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Utility Companies May Offer Loans for Energy Upgrades

By Philanthropy Grants

Alaskan utility customers may soon find a pleasant surprise in the form of loans. For energy efficient upgrades and adding renewable energy systems, they will be paid back through their monthly bills.

Known as “on-bill financing,” this is already done throughout the country.

Gov. Bill Walker signed a bill into law to suspend service to customers if they don’t pay back their loans. According to president and CEO of Golden Valley Electric Association Cory Borgeson says the company has to set up a bank business before the program can begin.

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Image via TreeHugger.

Mortgage Loans That Get Denied

By Philanthropy Grants

No one wants to deal with taking out a mortgage loan and having it denied. Recently the Urban Institute calculated real denial rates to determine which mortgage loans are denied most often.

Government-backed loans get denied less than conventional loans. Forbes reported that “conventional loan applications are denied almost 50% of the time, versus just over 20% for government loans.”

Small balanced loans usually below $70,000 or lower see higher denial rates. Forbes said, “Applications for loans under the $70,000 mark had a 52% denial rate, while those for over $150,000 were denied just 29% of the time.”

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Image via NerdWallet.

What Are Construction Loans?

By Philanthropy Grants

For those who built a home rather than bought an existing one, you might notice that traditional mortgages aren’t applied. Instead, you’ll likely have to get a construction loan.

But what is a construction loan, you may be wondering?

They’re high-interest, short-term loans that cover the costs of building or rehabilitating a home. They’re based on the projected value of the home once the construction is complete, rather than the home’s condition in comparison to other recent sales.

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Image via Rhumbix.

How To Determine The Amount Of Life Insurance You Need

By Philanthropy Grants

Life insurance is important to have because it protects your loved ones from financial burden in the event of your death. But, you may be wondering how much life insurance you need.

Frankly, insurance can get expensive, so you don’t want to be paying for more than you need. The best way to figure out how much you need is to determine what all you want covered in the event of your death. For some people, they only want funeral expenses covered. For others, they want to leave their family a financial cushion to replace the lost income.