act
• Individuals retired from qualifying employers as pensioners or annuitants
• Spouses of persons who died while in the field of membership and have not remarried
• Immediate family — meaning a spouse, parent, sibling or child — of a current member
• Individuals living with an existing member

SECU has no prequalification option, so you can’t check your eligibility or view loan options without undergoing a hard credit inquiry. But once you’re a credit union member, you can start a mortgage application online. You can also apply in person at a local branch or by calling member services.

SECU evaluates mortgage applications based on the following information:

• Ability to repay — SECU will consider your gross income, monthly debt obligations and debt-to-income ratio, or DTI.
• Credit history — SECU will review your credit report. If there are any issues on your report, your loan specialist may be able to identify ways to improve your credit.
• Collateral — SECU evaluates the property’s value relative to the desired loan amount for mortgages.

Not sure if SECU is right for you? Consider these alternatives.

If you want to compare rates with several lenders or your application is denied, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

If SECU isn’t right for you, consider these alternatives.

• Rocket Mortgage: Rocket Mortgage issues loans to borrowers nationwide and has various mortgage options, including FHA and VA loans.
• Navy Federal Credit Union: For military service members, veterans and their families, Navy Federal has several mortgage options, including home loans with no down payment requirements.

Editors’ take: Selective car insurance is provided through a network of agents and offers a variety of discounts that could save you money. It’s got a well-reviewed mobile app that allows you to submit a claim, view and save coverage cards, and make payments. It’s only available in 15 states but has several additional coverage options so you can customize your policy to your liking.

Selective auto insurance at a glance

Pros

• Multiple discounts available
• Several optional benefits
• Powerful mobile app

Cons

• No online quotes
• Only available in 15 states
• Limited information online

What you need to know about Selective car insurance

The Selective Insurance Group is a holding company for 10 property and casualty insurance companies. Through a network of independent insurance agents, the company’s subsidiaries offer car insurance and other types of insurance in select states.

Before you purchase coverage, there are a few key details you should know.

You can add optional benefits to your policy

Besides the basic liability, comprehensive and collision insurance that most companies offer, Selective has other optional coverages you can include in your policy for an added cost. Some of these optional benefits can be valuable and useful.

• Accident forgiveness — With accident forgiveness, Selective will waive premium increases resulting from one at-fault accident.
• Diminishing deductible — If you add the diminishing deductible option to your policy, you will automatically receive a $100 credit on your deductible. Plus, you’ll receive an additional credit for every year you don’t submit a claim — up to a maximum of $500 in savings.
• Newer car replacement — If your car is a total loss and you have the newer car replacement option, you’ll receive the actual cash value for a car that is one year newer with 15,000 fewer miles than your current vehicle, making it easier to replace your vehicle.
• Selective Choice Replacement Cost — This benefit pays to replace your car with the latest model year available at the time of the loss. You can choose a coverage term of two, four or six years from the purchase date.
• Selective Edge — The Selective Edge gives policyholders a variety of extra coverages, including roadside assistance, key replacement and pet injury reimbursement.

Coverage is only available in some states

Selective only underwrites auto policies in select states. As of 2024, Selective offers car insurance policies in the following states:

• Arizona
• Illinois
• Indiana
• Iowa
• Maryland
• Minnesota
• New Jersey
• Ohio
• Pennsylvania
• Rhode Island
• South Carolina
• Tennessee
• Utah
• Virginia
• Wisconsin

If you don’t live in one of those states, you won’t qualify for coverage, and you’ll have to work with another insurer.

Policy details are limited

Selective has limited policy information on its website, so it’s difficult to compare its coverage limits, deductibles and benefits to the policies of other companies. The company doesn’t have an online quote tool either. The only way to get policy details or view potential rates is to contact an insurance agent.

There are several discounts available

If you plan on purchasing car insurance through Selective, ask your agent about available discounts. For example, if you have a current homeowners, condominium or renters policy with Selective, you could qualify for a multi-policy discount by adding an auto insurance policy which may save you money.

Plus, if you consistently pay your bill on time or have a vehicle with qualifying safety or anti-theft features, you could be eligible for additional savings.

It has a less-than-stellar reputation

In the Crash Network’s 2023 Insurer Report Card — a report that ranks companies based on responses from collision repair professionals — Selective was ranked 50th out of 87 companies. It was given a C+ rating because of how collision repair professionals rated the company based on their claims handling policies, payment practices and customer service.

A closer look at Selective auto coverage

Here are some additional details about Selective auto insurance.

• Agents — Selective car insurance policies are only sold through independent insurance agents that work on commission.
• Mobile app — Policyholders can manage their car insurance policies, submit claims and request roadside assistance through Selective’s mobile app.
• Financial stability — Selective has an A+ (Superior) rating from AM Best, a credit-rating agency that evaluates insurers. That rating means AM Best believes Selective is financially sound and can pay out future claims.

Is a Selective car insurance policy right for you?

Selective car insurance could be a good fit if you live in one of the 15 states where Selective originates auto insurance policies and you can take advantage of one or more discount programs.

But Selective does require customers to work with an agent to get quotes and purchase coverage. If you’d prefer a digital application experience, Selective is probably not the right company for you.

How to get an insurance quote from Selective

Selective doesn’t offer online quotes, nor can you purchase coverage through its website. Instead, you have to contact a local independent insurance agent to discuss your insurance needs.  Your premiums with Selective or another insurer depend on several factors — including your age, gender, location, driving record and vehicle value.

Not sure if Selective is right for you? Consider these alternatives.

If you don’t live in a state where Selective issues car insurance policies or you’re shopping around for the best auto insurance premiums, consider these other options:

• Geico: Geico insures vehicles in all 50 states, and it offers a broad range of insurance products, including auto, motorcycle and RV insurance.
• Progressive: With Progressive’s Snapshot tool, you could qualify for discounts based on your driving habits.

Pros

• Multiple host protection plans
• Cost deducted from earnings
• All policies include $750,000 third-party liability insurance

Cons

• Personal insurance is still required
• High-value cars may have inadequate coverage
• Loss of income/replacement cost not covered under most plans
• Hosts must cover the upfront cost of repairs

Turo is a peer-to-peer vehicle renting company that is an alternative to big-name brands like Enterprise, Avis and Hertz. Car owners — called hosts on the platform — rent out their vehicles to guests, travelers and locals who need transportation.

Cars on Turo range from economy hatchbacks to luxury supercars. For hosts, it offers a source of supplemental income.

But any time your vehicle is on the road, there’s a chance it could be damaged or involved in an accident. To provide some protection, Turo partnered with Travelers to offer third-party liability protection. You can also choose one of Turo’s protection plans for additional coverage.

What you need to know about Turo car Insurance

Turo isn’t an insurance company, and its host protection plans aren’t a form of insurance. Through its partnership with Travelers, a leading insurance company, all host protection plans in the U.S. come with a $750,000 third-party liability policy.

Hosts will likely need additional protection to cover their vehicle, so there are key things you need to know about Turo car insurance and protection plans.

Hosts can choose from 5 plans

All hosts must choose a protection plan listed by Turo. These plans act as a contract for physical damage reimbursement and are different from car insurance.

Each plan is paid for from the host’s take — the percentage of the trip price you earn from each Turo rental. Which plan you choose affects what percentage of the trip price you keep. There are five plans to choose from, and you can learn about the details of each on Turo’s site.

Host coverage is separate from guest policies

The Turo protection plans differ from the coverage available to the drivers renting vehicles. Guests renting a car can choose from one of three plans, in which coverage is secondary to any personal insurance they may have:

• Premier Plan — This plan includes state-minimum third-party liability coverage, and the guest’s responsibility for physical damages to the host’s vehicle is limited.
• Standard Plan — This plan includes state-minimum liability insurance and a physical damage contract that limits the guest’s responsibility for physical damages to the host’s vehicle.
• Minimum Plan — The minimum plan covers state-minimum liability insurance in the state where the guest is renting.

None of the guest plans include a limit of responsibility for mechanical or interior damage. The guest is completely responsible for any mechanical or interior damages that occur while renting the vehicle.

You’ll still need personal insurance

All hosts will need personal insurance to list a car on Turo. The Turo protection plans — and the third-party liability coverage provided by Travelers — is only in effect during trips booked on Turo.

The vehicle isn’t covered or insured when it’s not being shared on Turo, so you’ll need your own personal insurance policy that meets your state’s minimum insurance requirements.

Hosts must leave a copy of their personal insurance card in the vehicle at all times, and they must leave directions with the guest so they know where to find it.

Most plans don’t cover loss of income

Out of the five host protection plans, only one plan includes reimbursement for loss of income. With most of the plans, you won’t have any coverage for earnings you miss out on because of repairs or damages.

A closer look at Turo car insurance

Here are some additional details you should know about Turo.

• Vehicle repairs — If a guest is in an accident while renting your car, you must report the damages within 24 hours of the end of the guest’s trip to be eligible for reimbursement. You must take photos to document the vehicle’s condition at the start and end of each trip. You can upload the photos in the Turo app.
• Reimbursement — Because Turo’s protection plans aren’t insurance, they work differently from a typical auto policy. As the host, you pay for all the repairs upfront. After the work is complete, you submit photos, diagnostic reports and copies of your receipts to Turo and wait for reimbursement. All reimbursements are made via Visa Debit or check issued through HyperWallet.
• Trackers — Vehicles valued at $125,000 or more must have proof of an active original equipment manufacturer tracker. Without an active tracker, you may be responsible for up to 20% of damages above your protection plan deductible.

How to get coverage with Turo

You can choose a protection plan and get third-party liability coverage when you list your car for rent on Turo’s platform.

To list your vehicle, you’ll need details about your car’s make and model, license plate, vehicle identification number, driver’s license, and rental information, such as pickup locations and mileage limitations. You’ll also be asked to provide photos of your vehicle.

The site will prompt you to select a protection plan and payout option and you’ll have to consent to its safety and quality standards. Once you submit your listing, Turo will review it before it goes live. The insurance and protection plan go into effect whenever a guest books your rental.

Take note: Not all vehicles are eligible for Turo, so check the site to see if your vehicle qualifies.

Not sure if Turo car insurance is right for you? Consider these alternatives.

Turo’s protection plans, and liability coverage are only in effect when a guest is renting the vehicle. You’ll need personal coverage to protect your vehicle at other times. To ensure your car is protected, consider these other options.

• State Farm offers collision, comprehensive and liability policies for various cars, including sports cars, classic vehicles and commercial vehicles.
• Progressive allows you to get a quote and purchase auto insurance online.

LoanDepot HELOC at a glance

• Fixed or variable rate: Variable
• How to withdraw funds: ACH/wire
• Origination fee: Up to 5%
• Loan-to-value ratio: Not disclosed
• Time to fund: As little as three weeks

LoanDepot has been in operation since 2010. Previously, it focused on home mortgages, but in 2022, it launched a new home equity line of credit, or HELOC, product. LoanDepot offers HELOC amounts between $35,000 and $250,000.

Pros

• Close in as little as three weeks
• Check your rate without affecting credit score
• Interest-only payments for the first 10 years (except Texas)

Cons

• Charges origination fees
• Not available in all states
• No fixed-rate option

5 things to know about a LoanDepot HELOC

Before you apply for a LoanDepot HELOC, there are a few details you should know.

1. You can view rates without affecting your credit

With LoanDepot, you can check your eligibility and view potential rates online. According to the company, it only takes a few minutes to get a quote, and the process doesn’t affect your credit score.

2. LoanDepot HELOCs have one term

All LoanDepot HELOCs have 30-year terms. If you get a HELOC through LoanDepot, you can make interest-only payments for the first 10 years (except Texas). And for the remaining 20 years, you’ll pay full interest and principal payments. LoanDepot’s HELOCs have a three-year draw period within the 10-year interest-only repayment period.

3. LoanDepot HELOCs have variable rates

Some banks offer fixed-rate HELOCs. A fixed-rate HELOC can be appealing because the rate never changes, so you wouldn’t have to worry about inflation or market changes potentially increasing your monthly payments.

But LoanDepot doesn’t have that option. Its HELOCs are variable, with a maximum APR of 18%. With a variable rate, your payments could change over time — increasing (or decreasing) in line with the prime rate.

4. The HELOC process is not 100% digital

LoanDepot boasts a digital application experience, with no need to visit a bank branch. But the HELOC application isn’t completely digital. You must connect with a local notary in person to complete the application — remote online notarization isn’t an option with LoanDepot.

5. LoanDepot HELOCs aren’t available in all states

LoanDepot’s HELOC product isn’t available in every state, so check with the lender to see if you’re eligible in your location before you complete an application.

How long does it take to get a HELOC from LoanDepot?

With most HELOCs, it can take several weeks to close. With LoanDepot’s HELOCs, you can close in as little as three weeks, depending on whether certain verification is required. That timeline may make it a good option for people who need to access HELOC funds relatively quickly.

Who is a LoanDepot HELOC good for?

A LoanDepot HELOC may be a good fit for homeowners who have established home equity and need funding within a few weeks to cover somewhat urgent expenses. Since the lender advertises closing times for some borrowers within three weeks, look to this lender if LoanDepot’s relatively quick closing times seem advantageous to you compared to other lenders.

How to apply for a LoanDepot HELOC

To apply for a LoanDepot HELOC, follow these steps.

1. Ensure you have enough equity in your home. ThoughLoanDepot doesn’t disclose its minimum equity requirements, you generally need to have paid off 15% to 20% of your home’s total value to qualify for a HELOC.
2. Check your rates. You can use LoanDepot’s Check My Rate tool to view potential rates without affecting your credit score.
3. Fill out the application. If the loan terms work for you, you can complete the application online. LoanDepot will ask you for details about your home, employment and other personal information. It’ll also ask you to consent to a hard credit check.
4. Visit a notary. While most of the application process is digital, you must visit a notary in person before you can close on the HELOC.
5. Wait for closing. LoanDepot HELOCs can close in as little as three weeks. After that, you’ll have three years to draw money from the HELOC.

Not sure if LoanDepot is right for you? Consider these alternatives.

• Bank of America HELOC — With a Bank of America HELOC, you can access up to $1 million.
• Figure HELOC — If you’re in a bind and need money as quickly as possible, Figure’s HELOC provides funding in as little as five days.

First Federal Bank mortgages at a glance

Though First Federal Bank primarily operates in the Southeast, it offers a variety of home loans to customers nationwide.

Things to know about a First Federal Bank loan

It has several mortgage options

In addition to the commonly used conventional mortgages, First Federal Bank offers a handful of other home loans options.

Branches are only in certain states

Though First Federal Bank issues loans to customers nationwide, it only operates branches in a few states. The bank is based in Florida, with at least a couple dozen branches in the Southeast and operation centers in the Midwest.

The lack of a physical footprint may be frustrating for people who want to meet with a loan specialist in person and don’t live near a First Federal Bank branch.

It recently acquired the mortgage division from BNC National Bank

In June 2023, First Federal Bank acquired the mortgage division of BNC National Bank. Thanks to the acquisition, First Federal Bank took over servicing existing BNC mortgages.

Who is a First Federal Bank mortgage good for?

First Federal Bank’s mortgages are best for people who want personalized, in-person assistance and are shopping for a home in the Southeast.

It could also be a good match for people who have struggled to find financing for manufactured, modular or specialty homes. First Federal Bank offers a range of loan products for different property types, from manufactured homes to luxury mansions.

What if you could save hundreds on your car insurance? It may be possible by enrolling in a usage-based insurance program. UBI, which uses data captured from your mobile phone or a plug-in device via telematics, is becoming increasingly popular.

• Best overall: Allstate
• Best mobile app: Geico
• Best for potential savings: Metromile
• Best for drivers with less-than-perfect credit: Root
• Best for additional rewards: Amica
• Best for signup bonuses: Progressive
• FAQs about usage-based insurance

Best usage-based insurance companies

More companies are offering telematics or usage-based insurance programs, including some newer, smaller insurers. These are our picks for the best usage-based car insurance options based on availability, features and savings.

Best overall: Allstate

Why Allstate car insurance stands out: Allstate’s Drivewise program is our choice as the best overall usage-based insurance program because of its widespread availability and the added features available through the Drivewise app.

Besides tracking driving habits and mileage to help you potentially save money, the Drivewise app also includes crash detection as a free safety feature. If you’re in a serious accident, the app will send you notifications asking you to confirm a crash occurred. If there is an accident, it’ll prompt you to call 911, contact roadside assistance and file a claim.

• App: Allstate’s Drivewise app tracks driving behavior and mileage. It’s available for iOS and Android devices.
• Availability: Drivewise is available in 48 states — that’s more ground than a lot of other companies cover.
• Savings: Installing and using the Drivewise app when you drive could save you money on your premiums. You can earn a discount just by signing up and activating Drivewise in the mobile app.
• Claims: You can file a claim online, through the app, over the phone or by contacting your Allstate insurance agent.

Read more in our full review of Allstate car insurance.

Best mobile app: Geico

Why Geico stands out: Geico’s telematics program, DriveEasy, won multiple awards for technical achievement and innovation, and Geico was ranked second in overall customer satisfaction for usage-based insurance in the 2024 J.D. Power U.S. Auto Insurance Study.

• App: Geico’s app, which is available through the Apple App Store and Google Play, allows you to access digital ID cards, contact roadside assistance, track vehicle maintenance and make payments. And the app automatically tracks driving activity, so there’s no need to open the app every time you drive. It also provides feedback to help you improve your score.
• Availability: DriveEasy is currently available in 37 states, and Washington, D.C.
• Savings: Geico doesn’t specify how much customers could save, stating only that the savings can be significant. According to the program agreement, a discount can be applied to the policy upon enrollment in the DriveEasy program, but you’ll need to log at least an established amount of activity to remain eligible for it. After that, you may qualify for other discounts based on your driving habits.
• Claims: DriveEasy’s crash assist feature can automatically detect if you’re in an accident and guide you through the claims process. You can submit claims directly through the DriveEasy mobile app.

Read more in our full review of Geico car insurance.

Best for potential savings: Metromile

Why Metromile car insurance stands out: Metromile says its customers save an average of 47% on their car insurance premiums by switching to Metromile. Using its Pulse device, Metromile tracks your mileage and bases your rates on your driving habits.

• App: Metromile customers can use the mobile app to submit claims, access digital insurance cards or contact roadside assistance.
• Availability: Currently, Metromile is only available in eight states: Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.
• Claims: If you have Metromile coverage, you can submit a claim online or through the Metromile mobile app. You can also file a claim over the phone.
• Savings: Depending on the state where you live, you may qualify for additional discounts through Metromile, such as safe-driving, multi-car or anti-theft-device discounts.

Read more in our full review of Metromile car insurance.

Best for drivers with less-than-perfect credit: Root

Why Root car insurance stands out: While typical auto insurance underwriting often uses insurance credit scores as a major factor in determining rates, Root has committed to dropping credit scores from its calculations by 2025.

Today, credit scores play a relatively small role in Root’s premium calculations, so those with poor credit may qualify for lower rates with Root than they’d find from traditional car insurance companies.

• App: Root uses a mobile app to track your driving behavior. The app is available for Android or iPhone devices.
• Availability: Root is not available in all states. As of 2024, it’s available in 34 states.
• Claims: You can file claims online or through the Root app. The company said submitting a claim takes about three minutes, and you can track the claim’s progress through the app.
• Discounts: According to the company, good drivers can save up to $900 using Root instead of a traditional insurance company.

Read more in our full review of Root car insurance.

Best for additional rewards: Amica

Why Amica car insurance stands out: Through Amica’s StreetSmart app, you have an extra incentive to drive safely: Besides discounts on their premiums, participants can also earn rewards based on their driving habits. Rewards can be redeemed for gift cards from retailers like Amazon, Best Buy, Sephora, Target and more. Or you can redeem your rewards as charitable donations to organizations like the Special Olympics or Habitat for Humanity.

• App: The StreetSmart app is available for iPhones running Apple iOS 8 or higher and Android smartphones running Google Android 4.4 or higher.
• Availability: The StreetSmart program is only available in select states. As of 2023, it’s available in Connecticut, Oregon, Colorado and Arizona.
• Customer satisfaction: Amica was the top-ranked company for customer satisfaction in the 2022 U.S. Auto Claims Satisfaction Study from J.D. Power.
• Discounts: You can earn a discount for enrolling in the StreetSmart program, and you may earn additional discounts at your next policy renewal based on your driving performance. Your savings depend on your StreetSmart score after 91 days of driving with the app. The discount varies based on hard braking, excessive speeding, road segment type and phone use.

Read more in our full review of Amica car insurance.

Best for signup bonuses: Progressive

Why Progressive car insurance stands out: With Progressive, you get a discount automatically when you sign up for its Snapshot usage-based insurance program. Although the amount of the discount varies by location, the company said the average discount at signup is $94.

• App or device: When you sign up for Progressive Snapshot, you may be able to participate in the program through a mobile app or a plug-in device. Which tool you use is dependent on your state.
• Availability: Progressive’s Snapshot tool is available nationwide except California.
• Discounts: If you qualify for a discount based on your driving performance, it’s applied when you renew your policy. It usually takes about six months to qualify for the discount. On average, Progressive said customers saved $231 per year using the Snapshot program.

Read more in our full review of Progressive car insurance.

FAQs about usage-based car insurance

How we picked these insurers

The insurance company that’s best for you depends on your location, driving habits and coverage needs. When choosing the best usage-based insurance companies, we researched the following factors:

• Customer service: We used the J.D. Power Auto Claims Satisfaction Study’s company rankings to gauge customer service.
• Insurance products: We looked for companies that offered additional products beyond the standard collision, comprehensive and liability protection, such as gap insurance, rental reimbursement and rideshare insurance.
• Savings, rewards and discounts: When possible, we compared the typical discounts, rewards and savings customers may expect upon enrollment and after completing the initial evaluation period.
• Mobile app: While some telematics companies use plug-in devices, we also looked for companies that use mobile apps to evaluate driver behavior.

National General specializes in nonstandard coverage, but it can be expensive.

What you need to know about National General Car Insurance

National General is an insurance company that issues auto, homeowners, renters and umbrella insurance policies. Allstate, one of the four largest private passenger auto insurance companies based on direct premiums written, acquired National General in 2021.

It can be expensive

National General primarily serves the nonstandard car insurance market. Nonstandard insurance can be an option for drivers having a hard time finding insurance for the following reasons:

• Specific driving infractions
• Lapses in coverage
• No history of coverage
• Being a first-time driver in the U.S.
• Lack of credit history or low credit scores (in states that allow insurers to consider credit scores)

Drivers with high-powered sports cars or other specialized vehicles may also be candidates for nonstandard insurance policies.

As a result, premiums can be much more expensive than the national average.

How to get an insurance quote from National General

To purchase a policy, you must work with an independent agent.

There are several factors that affect car insurance rates, including your age, location, driving record, vehicle make and model and even your credit (in some states). Premiums can vary between insurers, so requesting quotes from multiple companies is wise.

GO2bank card at a glance

GO2bank is a debit card that may be a good option for people who have limited access to banks or credit unions. With GO2bank, you can open a mobile account online or by purchasing a starter debit card at a local retailer.

Is the GO2bank card legit?

GO2bank is a digital bank that was launched by the Green Dot Corporation, a financial technology and bank holding company. Its debit cards are issued through the Visa network and can be used anywhere Visa cards are accepted.

Fifth Third Bank checking accounts at a glance

Fifth Third Bank is a full-service financial institution that offers checking accounts, savings accounts, personal loans, mortgages, investment options and business banking services. There are several Fifth Third checking accounts, including versions with premium features like interest checking.

For customers looking for a low-cost checking account, Fifth Third Momentum Banking may be a good fit.