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[ad_1] The post Mvelopes Review appeared first on Millennial Money. Mvelopes is a budgeting app that will help you do just that. Keep reading this Mvelopes review for our full analysis, including how it works, how much it costs, and how it stacks up to the competition. Mvelopes Overall Rating 9.2 Bottom Line Mvelopes is a budgeting app that will help you do just that. If setting aside money each month isn’t your strongest suit, you’re in luck. Thanks to technology, there are many digital savings tools at your disposal that can help you save money automatically. Pros Easy to use Highly rated iPhone app Intuitive budgeting tools Thirty-day free trial Cons Unavoidable fees Poorly rated Android app Limited customer support for Basic plan Mobile App 8.0 Budgeting Tools 9.2 Learning Center 9.0 Financial Coaching 9.3 or, skip straight to the section on how to sign up for Mvelopes   What Is Mvelopes? Mvelopes is a budgeting service that’s helped more than 750,000 people save money and pay off debt. The platform, which charges a small fee, is built around the envelope budgeting system. In a nutshell, the envelope system involves assigning specific amounts of cash to specific spending categories (e.g., food, housing, and transportation). Each category gets its own envelope and predetermined monthly spending amount (e.g., $500 on groceries, $100 for vacation savings, and $80 on clothes). The main benefit of the envelope system is that it helps you see exactly how much you’re spending each month and prevents you from overspending. As a result, you can rein in excess spending and find new savings opportunities. Now that you have a better idea of what Mvelopes is, let’s take a look at how it works. Mvelopes Features Here are the top features of Mvelopes. Mobile App Mvelopes’ money management platform is entirely digital. You can access your account from the company’s website or via your smartphone.  The Mvelopes app has a solid 4.4-star (out of 5) rating on iOS. But Android users are less enthusiastic; the app holds a 3.3-star (out of 5) rating in the Google Play Store.  Digital Envelopes The first step to getting started with Mvelopes is to create a spending plan and assign specific dollar amounts to the spending categories (digital envelopes) of your choice.   Digital envelopes can help you see which expenses are essential and which ones can be eliminated. There’s no limit to how many envelopes you can make, so you can truly customize your plan to fit your unique financial situation.  Budgeting Tools Once your spending plan is set, Mvelopes’ budgeting tools help you stick to it.  When you sync your bank and credit card accounts with Mvelopes, the app can monitor your checking account balance in real-time. Mvelopes will also track where every dollar is going and alert you if you’re trending in the wrong direction.  What’s more, Mvelopes creates interactive reports based on your financial data. It’s almost like having a budgeting coach in the palm of your hand. Learning Center Mvelopes Premier and Plus members have access to its online Learning Center, which provides courses on topics like financial awareness, debt reduction, and building an emergency fund. The Mvelopes Learning Center aims to help customers use its platform more effectively. To illustrate, if you don’t know how much you should save in your emergency fund, it’s going to be hard to assign a dollar amount to that envelope. Debt Reduction Center A major focus of the Mvelopes platform is helping people reduce and avoid debt. With its Debt Reduction Center, you can easily take a hard look at the current debt you’re carrying and come up with a plan to pay it off while staying within your envelope budget.  Once you’re clear of debt, there are also tools that will help you stay that way.  Financial Coaching If you sign up for Mvelopes Plus, you’ll have full access to a dedicated personal finance trainer and quarterly coaching sessions.  While budget apps can help you save money, sometimes it’s just nice to be able to ask questions and get advice from a real person. Whether your financial goals include paying off debt, buying a home, or saving $1 million, your coach will get you on the right track with a personalized plan.  Mvelopes Pricing Mvelopes offers its product in three tiers: Basic, Premier, and Plus. Here’s a look at what’s included with all three versions: Unlimited envelopes ​Transaction importing and balance monitoring Live chat support Interactive reports Mvelopes Basic The Mvelopes Basic plan comes with the budgeting software’s most important functions. You can set a plan, link your credit and debit cards, and stay on top of your spending. The features missing here are personal coaching sessions and Learning Center access. The good news is that you can always start with Basic and bump up to Premier or Plus if you find you need some extra support.  Mvelopes Basic costs $5.97 monthly or $69 annually. Mvelopes Premier With a Premier plan, you’ll get everything included in Basic, plus the following features: Access to the Learning Center Access to the Debt Reduction Center Initial setup assistance Priority customer support Premier is also the only plan that comes with a free thirty-day trial. With this in mind, if you’re signing up for a new account, Premier is where you want to start.  After the trial, Mvelopes Premier costs $9.97 monthly or $99 annually. Mvelopes Plus Mvelopes Plus is the platform’s top-tier offering and comes with all of the bells and whistles you could possibly need. Here’s what you’ll get on top of everything included in Premier: Dedicated personal coach Quarterly coaching sessions Personalized financial plan Mvelopes Plus costs $19.97 monthly or $199 annually. Signing Up and Getting Started When you’re ready to sign up for Mvelopes, just head to the website and click the “Sign Up For Free” button. After that, select your plan, create your login, and add your payment information. If you prefer to do all of this in the

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[ad_1] The post What Is an Online Mortgage Broker? Do I Need One? appeared first on Millennial Money. An online mortgage broker can take some of the stress out of buying a home. That’s because they help connect borrowers with mortgage products that are right for them. A great mortgage broker will help you find a home loan with a favorable interest rate and a doable monthly payment. They’ll also submit your application paperwork to the mortgage company for you. Today, online mortgage brokers are in demand as home buyers have more options for loans than ever before. This article explores what mortgage brokers do and why you should consider using one in your quest for the right home loan.  What Is a Mortgage Broker? A mortgage broker is an agent or intermediary that helps connect mortgage lenders with mortgage borrowers.  When you work with a mortgage broker, they’ll learn about your unique financial situation and build a profile. Once that’s done, the broker will go over different mortgage loan types and help you determine which one would have the best terms for you. For example, your financial situation may restrict you to an FHA loan due to a low credit score. Or, as a veteran, you might be eligible for a VA loan. Or you may be better qualified for an adjustable-rate mortgage or a conventional mortgage.  There are many options to consider during this process. For example, are you going to put enough down to avoid paying private mortgage insurance (PMI) each month? Will you be able to tap into a home equity line of credit (HELOC) if you need to at some point in the future?  A broker will explain all of the various options and let you know what’s available. Armed with that information, you can then pick the best mortgage product. In addition, the mortgage broker handles a lot of paperwork and administrative tasks for the borrower. Mortgage brokers vs. mortgage lenders Mortgage brokers and mortgage lenders are often confused because the terms sound similar.  An easy way to think about it is that a mortgage broker is like a waiter and a mortgage lender is like a chef. The waiter tells you what’s on the menu and the chef prepares the actual food.  In other words, a mortgage broker doesn’t actually issue loans. They only facilitate mortgage loans offered by mortgage lenders (more on that below). A mortgage lender (such as Better.com) is a financial institution that serves as an originator and actually distributes the loans.  Why Should I Use a Mortgage Broker? There are a variety of reasons why borrowers like working with brokers when shopping for mortgage loans. Here are a few of them. More loan options Some lenders work exclusively with mortgage brokers. As a result, using a broker could give you access to a lender you couldn’t otherwise access on the open market. Get the best interest rate possible Going through a broker can also provide access to exclusive rates that wouldn’t otherwise be possible to obtain. For example, a lender may offer special discounts to preferred brokers that can’t be accessed anywhere else.  Expert assistance When you work with a broker, you’re putting yourself in the hands of a trained expert. In fact, many states require them to get a mortgage broker license before helping clients. A good mortgage broker will use their expertise to help you find the right loan. How Much Do Mortgage Brokers Cost? Unfortunately, mortgage brokers don’t work for free.  One of the downsides about working with a broker is that you may have to pay a fee — just as you do when working with an agent or any other intermediary. A broker may earn up to around 3 percent of the total loan amount. The cost is typically split between the lender, who pays a commission, and the borrower, who is usually responsible for paying 1 to 2 percent of the total loan amount.  This can be problematic for the borrower — especially if the broker charges a fee that exceeds 2 percent. After all, the broker’s job is to save the individual money on a mortgage. There’s little sense in paying a high broker fee to save money on a loan.  As such, it pays to be savvy when shopping for a broker. Don’t be afraid to negotiate or walk away from a broker who wants to charge too much for their services. How to Know If a Mortgage Broker Is Right for You Here are some situations in which using a mortgage broker could be a fit for your particular needs.  Homebuying is a new experience  If you’re new to real estate, don’t be afraid to ask for help from a mortgage lending expert. Put the task of finding a great lender into the hands of a broker who knows what they’re doing.  There’s no time crunch Working with a broker can add time to the homebuying process. The broker will need a few days or weeks to build a borrower profile, source loans, and get back to you with information.  Don’t work with a broker if you’re on a very tight timeline and need to buy a house immediately. Otherwise, you could wind up having to wait — especially if the broker is busy managing a lot of other clients.  Of course, rushing into homebuying is generally not advised. But every buyer has a unique situation. In general, the more time you have to put into buying a home, the better off you’ll be in the long run. There’s room in your budget for a broker  Buying a house can be very expensive. During each step of the home-buying process, consider whether you really need a particular service. That said, borrowers with room in their budget may want to consider using a broker. Having the money to pay for a broker could make the loan search easier and more efficient. Finding the best mortgage rate is a priority  Savvy

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[ad_1] United Wholesale Mortgage rolled out prime jumbo adjustable-rate mortgage (ARMs) products on Wednesday, signaling that demand for ARMs is growing inside of the broker community. According to the top-ranked wholesale lender, their prime jumbo ARMs will allow brokers to offer “competitive pricing” on five-, seven- and 10-year adjustable-rate mortgages. “Independent mortgage brokers now have a competitive option for those borrowers who are likely to move or refinance within a few years,” the Pontiac, Michigan-based lender said in a statement. UWM added that this product will be beneficial to those who “may be looking for a lower rate on primary, second or investment homes they don’t plan on keeping long-term.” Although the wholesale lender did not publicly disclose the rate or the terms, Mark Westcott, senior loan officer at CrossCountry Mortgage, told HousingWire that there must be an incentive for borrowers to opt for an ARMs product instead of opting for a 30-year fixed-rate conventional loan. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office Become a member today Already a member? log in The post As rate hikes loom, UWM rolls out jumbo ARMs appeared first on HousingWire. [ad_2] Source link

[ad_1] The post Roth IRA for Kids: A Complete Guide appeared first on Millennial Money. We all know that investing for your future is one of the best things you can do for yourself. Helping your kids plan and save for their golden years is even better.  When it comes to investing, time is the most important factor. So it’s a good idea to start thinking about investing with your kids while they’re still young. And one way to do it is by opening a Roth individual retirement account (IRA). Let’s take a closer look at how Roth IRAs for kids work and some tips for setting one up. Setting Up a Roth IRA for Your Child  It’s surprising how many people ask me about setting up a retirement account for their kids.  More and more people are getting on board with the idea of working toward financial freedom and the concept that the earlier you start saving and investing in life, the sooner you reach it.  One way to help your kids on their road to financial freedom is by setting up a Roth IRA, which is an individual retirement account that offers tax-free withdrawals after the age of 59 ½. It is perfectly legal to set up a custodial Roth IRA for your child at a young age, as long as they have an income.  When you set up a Roth IRA, the account goes in your child’s name. You act as the manager and maintain control of the account, and it’s your job to oversee operations until the child becomes either 18 or 21, depending on the state where they live.  This involves depositing money, making investments, and moving money around on the child’s behalf. Basic requirements for a custodial Roth IRA To contribute to a Roth IRA during the 2021 tax year, the child needs to make less than $140,000. There’s also an annual Roth IRA contribution limit to consider. For 2021, the limit is $6,000 or total income earned for the year — whichever is lower.  To contribute to a Roth IRA, you have to use earned income. In other words, the child has to legitimately make the money through a job or self-employment. This might include tasks like babysitting, mowing lawns, or dog-walking — all of which are examples of taxable income. Unless your child is the Gerber baby, it’s unlikely they are going to have earned income until they approach their teenage years.  That said, the money doesn’t all have to come from your child. As long as they contribute to the Roth IRA, you or someone else can supplement the account with your own money up to the amount they contribute, and up to the $6,000 limit.  How to Set Up a Roth IRA for Kids Opening a custodial account for your child is easy and painless. Follow these steps to get started.  Have your child research different brokers Select a brokerage firm Open an account Start investing Keep your child in the loop 1. Have your child research different brokers  If your kid is old enough, think about asking them to research brokers and explore various options. If nothing else, this is good practice for their own financial future. Consider sitting down with your child and having them browse through different brokerage websites. This might take some time — and patience — but it presents a valuable learning opportunity.  Ultimately, you want to convey to the child that this is their account. In the not too distant future, it will be their full responsibility, so it pays to learn how it works and participate in the process.  2. Select a brokerage firm Many brokers on the market offer custodial Roth IRAs. For example, Charles Schwab offers a plan with $0 equity trades, 24/7 professional guidance, and robust online tools and resources. Fidelity also offers a great custodial Roth account with $0 commissions for stocks, exchange-traded funds (ETFs), and options, as well as no opening costs, no closing costs, and no annual fees.  3. Open an account  Once you pick a broker that’s a good fit, go ahead and sign up for the account. Your child won’t be able to open the account on their own; that’s your job as the custodian.  Go through the registration process and create an account in the child’s name. This is going to require their Social Security number and contact information.  You will also have to link a bank account once you set up the Roth IRA. This allows you to transfer funds for investing.  It might take a few business days for the funds to clear once you deposit money into your account. Some brokers, like Fidelity, allow you to make trades before the money is officially settled in the account.  Just so there aren’t any surprises, check with your broker in advance to see how long the process will take. 4. Start investing  It can be a little overwhelming trying to decide where to invest your child’s funds.  Consider the fact that your child’s time horizon will most likely be over seven decades — more than enough time to build a massive fortune through smart and persistent investing. My advice is to start with low-cost index funds. Putting money into index funds provides immediate market exposure, as well as greater protection from market volatility. Index funds also typically offer solid long-term growth potential. Focus on building a foundation and then mix in some individual growth stocks. Just keep in mind that adding stocks introduces volatility and requires ongoing maintenance. If you prefer hands-off investing, index funds are the better option. As you go along, diversify the portfolio by adding different asset classes where it makes sense. For example, you might want to mix in a few real estate investment trusts (REITs). These funds are great because they have to pay at least 90% of their taxable income to investors as dividends. 5. Keep your child in the loop  Even though you’re the custodian,