Why Are Refinance Rates Higher?

Mortgage Q&A: “Why are refinance rates higher?” If you’ve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip

The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Is LendingTree Legit, Safe or Scams?

If you’re asking yourself whether LendingTree is legit, you have every right to do so. After all, you’re about to take on a big financial obligation (whether it is a mortgage loan or a personal loan).

Your objective is to save money, so you want to find a lender with the best mortgage rate. But if you aren’t familiar with LendingTree, how do you know if it’s legit?

There are resources available to check, such as reading LendingTree reviews, to make sure if they are trustworthy.

When you’re looking for a mortgage lender you can trust, LendingTree is the right place for you. Just enter your information and get multiple free and free mortgage rates within minutes.

What is LendingTree?

Before answering the question of “is LendingTree Legit?,” you need to have an understanding of what LendingTree is.

Launched in 1998, LendingTree has built a reputation by matching borrowers to lenders. (For more information about the company, visit its website.

Instead of filling out several applications and talk to several lenders, with LendingTree you can shop around for the best mortgage loans on one website. It’s an all-in-one platform.

It just connects you with multiple lenders all at one time so you can compare and choose the best mortgage rates.

So in case you were wondering if LendingTree is a legitimate and trustworthy company, the answer is a resounding “yes.”

LendingTree is legit.

Related: LendingTree Review: Get a Loan in 10 minutes

Five Ways You Know LendingTree is a Legit and Trustworthy Company.

1. Read LendingTree reviews by their customers to see if it’s legit.

Part of your search “is LendingTree legit” should include reading customer reviews about their experiences with the company. Performing a simple Google search for “LendingTree Reviews,” then you will find a lot sites like consumeraffairs.com or trustpilot.com.

These reviews can help you determine if LendingTree is indeed legit. These reviews can give you the inside story on everything about LendingTree from customer service to interest rates.

One thing to keep in mind, however, is that happy customers are less likely to submit a review than unhappy ones.

So read these reviews with an open mind. Indeed, it’s important to look for reviews that are based on facts rather than opinions.

For example, a review that says “I like the lenders provided by LendingTree because their rates are low” is based on facts. A review that says “their service sucks” is based on opinion.

Shop and Compare Loan Offers in Rates in Minutes

2. Check LendingTree’s Better Business Bureau (BBB) rating.

Another way to know for sure if LendingTree is legit is to check its BBB rating. The BBB assigns business ratings from A+ to F.

A search for LendingTree’s BBB rating shows that not only it is an accredited company, but also has an A+ BBB rating. A BBB rating of A+ is the highest rating you can get. So if LendingTree has an A+ rating, you know it’s legit.

One thing to keep in mind is that BBB ratings and customer reviews can differ significantly. While a company like LendingTree may have negative reviews from customers (every company does), their BBB rating might be an A+.

3. Check LendingTree’s website.

Another way to know if LendingTree is legit is to thoroughly review its website. A company may seem genuine, but there are a few things that can throw up a red flag. Things to look for to see if LendingTree is a legit are:

  • How long have they been in business. According to both its website and the BBB website, LendingTree has been in business for 23 years.
  • Does it offer customer service? If there is no contact support, no address, no phone number to reach the company, this may be a red flag that the company is not legitimate. Fortunately, LendingTree’s homepage is full with that information. So there is no need to worry on that point.
  • See if LendingTree has a policy page: A legit company will have terms of use and conditions pages such as privacy policy pages. Again LendingTree does have this information, which can lead you to conclude it is legit.

Compare mortgage rates with LendingTree

4. Talk to family and friends about their experience with LendingTree.

Just like reading consumer reviews about LendingTree, friends, family members, colleagues are a great source to determine if LendingTree is legit. Ask them if their experience was satisfactory or not.

5. Visit a local office or a main office.

If you’re still not convincing that LendingTree is legit, visit a local office or their main office. Their main office is located at 11115 Rushmore Dr., Charlotte, NC 28277.

In conclusion, LendingTree is legit. But if you want to do your own research to determine if they are legitimate and trustworthy, do the following: check LendingTree’s reviews, their BBB rating, their website, and ask colleagues and friends about their experience with the platform.

All of these should lead you to believe that LendingTree is in fact a legit company.

Get Pre-Approved for a Mortgage Today

Work with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you save 100k (whether you need it to pay off debt, to invest, to buy a house, or plan for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Is LendingTree Legit, Safe or Scams? appeared first on GrowthRapidly.

Source: growthrapidly.com

5 Reasons You Need To Hire A Financial Consultant

If you’re a busy individual and have no time for the day-to-day management of your money, you may need to consult a financial consultant.

Beyond being busy, however, there are major turning points in your life where working with a financial consultant is absolutely necessary.

For instance, if you’re approaching retirement, you’ll have to figure out how much money you need to live during your non-working years.

So what is a financial consultant? And what do financial consultants do? In this article, we’ll run you through situations where financial consulting makes sense.

We’ll show you where you can get a financial consultant that is ethical and who will act in your best interest, etc.

Of note, hiring a financial consultant is not cheap. A fee-only financial advisor can charge you anywhere from $75 to $300 per hour. If your situation is simple, you may not need to hire one.

However, hiring a financial consultant in the situations discussed below is worth the cost.

Related: 5 Mistakes People Make When Hiring A Financial Advisor

What is a financial consultant?

A financial consultant is another name for financial advisor. They can advise you on a variety of money subjects.

They can help you make informed decisions about managing your investments and help you navigate complex money situations.

Moreover, a financial consultant can help you come up with financial goals such as saving for retirement, property investing and help you achieve those goals.

To get you started, here’s how to choose a financial advisor.

5 Reasons You Need To Hire A Financial Consultant:

1. You have a lot of credit card debt.

Having a lot of credit card debt not only can cause you severe emotional distress, it can also negatively impact your ability to get a loan (personal loan or home loan).

For instance, if you see 50 percent of your income is going towards paying your credit card debt, then you need professional help to manage debt. Your best option is to find a financial consultant.

Luckily, the SmartAsset’s matching tool is free and it helps you find a financial consultant in your area in just under 5 minutes. Get started now.

2. You are on the verge of bankruptcy.

If you have way too much debt and can’t seem to pay it off within a reasonable time, another option for you is to file for bankruptcy.

Although bankruptcy will free you from most of your debts, avoid that option if you can.

One reason is because it can have a long, negative impact on your credit file. Once you go bankrupt, the bankruptcy will be on your credit report for a long time.

Working with a financial consultant can help you come up with different strategies. They may advise you to consider debt consolidation, which can significantly lower interest rates.


Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.


3. You’re ready to invest in the stock market.

If you’re thinking about investing in the stock market, then the need for a financial consultant is greater. Investing in the stock market has the potential of making you wealthy.

But with great returns come great risks. The stock market is volatile. The price of stock can be $55 today, and drops to $5 the next day.

So, investing in the stock market can be very intimidating. And if you’re a beginner investor and unsure about the process, it is wise to chat with a financial advisor to see if they can benefit you.

A financial consultant can help build an investment portfolio and help manage your investments.

4. You’re starting a family.

If you’re just got married seeking a financial consultant is very important. A financial advisor can help you figure out whether you should combine your finances, file taxes jointly or separately.

You also need to think about life insurance as well, in case of death of one spouse. And if you’re thinking of having kids, you need to think about saving for college to ensure the kids’ future.

Turning the job over to a financial consultant can save you a lot of money in the long wrong and is worth the cost.

Related: Do I Need A Financial Advisor?

5. You’re just irresponsible with money.

If you make emotionally based financial decisions all of the time, you’re buying things without planning for them, you may be irresponsible financially and therefore need professional advice.

If you’re spending money on expensive items when you could be planning and saving for retirement, then you may need a financial consultant.

You may find yourself having trouble saving money. Then it may make sense to speak with a financial advisor.

Speak with the Right Financial Advisor For You

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

 

The post 5 Reasons You Need To Hire A Financial Consultant appeared first on GrowthRapidly.

Source: growthrapidly.com

5 Frugal Ways to Celebrate Your Debt Successes

5 Frugal Ways to Celebrate Your Debt Successes

One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road. Celebrating small milestones, like getting another $1,000 knocked off your debt total, starting to put money aside for retirement or paying off a credit card balance, is important for both your sanity and your family’s sanity.

Find out now: How much money do I need to save for retirement?

I don’t have kids, but several of my personal finance blogger friends do, and they have talked about how kids don’t always understand how they can contribute to the family financial goals since they don’t earn any money. Plus, sometimes kids don’t understand why there is a sudden need to cut back on expenses they have come to know as normal- things like going out to eat or having a night out at the movies with friends. Allowing yourself and your family to celebrate your financial wins as you work your way out of debt will help them understand that while your family is now living on a different budget, it’s still okay to enjoy the present.

With that in mind, here are five frugal ways you can celebrate your financial successes, so you don’t erase all your progress!

1. Go out for Dessert

As a kid, whenever we’d go out for dessert after a home-cooked meal, it felt like a real fancy treat. Now I know that this was mom and dad’s way of having a celebration without spending a lot of money on paying for a whole meal.

2. Rent a Movie

5 Frugal Ways to Celebrate Your Debt Successes

This may not seem like a treat if you rent movies all the time, but if you are living on a very strict budget and don’t often rent movies, this could be a treat for you and your family. Make it the full experience – popcorn, candy, etc. Renting a movie and making popcorn at home is a fun way to celebrate, and it’s still a lot cheaper than going to the theater.

12 Affordable Ways to Have Fun on a Tight Budget

3. Hit a Matinee

Wait, didn’t I just say to avoid the theater to save money? Yes, but sometimes movie theaters offer cheaper matinee movies earlier in the day. Often showings before noon can be as little as half price. This is a more budget-friendly way to enjoy a new movie.

4. Buy a Book or Magazine

One of the first things that got cut from my budget when I started focusing on financial goals was my magazine subscription. Most of the time I don’t miss it as I have plenty of things to keep me busy, but sometimes it’s nice to somewhat mindlessly flip through a magazine in the evenings. Buying yourself a new book – maybe one of these investing books – or magazine is a fairly cheap way to entertain yourself and if it’s a rare occasion, it can serve as a reward too.

Frugal Summer Fun for Adults

5. Go on a Day Trip

5 Frugal Ways to Celebrate Your Debt Successes

If you aren’t traveling too far, the most expensive part of the trip is usually the overnight accommodations. By taking a day trip instead to the beach or somewhere else, you can get out of town and away from the norm without having to shell out for an expensive hotel room.

What other frugal ways can you think of to celebrate your debt successes?

Photo credit: Â©iStock.com/andresr, Â©iStock.com/sdominick, Â©iStock.com/AleksandarNakic

The post 5 Frugal Ways to Celebrate Your Debt Successes appeared first on SmartAsset Blog.

Source: smartasset.com

Is Refinancing Worth It?

With mortgage rates at or near record lows, a lot of existing homeowners are probably asking themselves, “Is refinancing worth it?” The problem is there’s no absolute right or wrong answer to this question, though with interest rates a lot lower than they were a year or two ago, the answer to this question will [&hellip

The post Is Refinancing Worth It? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Mortgage Lending Volume Hits Highest Level on Record Despite COVID-19

It makes sense that the mortgage industry would see its best quarter in history during a global pandemic. Okay, it doesn’t make sense, but that’s what happened anyway, per the latest Mortgage Monitor report from Black Knight. Mortgage Lenders Originated $1.1 Trillion in Home Loans During the Second Quarter Mortgage lenders experienced best quarter in [&hellip

The post Mortgage Lending Volume Hits Highest Level on Record Despite COVID-19 first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Buying A Second Home? 8 Things To Consider

Buying a second home is a major expense. You might have several reasons for wanting to buy a second house. Perhaps, you’re buying a second home for vacations or weekend getaways. Or, it might be that you want to use it as a rental property for rental income. However, there are things to consider before buying a second home.

The benefits of buying a second home

If you’re buying a second home for rental income, you’ll benefit from many perks, especially tax advantages.

For example, you will be able to deduct interest, property taxes, homeowners insurance and other expenses against the property’s income.

Even if the value of the property declines, you will still be able to deduct depreciation from your taxes.

While these benefits are great, the mortgage requirements for a second home are much stricter than for a mortgage on your primary residence. So, make sure you can afford it.

8 Things To Consider When Buying A Second Home

1. Financing options: When you bought your first home, you had available to you what’s called an FHA loan – a government loan program.

FHA loans are an appealing and favorite choice among first time home buyers due to their relatively low down payment requirement.

FHA loans require a 3.5% down payment and a relatively low credit score of 580. However, FHA loans are not available to second home buyers.

That is because FHA requires the home to be the borrower’s primary residence. So, if you’re thinking of buying a second home, you will need to either use a conventional loan or financing it with your own cash.

2. A larger down payment: If you’re using a conventional loan for your second home, you will need to come up with a larger down payment.

Lenders for a conventional loan usually requires a 20% down payment of the home purchase price.

But for a second home which will be used as a rental property or vacation home, expect lenders to ask for 30% or even 35%.

3. A higher credit score. For an FHA loan, you only need a credit score of 580 to qualify. But for a conventional loan on a second home, you will need much higher credit score — usually 750 or higher.

4. Expect a Higher Interest Rate: Lenders will likely charge you a higher interest rate on your second home than your primary residence.

The reason is because they see a second home — be it a vacation home or a rental property — as riskier. They feel that you are more likely to default on a mortgage on your second home than on your primary residence.

5. Do your research: Just as you did your homework when you bought your place to live in, buying a second home is no different.

In fact, you’ll need to spend more time researching rental property. That means researching the neighborhood you will want to invest in, knowing the zoning laws for a particular area, the sales price for the homes in the area.

You will need to know if the area has adequate public transportation, schools, grocery shopping, etc,– things that potential tenants will need.

6. Be prepared to be a landlord: if you’re buying a second home to rent, be prepared to be a landlord.

And be prepared to deal with all of the headaches that come with being a landlord. Do you have sufficient time? Can you deal with problems?

Owning a rental property and being a landlord is time consuming. It is also hard hard work and you have to do your due diligence.

You can hire a property manager to run the property for you. But if that is not feasible, you’ll have to do it yourself.

That means, screening new tenants, collecting rent, dealing with delinquent tenants, fixing problems in the property, such as a broken pipe.

So before buying a second home, make sure you have sufficient time and make sure you can deal with the day-to-day headaches that come with being a landlord.

7. Do you have a stable income? Dealing with a second mortgage on your second home is doable.

While you may be able to afford upfront costs, if you don’t have a stable income, you may have to think twice about whether it is a good idea.

Plus, you still have to consider the additional expenses of owning a second home such as insurance, property taxes, maintenance, repairs, property management fees, etc.

8. Are you out of credit card debt? If you have paid off outstanding and high interest credit card debts, then purchasing a second home may make sense.

But if you’re still struggling to pay your debt, you may need to put buying a second home on hold. 

The bottom line

If you’re thinking about buying a second home, whether it is for investment or vacation, be prepared to save some money, budget for expenses, and come up with a bigger down payment.

More importantly, spend as much time, if not more, researching for the home just as you did when your purchased your primary home.

Speak with the Right Financial Advisor

  • If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
  • Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Buying A Second Home? 8 Things To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

7 Money Steps to Take Before 2021

With the end of the year rapidly approaching, it’s a good time to take stock of your financial situation as you head into 2021. 2020 has been a strange year, and a difficult year for many people. With many people’s health and/or economic livelihoods affected by COVID-19, many people’s situation looks very different than it did back in January. As we head into a new year, here are a few things that you can do to improve your finances before the end of 2020.

#1 Put at least $1000 into an emergency fund

If you don’t have an emergency fund set up to handle unexpected expenses, that is a good first step to putting yourself on a solid financial footing. $1000 may not be enough to handle every possible thing that could go wrong, but it can be enough to handle your car breaking down or an unexpected home expense. If you don’t have at least a minimal emergency fund in place, make a plan for how you can start one before the end of the year.

#2 Fully fund your retirement accounts

401k, IRAs, and other retirement accounts have an annual contribution limit that caps the amount that you’re able to contribute each year. Before the end of the year, set aside some time to go through each of your accounts that have an annual contribution limit. Decide for which of those accounts it makes sense to fund before the end of the year.

#3 Consider donating to charity

With the increased standard deduction available in recent tax years, not as many people itemize their deductions. But if you do itemize your deductions, then remember that your charitable contribution may be tax-deductible. If you make that charitable contribution before the end of the year, you may be able to deduct it in this tax year — otherwise, you’ll have to wait an entire year before you’re able to deduct it.

READ MORE: 5 Best Credit Cards When You Make Charitable Donations

If you’ve already made charitable contributions in 2020, make sure that you have them documented and ready to include on your tax return.

#4 Make sure you have a financial security plan in place

Still, using the same username and password on every internet site? It may be time to get a financial security plan in place. With data breaches always a possibility now’s as good a time as any to take some steps to minimize your risk in case of a data breach or a hacker accessing your financial information. One thing that you can do before the end of the year is to set up a password manager to put some variety into your passwords. Another thing is to set up two-factor authentication (2FA) on your important financial accounts.

#5 Review your credit report

Each year you are entitled to a free three-bureau credit report once a year from annualcreditreport.com, and the end of the year can be a good time to do that. If you already have a Mint account, you have access to your credit score at any time, but reviewing your actual credit report can make a big difference to your credit report. Between 10 and 21 percent of people have errors on their credit report, and clearing up incorrect or inaccurate information can raise your credit score.

#6 Use up any money in your FSA

Flexible spending accounts can be a great way to save money on health expenses. An FSA is typically set up through your employer and allows you to make pre-tax contributions. Any money that you contribute to your FSA is not subject to tax, and you can use that money to get reimbursed for many different types of health expenses. The only downside is that most FSA plans are use-it or lose-it plans. So any money that is left in the FSA at the end of the year is forfeited. Check the details of your plan, and make sure that you use all the money in your FSA before the end of the year.

#7 Set your financial goals for 2021

Finally, the end of the year can be a great time to set up your financial goals for 2021. You don’t have to wait until January to start up a new resolution. Meet and talk with your spouse, family, or trusted friends and advisors. Decide where you want to be in one year, in five years and beyond, and start taking the steps to get yourself there.

The post 7 Money Steps to Take Before 2021 appeared first on MintLife Blog.

Source: mint.intuit.com

If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders

A lot of homeowners are looking to refinance their mortgages at the moment. That’s abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip

The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com