These are the steps that introduced me and my husband to what financial independence is and for that I am eternally grateful. But a lot of important considerations get looked over if you just find a list of the steps…
The post The Baby Steps Explained, And Why They Work! appeared first on Modern Frugality.
Source: modernfrugality.com
January 29, 2021 Estate Planning, Money, Personal Finance Read more >
Are you looking for your Citibank routing number? It’s quite easy and simple. Below is how to find it.
If youâre sending or receiving money to friends and family members using your Citibank account, you need to make sure youâre having the right routing number.
CIT Bank Savings Rates: How Much Can You Earn
In brief, the Citibank routing number is a nine-digit number that the bank uses to identify themselves. Citibank routing number is sometimes known as ABA numbers, check routing numbers or routing transit numbers.
You need your routing numbers for several reasons. For instance, you need it for:
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
Citibank routing number is different for each state. So, itâs important to know it. But your Citibank routing number is associated in the state you opened your bank account.
So, if you have moved to Illinois for example, but you had opened Citibank account in New York, your routing number is associated in New York.
It is as simple as that.
| State | Citibank Routing Number |
|---|---|
| Citibank Northern California (CA) | 321171184 |
| Citibank Delaware | 31100209 |
| Citibank Illinois (IL) | 271070801 |
| Citibank Nevada | 322271724/ 322271779/ 321070007 |
| Citibank New York (NY) | 21000089 |
| Citibank Texas (TX) | 113193532 |
| Citibank Washington DC | 254070116 |
| Citibank Connecticut | 221172610 |
| Citibank Florida | 266086554 |
| Citibank Maryland | 52002166 |
| Citibank New Jersey (NJ) | 21272655 |
| Citibank South Dakota | 21000089 |
| Citibank Virginia | 254070116 |
| Citibank California, Southern | 322271724 |
Citibank routing number to make ACH Transfers
To make an ACH transfer, youâre going to have to choose the Citibank routing number for your particular state.
For example, if you live in Florida, then you will use the Citibank routing number for Florida which is 266086554. If you live in another state, look at the ACH routing number for your particular state in the table above.
Wire transfers are a quicker way to send money than an ACH transfer. However, there is going to be a fee.
If youâre making a domestic wire transfer, however, you will need to use the routing number in your state, see the table above.
To make domestic wire transfers, and in addition to the routing number, you will also need the following:
For international wire transfers, you will need both the Citibank routing number in your state and a SWIFT Code: CITIUS33. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
In addition, you will need the following to make an international wire transfer:
So, you want to know where to get your routing number from Citibank? Hereâs where to get it:
You can find your Citibank routing number on the bottom left-corner of a check. However, note the routing number on your check might be different than the routing number for a wire transfer. So, before youâre making a transaction, make sure you check with your bank to get the accurate routing number.
Learn How to Write A Check.
We have listed the routing numbers for each state on the table above for ACH transfers. We have also listed the routing number for domestic and international wire transfers.
You can find your routing number as well on your monthly bank statements.
Your can find your routing number online by simply going into online banking.
You can look up your routing number on the Federal Reserve website.
Lastly, you can always call customer service at 800-374-9700: to get your routing number. Itâs available 24 hour a day, 7 days a week. However, note that you will have to provide some details to identify yourself.
Depending on your financial transactions, you will need to use different routing numbers.
Domestic ACH Transfer
For domestic transfers, use the ABA routing number from your state (see the table above).
For Domestic Wire Transfer
Use the Citibank domestic wire transfer number in your state in the table above.
For international wire transfers
Use your state routing number: and the SWIFT code: CITIUS33
In conclusion, if you have a Citibank account, youâll likely need to your routing number. You will need to set up direct deposit, to set up automatic payments, or to wire transfer. So, itâs important to know it and keep it handy. Also, make sure you verify the number before you make a transaction. If you miss one digit or get one digit wrong, your money can go somewhere else.
Related:
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
The post How to Find My Citibank Routing Number appeared first on GrowthRapidly.
Source: growthrapidly.com
January 28, 2021 Apartment Life, Banking, Personal Finance Read more >
CIT Bank locations: are there any near me?
CIT Bank is an online only-bank, so, unfortunately, they do not have any physical locations.
However, if you’re looking to know how to open a CIT Bank account beyond wondering if they have a location what are their current products and offers, then you have come to the right place.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
CIT Bank has one office. It’s their headquarters located in southern California in Pasadena.
The address is: 75 North Fair Oaks Ave, Pasadena, California 91103. However, you cannot just walk in there to do business, opening an account, etc.
There is also no ATMs. Everything is done online.
With their “echecking” account, CIT Bank will provide you with a card where you can use it at another bank’s ATM.
However, CIT bank does not charge you any ATM fee. And if the bank charges you a fee, CIT Bank will reimburse you up to $15 every month.
While CIT Bank has no physical locations, it’s a great bank for those who are willing to have their savings online.
So, if you’re looking to have access to branches, then CIT Bank is not for you.
CIT Bank offers high yield savings accounts, money market accounts and CD accounts. They also have an “echecking” account.Â
CIT Savings Builder – Earn 0.85% APY. Here’s how it works: Make at least a $100 minimum deposit every month. Or Maintain a minimum balance of $25k. Member FDIC. Click Here to Learn More.
They offer competitive APYs, especially on their Savings Builder account, which is almost 20 times more than what a typical savings account would offer.
The money market account is also very competitive, but it does not offer checking-writing privileges or a debit card.
Their CDs also provide higher yields, offering both a fixed and variable-rate, including a no-penalty CD.
Because CIT Bank has no locations, CIT Bank Savings Builder accounts are offered online, where you can earn a competitively high yield.
The CIT Bank Savings Builder will allow you to earn 0.85% APY, but only if you make at least one monthly deposit of $100 or more.
Or, if you keep a balance of at least $25,000. Interest in this high-yield savings account compounds daily to boost your earning.
Click here to learn more about CIT Bankâs Savings Builder.
The CIT Bank money market account is one of the best ones out there. Currently, the money market account offers a 1.0% APY.
This is very competitive comparing to other MMAs. Moreover, CIT Bankâs MMA has a required account minimum of only $100.
Open a CIT Bank Money Market Account.
CIT Bank has several terms CDs, which range from 6 months to 5 years.
There is also a no penalty 11-month term, where customers can withdraw money with no penalty.
CIT Bank also offers jumbo CDs, ranging from two to five years. You can open a term CD, including the no-penalty CD, with a minimum of $1,000.
The Jumbo CDs require a minimum of $100,000.
Click here to learn more about CIT Bank CDs.
Given that CIT Bank has no locations, the best way to speak with a representative is by telephone or online.
For online, simply go through their homepage.
By telephone, call 1) 855-462-2652 (within U.S.) and 626-535-8964 (outside U.S.).
Customer service is available from Monday through Friday from 9:00 a.m. to 9:00 p.m. ET; on Saturday from 10:00 a.m. to 6:00 pm ET.
They closed on Sunday.
Advantages:
Disadvantages:
As mentioned above, CIT Bank has no physical locations. So to open an account, simply go online through the CIT Bank homepage, and create the account there.
Youâll need to provide your name, address, phone number, and ID. Youâll also need to provide your social security number.
Note that CIT does not have any branches. Everything must be done online.
If youâre opening a CIT Bank Builder Savings account, you will need to make an initial minimum deposit of $100.
CIT Bank has no locations. So, everything is done online. CIT Bank offers competitive rates on its products. Its Saving Builder account is one of the most popular accounts out there, offering a 0.85% APY. This yield is 15 to 20 times higher than what a regular savings account offer.
If you have questions beyond CIT Bank locations, 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 SmartAssetâs 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.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
The post CIT Bank Locations? Where Are They? appeared first on GrowthRapidly.
Source: growthrapidly.com
January 24, 2021 Apartment Life, Banking, Personal Finance Read more >
Using the Hudhomestore to buy a HUD home is easy.
If you’re looking to buy a HUD home, the Hudhomestore website is the best place to do it. It can be found here at hudhomestore.com. HUD homes are listed for sale at the site.
While anyone can buy a HUD home, you will need to get approved for a loan first.
Just like buying a house through the conventional route, all financing options are available for HUD homes. That includes conventional loans, FHA loans, VA loans, etc.
However, most people used an FHA loan to buy a HUD home due to its low down payment and credit score requirements.
If you have questions beyond buying a HUD home at the hudhomestore website, consult a financial advisor.
The hudhomestore is a website operated by the U.S Department of Housing and Urban Development (HUD). The website can be found here at hudhomestore.com.
Homes are listed there for sale after they have gone through foreclosures. Real estate agents and/or brokers can place bids on your behalf to buy a house.
A HUD home (usually a 1 to 4 unit) is a property owned by HUD. Before a home became a HUD home, it was owned by a homebuyer who had purchased the home with an FHA loan.
Once the borrower stopped paying his or her FHA loan, the home went to foreclosures. Then the home goes to HUD and becomes a HUD home.
The benefits of buying a HUD home are huge. The main benefit is that most of these homes are priced below market value.
In addition, if you’re an EMS personnel, police officer, firefighter, or teachers, and live in revitalized areas and plan to live there for at least 36 months, HUD’s Good Neighbor Program offers HUD homes at a 50% discount.
This program is listed at the hudhomestore website.
In addition, HUD offers other perks such as low down payment and sales allowances you can use to pay for moving, repair and closing costs. The low down payment, that is on top of the FHA financing that you may be qualified for.
Another huge benefit of buying a HUD home is that HUD gives preferences to buyers who intend to live in the home for at least one year. So this puts you ahead of investors.
All financing options, including conventional loans, VA, and FHA loans, are available when it comes to buying a HUD home.
But FHA loans are very popular among first time home buyers, due to its low requirements. But before you start searching for HUD homes through the Hudhomestore website, you should compare multiple loan offers so you can the best mortgage rates.
If your credit score is below 580, you can still be qualified but you’ll have to pay at least 10% down. Or, you can always take time to raise your credit score.
Don’t know what your credit score is, visit CreditSesame.
Our Review of Credit Sesame.
HUD homes can be hard to find if you don’t know where to look. In other words, they are not listed on conventional real estate websites such as Zillow or Redfin.
Instead, they are listed at the HUDhomestore webiste, which can be found at hudhomestore.com. They also have HUD Homestore Mobile Apps.
Knowing these steps is important to mastering one of the best strategies to buy a house at below market or wholesale prices.
Before you start searching your house through the hudhomestore site, it’s a good idea to
The worst thing that can happen is to find a house that you like to then realize that you cannot secure a home loan.
To get the best mortgage rates, you need to compare multiple loan offers. Buying a home is major expense, and getting the best rates could save you a lot of money. I can spend a lot of time talking about why it is a bad idea to only speak with one mortgage lender.
But when it comes to having multiple loan offers, I highly suggest LendingTree.
LendingTree is an online platform that connects you to several mortgage lenders without visiting a dozen bank branches.
LendingTree will provide you up to 5 loan offers from multiple lenders for free, so you can compare and make sure you get the best deal.
So if youâre at this step right now, go and compare current mortgage rates for free at LendingTree, and come back to this article.
Our LendingTree Review.
To find a HUD home, simply go to the hudhomestore website. It can be found at hudhomestore.com.
There are three ways to find HUD homes on the hudhomestore website. The first way is through a map.
Once you on the website, you will see a map to the right with all of the states listed there. You simply look for your state and click on it to see all of the available HUD homes.
The hudhomestore site will show you a list of all of the HUD homes available for that particular state. It will include the photo of the HUD home, the address, the asking price, etc.
If you click on the photo of the house, you will be able to see more information of the property, including more photos, street views and information of the property.
Another way to find a house through the hudhomestore website is by clicking on the HUD Special program links.
The hudhomestore site specifically lists three HUD Special Programs: Good Neighbor Next Door; Nonprofits; $1 Homes-Government Sales. It specifically states on the hudhomestore website that if you click on any of these special programs, you will see available properties.
The third way to find a HUD home via the hudhomestore site is through the Search Properties. At the middle of the homepage, you will see a Search Properties where you can enter more detailed criteria.
Once you have found your desired HUD Home at the hudhomestore, it’s time to buy your HUD home.
But note that HUD homes are sold through an auction process. When you’re searching for the property through the hudhomestore site, it will tell you a deadline by which to submit your offer.
So if the deadline has not passed, submit your bid. Once it has passed, HUD reviews all offers. Just like any auction, the highest bid wins. If all of the offers are too low, HUD will extend the offer period and/or lower the asking price.
Note that you will not be able to place the bid yourself. Only real estate agents need to register to place bids on the hudhomestore website. You will need to find a real estate agent or you can specifically search for HUD registered agents at hudhomestore.com.
For more information on buying a home through the hudhomestore website, visit www.hudhomestore.com.
If you have additional questions beyond buying a HUD home at the Hudhomestore, 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).
So, find one who meets your needs with SmartAssetâs 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 How to Buy a HUD Home at the Hudhomestore Website? appeared first on GrowthRapidly.
Source: growthrapidly.com
January 21, 2021 Home Ownership, Loans, Mortgage, Personal Finance Read more >
In March I offered some financial advice to Michelle, a Mint user who was struggling with debt, a lack of retirement savings and a bit of family financial drama amongst her siblings.
Michelle was anticipating a cash bonus from her company and wasnât sure if she should save the money or use it to relieve her debt.
I recommended a two-prong approach where she uses the cash to play savings catch-up in her retirement account and knock down some of her debt, which, at the time, included a $3,000 credit card balance and $52,000 in student loans.
Six months later, Iâve checked in with the 38-year-old real estate developer, to see if any of my advice was helpful and if sheâs experienced any shifts in her financial life.
We spoke via email:
Farnoosh: Have your finances have improved over the last 6 months since we last spoke? If so, what has been the biggest improvement?
Michelle: Yes. I’ve aggressively been contributing to my 401(k) â about 50% of my pay – and had hoped to reach the annual maximum of $18,000 by June, but looks like it will be more like October. I also received a $40,000 distribution from a project that I closed.
F: What aspects of your financial life still challenge you?
M: Investing for sure. I never know if I’m hoarding too much cash. I am truly traumatized from the financial downturn. I just joined an online investment platform, but it was also overwhelming. Currently I have $45,000 in a regular savings account that earns 1.5%.
Another challenge is not knowing whether to just bite the bullet and pay off my student loans or to continue to pay them monthly.  I hate that I’m still paying loans 16 years after I graduated and it’s a source of frustration [and embarrassment] for me.  I owe $36,000. Often times I have an inner monologue about the pros and cons of just paying them off but then my trauma from 2008 kicks inâ¦and I decide to keep my $45,000 nest egg safely where I can check the balance daily.
F: I recommended allocating $45,000 towards retirement. Was that helpful? What are some ways you’ve managed to save?
M: Yes, I recall you saying you recommended having a total of $100,000 towards retirement for a person my age. Currently, I have $51,000 in my 401(k), $35,000 in a traditional IRA and $17,000 in my Ellevest brokerage account, so I’ve broken the $100,000 goal.
I did add a car note to my balance sheet. My old car suffered a total loss (major electrical failure due to a sunroof leak!) and the insurance gave me a check for $9,000. I used it all towards the new vehicle (a certified used 2014 Acura) and I’m financing $18,000.
F: Your dad’s home was a source of financial stress, it seemed. Were you able to talk with your siblings and arrive at a better place with that?
M: My dad actually has passed since we last spoke. He passed in February and so his will went to probate. My siblings and I have decided not to make any decisions about the house for at least one year. Yes, this is kicking the can further down the street however, they recognize that I maintain the house and pay the real estate taxes and so they are not pressuring me to move or to sell.
The new deed has been recorded and the property is under all our names and so everyone seems ok with knowing that I can’t do anything regarding a sale or refinance unilaterally.
So, for now, I live rent free other than paying utilities, miscellaneous maintenance on the house and real estate taxes quarterly. This, too, is helping me save aggressively.
Also, the new car note has replaced the hospice nurse contribution so I’m not feeling that my budget is overburdened with the new car.
I think ultimately I will buy out at least two of my siblings and stay in the house. Verbally they have expressed being okay with this.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at farnoosh@farnoosh.tv (please note âMint Blogâ in the subject line).
Farnoosh Torabi is Americaâs leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, sheâs become our favorite go-to money expert and friend.
The post Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall? appeared first on MintLife Blog.
Source: mint.intuit.com
January 21, 2021 Debt, Education, Financial Planning, Home Buying, Investing, Money Management, Mortgage, Personal Finance, Real Estate, Retirement, Student Loans Read more >
Getting a financial advisor in your 20s is a responsible thing to do. At the every least, it means that you are serious about your finances. Finding one in your local area is not hard, especially with SmartAsset free matching tool, which can match you up to 3 financial advisors in under 5 minutes. However, you must also remember that a quality financial advisor does not come free. So, before deciding whether getting a financial advisor in your 20s makes financial sense, you first have to decide the cost to see a financial advisor.
A financial advisor can help you set financial goals, such as saving for a house, getting married, buying a car, or retirement. They can help you avoid making costly mistakes, protect your assets, grow your savings, make more money, and help you feel more in control of your finances. So to help you get started, here are some of the steps you need to take before hiring one.
Need help with your money? Find a financial advisor near you with SmartAsset’s free matching tool.
What is the cost to see a financial advisor? For a lot of us, when we hear “financial advisors,” we automatically think that they only work with wealthy people or people with substantial assets. But financial advisors work with people with different financial positions. Granted they are not cheap, but a fee-only advisor will only charge you by the hour at a reasonable price – as little as $75 an hour.
Indeed, a normal rate for a fee-only advisor can be anywhere from $75 an hour $150 per hour. So, if you’re seriously thinking about getting a financial advisor in your 20s, a fee-only advisor is strongly recommended.
Good financial advisors can help you with your finance and maximize your savings. Take some time to shop around and choose a financial advisor that meets your specific needs.
Choosing a financial advisor is much like choosing a lawyer or a tax accountant. The most important thing is to shop around. So where to find the best financial advisors?
Finding a financial advisor you can trust, however, can be difficult. Given that there is a lot of information out there, it can be hard to determine which one will work in your best interest. Luckily, SmartAsset’s free matching tool has done the heavy lifting for you. Each of the financial advisor there, you with up to 3 financial advisors in your local area in just under 5 minutes.
Once you are matched with a financial advisor, the next step is to do your own background on them. Again, SmartAsset’s free matching tool has already done that for you. But it doesn’t hurt to do your own digging. After all, it’s your money that’s on the line. You can check to see if their license are current. Check where they have worked, their qualifications, and training. Do they belong in any professional organizations? Have they published any articles recently?
Related: 5 Mistakes People Make When Hiring a Financial Advisor
After you’re matched up with 3 financial advisors through SmartAsset’s free matching tool, the next step is to contact all three of them to interview them:
5 Reasons You Need to Hire A Financial Consultant
If you’re satisfied with the answers to all of your questions, then you will feel more confident working with a financial advisor.
In sum, the key to getting a financial advisor in your 20s is to do your research so you don’t end up paying money for the wrong advice. You can find financial advisors in your area through SmartAsset’s Free matching tool.
You can talk to a financial advisor who can review your finances and help you reach your saving goals and get your debt under control. Find one who meets your needs with SmartAssetâs 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 Steps to Getting A Financial Advisor in your 20s appeared first on GrowthRapidly.
Source: growthrapidly.com
January 21, 2021 Financial Advisor, Financial Planning, Frugal Living, Personal Finance Read more >
6 Signs Your Personal Finance Software Makes Life Easier
Finding personal finance software is easy, because there are countless choices in mobile apps, online programs, and finance software you can run on your home computer. But they’re certainly not equal. Personal finance software should make your life simpler, not more complicated, and it should be customizable for your particular life, goals, and needs. You know you’ve found great software when your financial life becomes easier over time. Here are 6 signs your personal finance software makes life easier.
1. You Haven’t Paid a Late Fee in Months
Does your personal finance software let you know in advance of when bills are due? It should be easy to set up automated alerts that tell you a few days before monthly, quarterly, or yearly bills are due, so you can take care of them and avoid annoying and guilt-inducing late fees. Ideally your software should notify you by text, so you’ll be sure and get the message whatever you’re doing and wherever you are.
2. Spending Categories Correspond to Your Actual Life
When personal finance software requires you to shoehorn your actual spending patterns into pre-set spending categories, the result can be confusion and frustration. Look for software that lets you create an unlimited number of spending categories you can customize. Do you buy your employees breakfast once a month? You can make a spending category for it. Are you a coffee or microbrew aficionado? You can make a spending category for it. Your budget should conform to your life, not the other way around.
3. You See How Trimming Budget Fat Affects Financial Goals
Sometimes it just doesn’t feel worth it to hold back at the grocery store after a long day or when buying Christmas presents. But when your personal finance software shows you exactly how disciplined spending helps you achieve your financial goals, like a vacation or paying off a loan, it’s easy to avoid giving in to those little temptations you face every day. When you can see how your discipline pays off, you’re more likely to stick with your good habits.
Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.
4. You May Have Faced One or Two Painful Truths
Powerful personal finance software can tell you things like how much you spent on fast food last week, or how much you’ve paid in non-network ATM fees this month. Sometimes, getting control of your personal finances means facing some harsh truths, like how much those little extras add up to. Your software should also be able to tell you how much more quickly you can reach financial goals if you cut a certain dollar amount from various spending categories. It’s a great way to stay on track to your goals.
5. You Know Exactly How Close You Are to Meeting Financial Goals
Maybe you want to save for retirement, or build up a down payment on a home. Your personal finance software should show you exactly how close you are to your goal at any time. You should also be able to receive monthly emails that track your progress and see how your everyday spending decisions affect how much you’ll have left over at the end of the month. Don’t settle for software that doesn’t let you track your progress easily.
6. Your Personal Finance Software Goes With You Everywhere
Personal finance software that links your computer and your mobile devices empowers you to make smart spending choices anytime, anywhere. Thinking about buying an item you unexpectedly find on sale? You can check your account balances right on your phone and know instantly if you can afford it. You can also set up convenient alerts that can tell you right away such things as whether you’re approaching your credit limits on your credit cards.
Personal finance software has come a long way since the days you had to manually enter checkbook balances and draft amounts. Today’s software offers an astonishing array of features that not only help you achieve financial goals, but actually make your everyday life easier. And when it links your accounts to your computer and your mobile devices, like Mint does, you have all the budget tools you need, wherever you go.
Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.
The post 6 Signs Your Personal Finance Software Makes Life Easier appeared first on MintLife Blog.
Source: mint.intuit.com
January 20, 2021 Budgeting, Credit 101, Personal Finance Read more >
A consumer loan is a loan or line of credit that you receive from a lender.
Consumer loans can be auto loans, home mortgages, student loans, credit cards, equity loans, refinance loans, and personal loans.
This article will address each type of consumer loans.
Get Approved for personal loan today.
Consumer loans are divided into several kinds of categories. They include auto loans, student loans, home loans, personal loans and credit cards. Regardless of type, consumer loans have one thing in common: you have to repay the loan at some period of time.
Most people who are thinking of buying a car will apply for an auto loan. That is because buying a car is expensive.
In fact, it is the second largest expense you will ever make besides buying a house. And unless you intend to buy it with all cash, you will need a car loan.
So, car loans allow consumers to purchase a vehicle where they may not have the money upfront. With an auto loan, your payment is broken into smaller repayments that you will make over time every month.
| Get Matched With 3 Fiduciary Financial Advisors |
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| Answer a quick question to start your matching process with advisors in your area. |
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You can choose between a fixed or variable interest rate loan. But the most important thing is, whether you’re buying a new or used car, it’s important to compare loans to help you find the right auto loan for your needs.
Start comparing auto loans now!
Another, and most common, type of consumer loans are home loans. A home loan or mortgage is a loan a consumer receives for the purpose of buying a house.
Buying a house is, undoubtedly, the biggest expense you’ll ever make in your life. So, for the majority of consumers who want to purchase a house, they will need to borrow the money from a lender.
Home loans are paid back over a period of time. Those mortgages term are typically 15 to 30 years. They can be variable rate or fixed rate. A fixed rate means that your repayments are locked in for a fixed term.
Whereas a variable rate means that your repayments depend on the interest rate going up or down when the Federal Reserve changes the rate.
Over the loan’s term, you will pay back the principle amount of the loan plus interest. This makes it very important to compare home loans. Doing so allows you to save thousands of dollars on interest and fees.
The most common types of consumer loans are personal loans. That is because a personal loan can be used for a lot of things.
A personal loan allows a consumer to borrow a sum of money. The borrower agrees to repay the loan (plus interest) in installments over a period of time.
A personal loan is usually for a lower amount than a home loan or even an auto loan. People usually ask for $500 to $20,000 or more.
A personal loan can be secured (the consumer backs it with his or her personal assets) or unsecured (the consumer does not have to use his or her personal asset).
But most of them are unsecured, so getting approved for one will depend on your credit score, income and other factors.
But consumers use personal loans for different purposes. People take out personal loans to consolidate debts, such as credit card debts. You can use personal loans for a wedding, a holiday, to renovate your home, to buy a flt screen TV, etc…
Consumers use these types of loans to finance their education. There are two types of student loans: federal and private. The federal government funds a federal student loan.
Whereas, a private entity funds a private student loan. Generally, federal student loans are better because they come at a lower interest rate.
Believe it or not credit cards is a type of consumer loans and they are very common. Consumers use this type of loan to finance every day expenses with the promise of paying back the money with interest.
Unlike other loans, however, every time your pay with your credit card, you take a personal loan.
Credit cards usually carry a higher interest rate than the other loans. But you can avoid these interests if you pay your balance in full immediately.
Another type of consumer loans are small business loans. These loans are used specifically to create a business or to expand an already established business.
Banks and the Small Business Administration (SBA) usually provide these loans. Small Business Loans are different than personal loans, because you usually have to provide a collateral to get the loan.
The collateral serves as a way to protect the lender in case you default on the loan. In addition, you will also need to provide a business plan for the lenders to review.
If you have your own home, you can borrow money against it. These types of consumer loans are called home equity loans. If you’ve paid off the mortgage on the home, you can borrow up to the full value of the home.
Vice versa, if you’ve paid half of the mortgage on the home, you can borrow half of the value of the house. You can use a home equity loan for several purposes like you would with a personal loan.
But most consumers use this type of loan to renovate their house. One disadvantage of this type of loan, however, is that you can lose your house in case of a default, because your house is used as a collateral for the loan.
Loan refinancing is a basically taking a new loan to replace an existing one. But you get this loan specifically either to refinance your existing mortgage or to refinance your student loans or a personal loan.
Consumers usually refinance in order to receive a lower interest rate or to reduce the amount of monthly payments they are making on their existing loans.
However, reducing to a lower payment will lengthen the time to pay off the loan and you will accrue interest as a result.
Consumers also use this type of loan to pay their existing loans off faster. However, some mortgage refinancing loans come with prepayment penalties. So do you research in order to avoid that extra charge.
The bottom line is consumer loans can help you with your goals. However, understanding different loan types is important so that you can choose the best one that fits your particular situation.
So do you need a consumer loan?
Get Approved for personal loan today.
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 SmartAssetâs 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 What Is A Consumer Loan? appeared first on GrowthRapidly.
Source: growthrapidly.com
January 20, 2021 Apartment Life, Banking, Loans, Mortgage, Personal Finance, Personal Loans, Student Loans Read more >
CIT Bank CD rates are competitive compared to other Banks’ CDs.
For instance, a 6-month CIT Bank CD has a rate of 0.50%, which is way higher than the national average rate of 0.25%.
How much you will earn depends on the length of the term.
But one thing for sure is that the longer the term of the CD (certificate of deposit), the more money you will make.
CIT Bank offers CD terms ranging from 6 months to 5 years. The 5-year term CD has an applicable yield of 1.05%.
The minimum investment requirement is $1,000. But their jumbo CD’s deposit requirement is way much higher, $100,000.
CIT bank also offers a no-penalty 11-month CD (more on this later).
Click here to open a CD with CIT Bank.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
| CIT Bank Term CD | Minimum Deposit | APY/Rate |
|---|---|---|
| 6 Month | $1,000 | 0.50% |
| 11-Month | $1,000 | 0.75% |
| 1 Year | $1,000 | 0.75% |
| 13 Month | $1,000 | 0.75% |
| 18 Month | $1,000 | 0.75% |
| 2 Year | $1,000 | 1.00% |
| 3 year | $1,000 | 1.00% |
| 4 year | $1,000 | 1.05% |
| 5 Year | $1,000 | $1.05% |
CIT Bank CD rates are very impressive out there.
When compared to other CDs, such as Vanguard CDs, they compete at a similar or even better level.
CIT bank CDs, as all certificate of deposits, produce a higher rate than savings accounts, money market funds, etc.
But not as much as a short-term bond.
The minimum deposit for CIT Bank’s standard CDs is very reasonable, $1,000.
The bank’s Jumbo CDs, while produce a higher rate than a standard CD, has a much higher minimum of $1,000 (more on this below).
CDs are certificates that banks or credit unions sell to you.
Banks issue them to you for a specific dollar amount for a specific length of time.
The time period could be anywhere from 1, 6, 12 or 24 months to several years.
The bank pays you some interest. You get your full principal back plus interest you earn once the CD matures or âcomes due.â
If you want your money back before it matures, you can withdraw it.
But you will get hit with a penalty for early withdrawal. But some banks like CIT Bank, that offer CDs with no penalty.
CDs are very safe, because they are FDIC insured for up to $250,000.
See: Grow Your Money: Mutual Funds, Index Funds & CDs
CDs is one of the best short-term investments you can have. Given that their rates are very impressive, CIT Bank CDs may be right for you.
Therefore, you should consider investing in them:
CIT Bank provides CDs ranging from 6 months to 5 years. The longer the term of the CD, the higher the interest rate.
For instance, CIT Bank’s 5-year term CD currently has a rate/APY of 1.05%.
CIT Bank 5-Year CD Rates
The applicable rate for a 5-Year CIT Bank CD is currently 1.05%. And it requires a minimum deposit of $1,000.
This is the longest CIT Bank CD term out there. And its interest rate exceeds most CD rates youâd get from banks.
Learn more about this product and apply on CIT Bankâs secure website
CIT Bank 4-Year CD Rates
This 4-year CIT Bank CD also requires a minimum deposit of $1,000.
This CDâs yield is the same as the CIT Bank 5-year CD. It is also higher than most bank CDs. The yield is currently is 1.05%.
CIT Bank 3-Year CD Rates
The applicable yield for a 3-Year CIT Bank CD is still very competitive. Itâs 1.00% and requires a $1,000 deposit.
The rate for a 2-Year CIT Bank CD is 1.00% and a minimum deposit of $1,000 is required.
CIT Bank 18-Month CD Rates
For an 18-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
CIT Bank 13-Month CD Rates
For an 13-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
CIT Bank 1-Year CD Rates
The yield for a 1-Year CIT bank CD is 0.75% and a minimum deposit of $1,000 is required.
CIT Bank 11-Month CD Rates
For an 11-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
However, the CIT Bank 11-month CD is a no-penalty CD. That means CIT Bank will let you withdraw your money at any time without incurring a penalty.
This is good for those faced with an emergency situation and need quick and easy access to their money.
CIT Bank 6-Month CD Rates
Lastly, for a 6-Month CIT Bank CD, the yield is 0.50%. The minimum deposit is $1,000.
See: 6-Month CD Rates: Earn More Money
CIT Bank also offers Jumbo CDs. They offer a much better interest than CIT Bank’s standard CDs.
However, they require a much bigger minimum deposit. For example, you will need a minimum deposit of $100,000 to start with.
| CIT Bank Jumbo CD | Minimum Deposit | APY/Rate |
|---|---|---|
| 2 Year | $100,000 | 1.00% |
| 3 Year | $100,000 | 1.00% |
| 4 Year | $100,000 | 1.05% |
| 5 Year | $100,000 | 1.05% |
To get access to the best CIT Bank CD rates, you must be eligible to open an account.
To be eligible, you must be a US citizen or resident alien. You must be 18 years old or older, have a a US address, a social security number, a driver’s license or state issued ID.
You also need to have a bank checking account to transfer money to your CIT Bank account.
If CIT Bank CDs do not do it for you, or youâre looking to get more interest on your money, then try to invest in the best Vanguard mutual funds out there.
That way your money is still safe and you get more return on your money.
Mutual funds are some of the best ways to invest your money.
One thing you should know, however, is that mutual funds invest in stocks and bonds.
These securities tend to be riskier. Therefore, you might lose some or most of your investment if the market goes down.
So, beginner investors wishing to invest in these mutual funds should also consider learning how the stock market works.
CIT bank CDs might be appropriate for you if you are not going to use the money for a certain period of time.
They can be a great choice if you are saving your money for a down payment to purchase a house in the next few years or so.
Indeed, CIT Bank CDs provides a better yield than bank savings accounts and money market funds. But the money is only available after the CD becomes due.
So, if access to your money at anytime is a priority, you’re better off save your money in a high yield savings account or the best Vanguard Mutual Funds.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
The post CIT Bank CD Rates: How Much Can You Earn appeared first on GrowthRapidly.
Source: growthrapidly.com
January 12, 2021 Banking, Identity Theft, Investing, Personal Finance Read more >
How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage options or improving your credit score.
So understanding the various factors involved in buying a house can give you an estimate of how long it will take you to buy the house
Check out now: 5 Signs You Are Not Ready To Buy A House
It can take a homebuyer a few weeks to several months to complete the home buying process. But when determining how long it will take you to buy a house, you first have to find out if you will be pre-approved for a mortgage. There is no sense of shopping for a house to then realize you can’t afford it.
If you are interested in comparing the best mortgage rates through LendingTree click here. Itâs completely free.
If you’re serious about buying a house, it’s important to get pre-approved for a mortgage. So when it’s time to make an offer, the seller will know you’re serious. If you don’t have one handy, the seller will likely move to the next buyer.
Getting pre-approved for a mortgage in order to buy a house can take longer. That is because you have to make sure your financial situation is in shape. For example, your income-to-debt ratio, your down payment, and your credit score must be good. That’s exactly what a mortgage lender will look at.
Even when these things are in order, shopping and comparing mortgage rates and fees can take several weeks.
Let’s take a look on how long it will take you to get these things in shape before buying a house.
Click here to compare mortgage rates through LendingTree. Itâs completely FREE.
A low credit score can make buying a house take longer, because it can take months to a year to improve a bad credit score.
A conventional loan will usually require a 640+ credit score.
In fact, your credit score is the number 1 item mortgage lenders look at to decide whether to offer you a mortgage. And if it is not where it’s supposed to be, you might get rejected.
Luckily for you there are other ways to get a loan with much lower credit score: FHA loans.
FHA loans only require a credit score of 580 with 3.5% down payment. You may get qualified with a 500 credit score, but you’ll have to come with a 10% down payment.
So before you get into the fun part of shopping for a mortgage or visiting homes, it’s best to know what your credit score is and take steps to improve it.
You can get a free credit score at Credit Sesame.
Fixing errors on your credit report in order to get pre-approved for a loan in order to buy a house can take 30 days.
According to Transunion, “most investigations are completed within 2 weeks, but some may take up 30 days.”
Again, we recommend you get a free credit report at Credit Sesame. A credit report will give you a detail analysis of your credit history, how much debt you owe, and how creditworthy you are, etc. If there are any errors or inaccuracies, fix them immediately so there’s no surprise when you’re actually applying for a mortgage.
The best way to do that is by filing a Transunion dispute or Equifax dispute.
How long it will take you to buy a house will also depend on whether or not you already have money saved up for a down payment.
Unless you’re going to buy the house with outright cash, you’ll need a down payment. And saving for a down payment can take a long time. Depending on your income and expenses, saving for a down payment on a house can take years.
Assuming, for example, you want to buy a house that will cost you $450,000, and you’re using a conventional loan to finance the house. With a 20% down payment, you will need to come up with $90,000.
Let’s say again, because of other monthly expenses, you can only save $1500 a month for the down payment.
You see how long it will take you to save for a down payment to buy the house? 5 years. And that doesn’t even take into account other upfront costs of buying a house, such as closing cost.
While it’s possible to get a mortgage with a down payment as low as 3.5% of the home purchase price, it’s advisable to put at least 20% down. The reason is because you will avoid paying private mortgage insurance (PMI), which protects the lenders in case you default on your mortgage.
Home buyers with a down payment below 20% are usually charged with PMI.
Another reason for a larger down payment is that it reduces the cost of the mortgage, grows equity much faster, and saves you on interest over the life of the loan.
As you can see, it can take you as much as 5 years from the time you’re thinking about buying the house to the time you’re actually ready to start the process.
But once you have taken care the things above, buying a house can go a lot faster.
Average time: 1 day to a month
Once you have been pre-approved for a mortgage, the next step is to find an experienced real estate agent. Finding a good real estate agent can take a day to a month. Websites such as Zillow and Redfin list real estate agents you can use.
Average time: a few weeks to a few months
With the help of a real estate agent and your own due diligence, finding a home can can go faster or take longer depending on available homes, the season and your desired location.
But experts say on average it can take a minimum of three weeks to a few months.
Average time: 1 to 10 days
Once you have found the home of your dream, the next step is to make an offer. You and the seller can go back and forth negotiating the price.
Once your offer has been accepted, you and the seller sign something called a purchase agreement. Then, the next step is to hire a professional to inspect the home for defects. Depending on your state, a home inspection must be completed within 10 days. And if the inspection finds some defects in the house, that could delay the process.
Average time: 30 to 45 days.
Once the inspection is done, your lender will need to officially approve you for the loan. And depending on the lender, it can also affect how long it takes to buy a house. You may need to provide additional documents. But the lender will need to assess the home for its value. And depending on the program (whether it’s conventional loan or FHA loan) it can take anywhere from 30 to 45 days to close on a home.
When asking yourself this question: “how long does it take to buy a house?” The answer is : it depends. If you have your credit score, your down payment, your other finances under control, you can buy your house in two months or less. But if you have to save for a down payment, fix errors on your credit report, raise your credit score, the whole home buying process can take years.
Click here to compare mortgage rates through LendingTree. Itâs completely FREE
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). So, find one who meets your needs with SmartAssetâs 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 How Long Does It Take To Buy A House? appeared first on GrowthRapidly.
Source: growthrapidly.com
January 12, 2021 Home Ownership, Loans, Mortgage, Personal Finance Read more >