(BPT) - You work hard for your money. Unfortunately, crooks work hard as well, attempting various tactics to take your money. If you fall for a scam, little can be done to help you get your money back. In order to keep your financial and personal information safe, it’s necessary to look for red flags and be proactive about security.

Know the red flags

From classic methods to using sophisticated technology, criminals will try a variety of strategies to gain access to your money. If you experience any of the following, consider it a red flag and pause before you act:

• A person calls or emails, pretending to be someone you trust, such as a family member, government official or a well-known business or nonprofit organization. The intention is for you to let your guard down immediately.
• They push you to make decisions in a hurry, ask for personal information such as an authorization code, often threatening legal action or using intimidation tactics to get you to act. They know fast action can mean you won't think things through, causing you to make mistakes.
• They will ask for money through undetectable methods such as wire transfers and gift cards, or they may even send a check and ask you to return some of the money through these methods.

Learn the do's and don'ts

The Bank of America Privacy and Security Center provides key actions you can take to help protect yourself from becoming the victim of a scam:

• Don’t send money or give out your personal information in response to an unsolicited text, phone call or email. Companies will never call you and ask you for an authorization code.
• Don’t be rushed to respond to unexpected requests. If they tell you not to tell anyone or they provide you with talking points to say to your bank or family, you can be absolutely sure it is a scam. Research, validate or talk to someone you trust. Look up the business and phone number online and contact them directly.
• Don’t trust caller ID. Scammers can fake caller ID information so don’t always trust the name and number that appears on-screen. If the caller asks for money or personal information, hang up and call back through a validated number.
• Don’t deposit a check and immediately send back funds. Scammers will send a check and ask you to send a portion of it back by wire transfer, gift card codes or a form of cash payment. You might send the money back right away, but their check could still be returned unpaid, leaving you without any money.
• Don’t fall for work from home scams. No legitimate company will require you to buy things or pay for equipment up front. Car logo, mystery shoppers, baby-sitting services are a few ways consumers are targeted.
• Do protect your devices by keeping your phone, tablet and computer updated with the latest browser, operating system and antivirus software. If you see a Microsoft pop-up claiming you have a virus on your computer and receive a phone call stating they need to take control of your computer to get rid of the malware, absolutely DO NOT fall for it. Take your laptop to a trusted company to physically clean your device.
• Do use secure methods of payment such as Zelle^® and Bill Pay. Zelle is a fast, safe and easy way to send and receive money in minutes¹ with friends and family and others you trust. It only uses your U.S. mobile number or email so your account information remains private. Bill Pay allows you to manage all your bills securely in a single place online, so you can pay bills with confidence.
• Do stay on top of account activity and ensure all contact information is up-to-date. With Bank of America’s mobile app, turn on alerts and enable security features such as Face ID or Fingerprint Scanner to allow for simple and secure login.
• Do trust your gut. If it doesn't feel right, it probably isn't. Your intuition is usually correct, so take the time to pause and evaluate before sharing personal info, sending money or revealing private data.

Learn more and find out about the latest scam and fraud prevention news by visiting www.bankofamerica.com/security.

¹Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Preparing to buy your first home is both exciting and stressful. Before you start down the road of home ownership, it is vital that you have all of your finances in order and that you fully understand what is in store for your budget. Here are three things to know financially when buying your first home.

Mortgage and Down Payments

The world of mortgages and down payments can be confusing for the first-time homebuyer. Understanding the differences between a fixed-rate and an adjustable mortgage will help you to make a more informed decision. You also need to plan how much money you want to put down on the home. There are several advantages of placing a 5 percent down payment, but it’s important to consider what works best for you and your financial situation. Keep in mind that if you put less than 20 percent down, it is likely you will be charged a monthly fee for private mortgage insurance (PMI). Consider the pros and cons as you're weighing the offsetting advantages of placing a 5 percent down payment.

Set a Price Range

Picking the right price range is an imperative step in finding the right house for your personal needs and your budget. When it comes to real estate, timing is everything. If you are shopping in a buyer's market, you are going to get more for your dollar. There are a host of online tools to help you figure out how much home you can afford. A lot of times, a real estate agent can also help you to figure out how much you can afford. You also need to examine your current and projected lifestyle to determine how much you can spend. For example, if you plan on having children in the future, you need to add these costs to your overall budget, especially if one parent plans on staying home with the kids.

Budget for Extra Expenses

The costs of purchasing a house go well beyond the basic outlay for the down payment and insurance. Chances are that if this is your first home, you will be upgrading to a significant amount of additional space. This will likely necessitate that you set aside extra money for new furnishings. If you are moving into a newly constructed home, it is also probable that you will need a budget for landscaping. Depending on the condition of the home, you will want to have some cash on hand for repairs and renovations.

Equipping yourself with the right tools and knowledge will help the process of buying your first home go more smoothly. All of the stress will be worth it once you are relaxing in a place you own.

Related: Real Estate in the Digital Age: Why you still want an agent by your side

How to pick the right homeowners insurance

(BPT) - If you're like many Americans, your home may be your most valuable asset. That's why it's so important to protect it with homeowners insurance. Plus, it's probably a requirement of your mortgage. Setting up your coverage the right way starts with understanding the major parts of a homeowners policy.

Consider the following information and tips from the USAA Home Learning Center:

Dwelling protection

This protection covers the cost of repairing or rebuilding your home if it's damaged or destroyed. When you select the amount, keep in mind the cost to rebuild your home is different from its market value.

It's important to get the dwelling coverage right and to monitor it over time to make sure it keeps up with construction costs to rebuild. Under most homeowners policies, if you file a claim and have underinsured your home, your payout may be reduced.

Some insurers will help you estimate the rebuilding cost. They take into account the features, materials and finishes that make your home unique.

Personal property protection

This protection covers your furniture, clothing and pretty much everything else inside your home. Most policies set the amount of personal property protection as a percentage of the dwelling coverage.

It may not be enough, though. Homeowners plans set limits on certain high-value items. If you own expensive jewelry, art, guns, stamps, furs, cameras, computers, silver or collectibles, you'll want to consider buying valuable personal property insurance. This is sometimes called a "personal articles floater."

When you set up your homeowners policy, you may have to make an important choice about how to reimburse losses. There are two approaches:

• Replacement cost. This coverage is the amount needed to replace the property with a comparable, new item.
• Actual cash value. This coverage considers depreciation in the value of your property. If your 10-year-old couch is destroyed, you'd receive what it was worth at the time of loss, not the money you'd need to buy a new one.

To make your recovery from a loss as smooth as possible, replacement cost coverage is recommended.

Liability coverage

This is one of the most important and least appreciated forms of protection offered through homeowners coverage. It protects you if you're found to be at fault for someone's injury or property damage. It even covers you for non-automobile incidents away from your home. Generally, it also covers your legal costs associated with such claims against you.

As a rule, your liability coverage should at least be equal to the total value of your assets for both your homeowners and auto insurance. If your assets are higher than the maximum coverage allowed under the policy, consider purchasing umbrella insurance to cover the difference. This is important to protect the savings and other assets you've worked hard to acquire.

Deductibles

As with other types of insurance, a deductible is the part of a loss that you're responsible for covering out of your own pocket. The higher your deductible, the lower your monthly premium.

Choosing a higher deductible can save you money with a lower monthly premium but increases the risk you take. Consider the amount of cash you typically have on hand in your emergency fund or checking and savings accounts. Make sure you can cover the deductible amount comfortably.

What may not be covered

Your policy's basic coverage won't cover some special risks.

• Floods: While a standard policy covers most weather-related events, floods aren't one of them. Flood insurance is inexpensive and the federal government offers it through insurers. While it's mandatory when you have a mortgage and live in a flood zone, you should give it strong consideration no matter where you live. Whether it's a flash flood or a few inches of excess water, flooding can cause massive damage to your dwelling and its contents.
• Earthquakes: You can add coverage for earth movements to your policy with an extra premium. If you live in an area prone to earthquakes, consider reinforcing your home protection with this coverage.
• Home businesses: Homeowners plans provide limited coverage for business equipment. If you run your business from home or have expensive office equipment, you may need to consider additional coverage. Your homeowners policy may not cover injuries to someone if they're related to your business.

For additional information on protecting your home, visit USAA.com/Homeowners.

(BPT) - The new year is just around the corner and it’s never too early to think about your 2020 goals — and for many, this means prioritizing finances. Taking the time to focus on your goals and determine what’s important to you financially is the best way to set yourself up for success, but actually following through can be difficult. These easy financial exercises from Vanderbilt Mortgage will help you reach your goals in the new decade.

1. Outline your plan

If you don’t already have one, establish your plan. Write down short-term financial goals, such as creating a monthly budget, and long-term goals, such as paying off a debt or buying a home. Defining these goals will help as you set your budget for the next year.

2. Create a monthly budget

Gather pay statements, bills and bank statements to get started. You can write down all this information or use a budget tool. Start by calculating your monthly income, which includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions. The next step is to look at your bills and bank statements to find out exactly what you spend in various categories of expenses such as utilities, auto, medical, personal, insurance, etc. This accurate information will empower you to take control of your spending.

3. Set a savings goal

Saving is another important aspect of financial health. Whether you’re using a general savings account, adding to an emergency fund, or setting aside funds for a new home, saving for larger financial goals helps you prepare and gives you peace of mind no matter where life takes you. If you’re new to saving, start small. Simply skipping your daily latte from the coffee shop a few times a week can add up quickly.

4. Stick to it

The statistics on how many people actually follow through and keep their New Year’s resolutions are rather bleak, but sticking with your financial goals will pay off. Stay on track by monitoring your progress each week. As you get closer to your goals, excitement will build and you’ll be motivated to keep budgeting and saving.

Vanderbilt Mortgage offers helpful online resources whether you are looking to purchase a new home or keep your current home in great shape. “Here at Vanderbilt, we want to use our years of experience to help current and future homeowners.” Said Eric Hamilton, President of Vanderbilt Mortgage, “Providing educational materials for every step of homeownership is one of the ways Vanderbilt is with customers every step of the way.”

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by PA Dept. of Banking. Sponsored ad content from Vanderbilt Mortgage and Finance, Inc.

(BPT) - For many Americans, the biggest hurdle in buying a home is the down payment. According to a recent report, 49% of non-homeowners stated that not having enough money for a down payment and closing costs was a major obstacle to purchasing a home. Many people also mistakenly believe lenders require a 20% down payment to qualify for mortgage financing.

Data shows that by using private mortgage insurance (MI), millions of homebuyers with down payments as low as 3% or 5% have been approved for affordable and well-underwritten mortgages.

In the past year alone, MI has helped more than 1.1 million borrowers purchase or refinance a mortgage. Nearly 60% were first-time homebuyers, and more than 40% had annual incomes below $75,000.

How MI works

In addition to the other elements of the mortgage underwriting process — such as verifying employment and determining the borrower’s ability to afford the monthly payment — lenders require borrowers to commit some of their own money before approving their mortgage loan. This is where MI entered the system more than 60 years ago, to bridge the down payment gap and help creditworthy borrowers qualify for a mortgage without large down payments.

Benefits of MI

• It helps you buy a home sooner. On average it could take 20 years for a household earning the national median income of $61,372 to save 20%, plus closing costs, for a $262,250 home, the median sales price for a single-family home. MI helps borrowers qualify with as little as 3% down.

• It is temporary, leading to lower monthly payments down the road. MI can be cancelled once 20% equity is established, either through payments or home price appreciation. Borrowers typically can cancel MI within the first five to seven years. This is not the case for the vast majority of mortgages insured by the Federal Housing Administration. FHA mortgage insurance premiums stay on the loan for the life of the loan.
• It provides several flexible payment options. Your lender can offer several MI product options for MI payment; the most common is paid monthly along with your mortgage until the MI cancels.

MI is a stable, cost-effective way to obtain a low down payment mortgage, and offers distinct benefits to borrowers. It’s been a cornerstone of the U.S. housing market since 1957, providing more than 30 million families with the opportunity to own homes despite financial barriers. If you are considering purchasing a home, it is important to understand your options, including your low down payment options. To learn more, visit LowDownPaymentFacts.org.