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May 21, 2022

Is PayPal Safe? [11 Tips to Buy and Sell Safely on PayPal]

Is PayPal Safe? [11 Tips to Buy and Sell Safely on PayPal] | Mint

credit card or bank information to other users.

Is PayPal safe for sellers?

PayPal is designed to be safe for both buyers and sellers. All information that is communicated between your device and PayPal’s servers is secured and encrypted as long as the network you’re using is secured.

Paypal security in public: It’s riskier to use PayPal on public Wifi, like at a library or restaurant, as others on the network might be able to gain access to your information (though this is still difficult).
Paypal security at home: When using PayPal at home on your own WiFi network, sellers can rest assured that the platform is safe.

In fact, PayPal fraud is pretty uncommon — accounting for only about 0.32% of revenue.

PayPal seller protection

PayPal has a number of seller protection protocols in place to make sure that merchants feel safe and confident using their platform. Here are a few of the PayPal protection measures sellers can expect:

Transactions only require a username and password, so no financial information is revealed during transactions.
PayPal offers 24/7 monitoring on all transactions.
PayPal uses advanced machine learning and encryption techniques to secure each transaction.
They provide Merchant Fraud Protection, so you can contact PayPal directly if something suspicious appears on your history.
They will help you resolve disputes by putting holds on transactions until the issue is solved.
PayPal allows you to securely operate in 202 countries, so you’re not just restricted to your own currency.

PayPal scam prevention tips for sellers

There are a few measures that you can take to prevent scams as a seller, especially if it comes to a disputed transaction where you must prove to PayPal that you have been wronged:

Always use a service like UPS or USPS, so there is documentation that you delivered the item.
Require an e-signature for purchases.
Ensure that all items you sell are clearly explained and described — this avoids customers feeling they have been misled.
Prioritize customer service; if you respond to customer complaints, they are less likely to have an issue with your business. You can also demonstrate to PayPal that you have been on top of buyer complaints.

If you’re new to ecommerce, be sure to read our longform guide that contains everything you should know about how to sell online.

Is PayPal safe for buyers?

PayPal isn’t just secured and encrypted for sellers; it’s also a secured platform for buyers, too. PayPal works to ensure that transactions are secured on both ends, so neither party is likely to be victim to PayPal fraud or a scam.

PayPal buyer protection

PayPal is serious when it comes to buyer protection. They know that their users count on them to facilitate fast, effective, and safe transactions. To ensure this, they have put into place a set of security measures that protect buyers from scams, fraud, and theft:

PayPal does not share your financial information with sellers.
They offer 24/7 monitoring on all transactions.
PayPal uses encrypted security technology on both buyer and seller’s ends to ensure a secure transaction.
They offer PayPal fraud protection, and allow you to flag certain transactions as suspicious.
If you do have a dispute with a buyer or potential fraudster, PayPal offers dispute resolution, putting a hold on funds until the issue is resolved.
PayPal facilitates transactions in countries across the globe, making it possible to purchase things from other countries securely.

How to make a safe PayPal transaction

While PayPal may offer plenty of security protocols to its users, ultimately, it’s also users’ responsibility to ensure they use the platform in a secure manner. There are a few tips to keep in mind if you plan on purchasing online. The best way to make PayPal safe for yourself as a buyer is to follow a few safety guidelines:

Use a credit card rather than a debit card. There are two main reasons for this:
- First, if there is a disputed purchase, and PayPal won’t refund you, you can still contact your credit card company to see if they will intervene.
- And second, if someone has gained unauthorized access to your PayPal account, they won’t be able to empty out your bank account if your account is connected to a credit card.
Use a safe password. This goes without saying on any internet account, especially ones that contain sensitive financial information.
- A good password should have a mix of uppercase and lowercase letters, numbers, and other characters (such as @, &, #, or others).
- This is one of the best identity theft protection moves you can make.
Regularly update software. For instance, if you use the PayPal app on your phone, it’s important to regularly update it.
- Older versions are more susceptible to hacks, as they lack the most up-to-date security features that PayPal regularly adds to its software.
Avoid making financial transactions on public WiFi. You can’t always avoid it, but when you can, it’s a good idea not to use public networks for your financial transactions.
- It’s possible for other users on an unsecured network to intercept information about your purchase. Instead, use mobile data when away from home if you can.

Want more information on managing online payments safely? Read our guides on how to spot a scam and coronavirus fraud so you know what to watch out for as you shop online.

Know the different kinds of PayPal transactions

There are two different ways that users can use PayPal to complete financial transactions.

PayPal Friends and Family

PayPal allows users to send money to friends and family. It’s a convenient way to:

Send someone money you might owe them
Chip in to buy something together
Send a gift

However, there is a small fee that is applied to friends and family transactions, so be sure to factor this into your calculations if you are using PayPal to send money to someone you know. The fee can be paid either by the sender or the recipient.

Pro-Tip: There is no fee attached to sending a personal payment if you use a PayPal Cash or PayPal Cash Plus account to send money.

PayPal Goods and Services

You can also use PayPal to purchase goods and services from a buyer, whether that’s your local cafe or an online retailer. When using this method of payment, note that the seller pays the transaction fee, not the buyer.

PayPal refund policy — how to dispute a charge on PayPal

There are a number of ways that you can request refunds on PayPal.

1. When a transaction is already completed

If you have completed a transaction, and the seller has accepted payment, you will have to ask them directly to refund your money. They can do this by going onto the PayPal app and selecting the “Issue a refund” option.

2. When a transaction is pending

If your payment is still pending, you can go to your Activity page and press the cancel button next to the payment. If the seller hasn’t accepted your payment for 30 or more days, you are automatically refunded.

3. When you’ve requested a refund on the transaction

If you have requested a refund, but the seller has denied it, you can go to the PayPal Resolution Center and open a dispute. If your dispute succeeds, a refund will be issued to the credit card, debit card, or bank account you used to pay for the item.

PayPal safety: key takeaways

PayPal is a safe and convenient way to pay for goods and services, send money to friends and family, or accept payments from customers and clients as a seller. However, it’s important to know how to use the platform safely. Here’s what to remember:

PayPal provides a number of safety protocols for sellers, including encrypting financial data, fraud protection, and 24/7 monitoring.
Even with built-in protection for sellers, it’s still wise to follow safe practice tips:
- Use a service like USPS or UPS
- Require a signature from buyers
- Clearly explain your products, and always provide quality customer service
PayPal is also safe for buyers. They include the same set of security protocols for buyers that they do for sellers, including encrypted data and fraud protection, as well as dispute resolution.
As a buyer, be sure to keep tips like these in mind:
- Opt for paying with a credit card rather than a debit card if you can
- Use a secure password
- Update your app to have access to the newest security features
- Avoid making financial transactions on public WiFi
PayPal also allows you to cancel or dispute payments if something goes wrong

PayPal is convenient, fast and secure. By using the right security measures, you can complete your transactions with peace of mind.

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Source: mint.intuit.com

May 21, 2022

Paypal Relaunches Their 2% Card With Added $100 Bonus & 3% Category For All Forms of Paypal Payments

Update 5/17/22: Card is now live for signup at this link. Comes with the $100 signup bonus after $500 spend, valid through June 30, 2022. Read our full review in this post. (ht USCCG)

Original Post 4/5/22:

Paypal is updating their 2% Mastercard to now have the additional benefit of earning 3% when paying with Paypal, whether you pay online, on mobile, or in-store with PayPal QR Code where eligible. The card will earn 2% everywhere else.

Paypal Link | Press Release | Join the waitlist

They are also adding an update where the cashback is available daily, without the need to wait for statement close. These upgrades will be automatically valid for existing cardholders as well when it goes live.

They are also adding a signup bonus for new customers to get $100 after $500 spend.

Our Verdict

These are amazing new benefits, this feels like an attempt to compete with Apple card. It’s pretty incredible that Paypal will now have what’s probably the single best card for most people who aren’t ready to play the category/transfer game. The downer is that the card now has foreign transaction fees, but still an excellent card for U.S.

See our previous reviews on the card here and here. We’ll do an update when this goes live.

Source: doctorofcredit.com

May 20, 2022

How to Earn Money Renting Your RV – Rent Out RV, Profit, Repeat

You love your RV. But chances are, you’re not using it every day of the year. In fact, there are more than 18 million RVs in the U.S, that sit idle for 350 days out of the year. Not only that, but RVs are often the second-most expensive purchase Americans make outside of their home.

If you’ve got a road-ready RV sitting in storage or in your driveway while you make payments on it, you have an opportunity to offset that major expense and let it pay for itself. We’re talking about renting it on an RV rental marketplace like Outdoorsy.

Years ago, homeowners couldn’t fathom allowing “strangers” to rent out their homes. The same way homeowners found online vacation rentals a lucrative and safe enterprise, Outdoorsy is proving that RV rentals can deliver similar success.

RV owners are making up to $50,000 annually by renting out their travel trailers, campers, conversion vans and luxury motorhomes on Outdoorsy.

Entertain the question for a moment and learn just how much you can make by renting out your RV to vetted and verified renters who share your passion for the RV lifestyle and the great outdoors.

How Much Money Can You Make Renting Out Your RV?

No doubt, there’s more to renting out your travel trailer or conversion van than simply listing your property online, accepting a reservation and swapping your keys for money.

Outdoorsy is built on trust. And thoughtful assurances, at every level, are what make that trust rock solid.

Every prospective renter on Outdoorsy has their driving record verified, so you know your RV will be in safe hands with a strong track record of defensive driving.

And then there’s trip insurance, up to $1 million in coverage, and roadside assistance, both of which help strengthen the trust between owner and renter.

Once you account for the insurance costs, listing and reservation fees and driver background checks, RV owners take home about 80% of what renters pay for the pleasure of renting your RV.

Here are some estimates on how much you could make by renting out your RV for just one to two weeks:

Class A: $2,569 – $5,138
Class B: $1,624 – $3,248
Class C: $1,540 – $3,080
Camper van: $1,204 – $2,408
Truck camper: $875 – $1,750
Travel trailers: $693 – $1,386
Folding trailer: $490 – $980
Fifth wheel: $1,113 – $2,226
Toy hauler: $770 – $1,540
Passenger van: $420 – $840

RV owners can make even more than these estimates if a renter exceeds your mileage or generator restrictions. Outdoorsy accepts even more RVs than those listed above — anything from conversion vans to luxury motorhomes.

You’re paid handsomely for every little bit of wear and tear your RV could potentially sustain for everyday use and insurance protects your property from abuse.

It’s free to list your RV on Outdoorsy. They won’t charge you anything until a renter pays to rent out your RV.

How to List Your RV and Start Earning

Creating a listing is simple, and there will likely be strong interest when you do set out in the RV rental business. But creating a great listing takes a little bit of effort and will be worth your while when renters start to rate the experience.

Signing Up

It’s not a commitment to anything. Signing up for Outdoorsy only indicates you’re open to learning about what could come next.

You’ll need to supply your name, email address and your contact number. You can sign up in a web browser or download the Outdoorsy app.

Creating Your Listing

Outdoorsy will do its part to ensure you can trust renters. With your listing, you’ll have to do your part to attract renters and help them understand just how great of an opportunity renting your RV will be for them.

Take photos showing off your RV. Staging your photos is fine, even encouraged, as it’ll help renters start to daydream about it. You can select the amenities your RV offers and Outdoorsy will compile them on your listing.

You’ll also need to establish your rules for your RV: how many miles they can put on it, the types of places they can take it, how much they can use the generator and so on.

Accepting Reservations

You are never obligated to accept any reservations. But if you’re still nervous about handing over the keys, it gets a lot easier each time.

Also, it’s perfectly acceptable to throw a few questions at potential renters before accepting their booking requests to rent out RV time from you.

Preparing for the Next Renters

More than just removing personal belongings, you’ll want to make sure your RV is clean and is road ready. Your renters will do the same for you when they return it — neither side wants to clean up after the other.

Swapping the Keys for Money

It’ll be back before you know it, and in as good a condition as you remember. The last thing a renter wants is to be liable for insurance costs.

You get to determine where you’ll meet renters to drop off the keys and where they’ll have the RV delivered. But remember, going the extra mile to accommodate your guest will probably earn you rave reviews and will ultimately help attract even more guests.

Getting Paid

Once the key exchange is done, you’ll be paid through Outdoorsy about 24 to 48 hours later. Your bank may take the usual three to five business days to update your ledger, however.

Outdoorsy won’t charge you a dime until a renter has paid to borrow your RV. Once Outdoorsy is paid, they’ll collect insurance and other fees before initiating your payout.

How Insurance Works

If you’ve ever thought about renting out RVs in the past, you were probably dissuaded by your insurance policy’s commercial exclusion clauses and RV rental restriction.

Nearly all RV insurance policies rule out renting out your RV.

Episodic Insurance built into the Outdoorsy Platform

Roamly’s “episodic” insurance coverage begins covering your RV from the moment you hand over the keys to the renter until the moment you get them back. The renter must purchase Roamly’s episodic insurance as part of the RV booking process, ensuring that the renter, and your RV, are protected on the trip.

This comprehensive policy comes with up to $1 million in liability coverage for each trip.

Personal RV Insurance with No Commercial Exclusions

While your RV is protected through Roamly’s episodic insurance when it’s being rented out, you’ll want to make sure that your RV insurance carrier even allows you to rent it out in the first place. That’s where Roamly’s personal lines of insurance can help.

Roamly’s RV policies explicitly allow you to rent out your RV when you’re not using it by removing the commercial-use restriction found in traditional RV policies. While other carriers will deny legitimate claims or drop your coverage if you rent out your RV, Roamly won’t. In fact, Roamly encourages it, and it offers unique premium discounts the more you rent out your RV on Outdoorsy.

And yes, you really can save up to 25% in many cases by switching over to Roamly, an insurance company that was built by RV enthusiasts just like you.

To see how much Roamly could save you, get a quote here. It takes just 60 seconds and can be done completely online.

Get Paid to Share the RV Lifestyle

People don’t just want to see our country’s National Parks and scenic drives, they want to savor them through immersive experiences that a car or SUV just can’t accommodate.

Ready to rent out your RV? Even if you aren’t quite ready, joining the Outdoorsy community is the next step and it’s completely free.

You can learn from other RV owners who are using extra income from Outdoorsy to pay for their grandkids’ tuition, pay for home improvements or cover all the expenses for their next big adventure.

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Source: thepennyhoarder.com

May 20, 2022

X1 Smart Credit Card Review – Earn 2x – 4x On All Purchases (Up To 4-8% Cashback)

Update 5/19/22: X1 has added some more merchants including Amazon, Best Buy, and Home Depot but when you redeem against these charges it’s 0.75¢ per point instead of 1¢ per point. Old options are still at 1¢ per point. Hat tip to veeRob

A new card has launched called ‘X1 Smart Credit Card‘. Let’s take a look at this new card in this quick review.

No annual fee
Card earns at the following rates:
- 2X points on every single purchase
- 3X points on every single purchase for the year if you spend $15K+ on the card in that year
- 4X points on every single purchase for a month for every friend you refer (If you bring in 10 friends for example, you’ll get 4X points on every single purchase for 10 months)
Stainless steel card
Credit limit will be based on your income, not credit score

How Much Are Points Worth?

Points are worth 1¢ per point on most merchants, there will be some merchants where points will be worth 2¢ per point.

Our Verdict

I don’t see how this is sustainable long term, especially if you can get 2¢ per point when redeeming points at some merchants (I assume you redeem points against these charges?). That would mean you could get 4% – 8% cash back on all purchases. That being said this is a product from Thrive (they created ThriveCash) and have raised $10 million over two rounds (although the last round was in December 2018). Lately we’ve seen a lot of these fintech products with a lucrative offering, unfortunately many of them have never actually launched. Do not share your referrals in the comments.

Source: doctorofcredit.com

May 19, 2022

The Hidden Costs of Moving to Another State

Although most states give you a grace period before getting a new driver’s license (for example, it’s 90 days when you move into Illinois), you still want to do that as quickly as you can because you are likely to need identification that has your current address on it for other chores.
How Do I Budget for a Move?
If you are moving from a single family home, then the city in which you lived charges you for city services such as trash pickup and possibly sewer and water. Contact your City Hall and let them know they are losing a resident, and ask them to stop any charges under your name related to that address.
This will not cost you money, but it will cost you time. You are going to want to update your voter registration information, and you are likely going to want to let your former state know that you are no longer eligible to vote in that state. Otherwise, your current vote could get hung up in a technicality (and there are more of those today than there were in previous years).

The Costs of Moving Besides Moving

It is possible that you will be able to use the same bank with the same checking or savings account. Your routing number will change, because routing numbers are assigned based on the state of the bank branch where you opened the account. Ask your bank if you need to alert all of your direct deposit senders (employer, pension, income tax refunds) that you have a new routing number. Even for brick-and-mortar banks, you can likely handle this online.

Driver’s License and Car Registration

Get the Penny Hoarder Daily
Most moving services offer a state-to-state move budget calculator. Your move budget will depend on how much you are moving and how far you are going. Your budget for the move will be in the thousands of dollars, but you can reduce those costs by shipping some items or hauling some items by yourself.

Automobile Registration

It is advised to contact utilities two to three weeks before your move. Some utilities require a security deposit before activating service, and the amount of your security deposit could depend on your credit rating.
In most cases, it will not cost you money to change your address, but again, in the “time is money’’ category, this is going to be expensive.
Let your auto insurance company know your new location and new license plate numbers. Since insurance rates vary based on location, you may see a change in your premium due to your move. Who knows? Maybe your premium will decrease.

Voter Registration

We’ve rounded up the answers to some of the most commonly asked questions about the costs of moving.
You will need to register your vehicle(s) with the new state, getting new license plates and local registration stickers. Even if your license plate has several months remaining on its registration in your previous state of residence, you will save yourself any explaining if you get pulled over or in an accident.

Banking

Source: thepennyhoarder.com
For Wi-Fi service, you need to contract with an internet provider, even if you are not going to use cable TV. The cost of the service varies widely throughout the country and depends on the provider, but you will likely need to pay a monthly fee of – for the modem and router.

Electric, Water and Gas

If you are changing banks because your current bank does not have any locations or ATMs in your new state, then you need to contact everyone who uses your current banking information. That includes apps, direct deposit senders, subscriptions, and any other service or product that accesses your banking information for payments.
Moving to your dream location does require money. Whether you hire a mover or load your own truck, there are moving costs. Selling a property, buying a property, paying the first two months rent and a security deposit on a new apartment, getting your security deposit back from your own place — these are all considerations that go into the decision to move and could cost you thousands of dollars.
The average cost for vehicle registration and plates is nationwide, but in Florida that will cost you 5.
For example, if you are moving to Las Vegas and need to start service with NV Power, you will pay a deposit of the last 12 months of service at the address you are moving to. If there was no service there — maybe it’s new construction — be prepared to pay a 0 deposit to start service.
What are the Costs Associated With Moving?

Wi-Fi and Internet

Remote working has advantages beyond being able to attend Zoom meetings in your sweatpants. You can move closer to family or friends, head to a nicer climate, or live in a cheaper state.
Voter registration should come at no cost and can usually be done online in 42 states and Wasington, D.C.

These 13 free TV apps will let you cut cable from your budget and save you a lot of money.

City Hall

There are the basics, such as moving trucks, vans and movers. There is also the cost of your personal transportation to the new location. The other costs relate to services you received in your old home (electric, gas, water) and must initiate in your new home (with likely turn-on charges).

Memberships

While most other hidden costs are the ones that cost you time rather than money, you can be charged for services you are no longer personally receiving at your old home if you do not file a change of address or alert those service providers you no longer live there.

Wardrobe

Ready to stop worrying about money?
In some states, you have a choice of electric or gas supply companies. Discuss your choices with your Realtor or city utility personnel — they usually handle water, garbage and sewer — before you move.

Who Needs Your New Address

However, when you move to another state, there are hidden costs that you may not fully comprehend. Some of these costs are, in fact, new payments that need to be made, and others are “time is money’’ costs.

There are fees for getting a new driver’s license and auto registration, plus you may have to pay a deposit to start power, cable and/or internet service. Your automobile insurance rates are likely to change, but that could be positive or negative. There is a slight fee for an official change of address with the U.S. Postal Service.

Your employer. If you are keeping your remote job but moving to a new location, your employer would probably like to know that.
Post Office. You need to file a change of address with your old post office, which will receive and forward any mail that comes to your old address. Make a note of any mail you received over the last month before you move to see if there are contacts you need to file a change of address with. Likewise, you will want to check in with your new post office branch to indicate that you now live at the new address and the former resident no longer lives there. This process is going to cost you $1.05.
Subscriptions. If you still receive anything in the mail on a subscription basis, you need to contact the provider.
Passport. Good news! You don’t need to change your address in your passport because your old one may not even be in there. On U.S. passports, there is a place where you can write in your address. You can erase the old one if you were smart enough to write it in pencil or use whiteout to create a new address.
Ride-sharing apps. OK, this one you are going to want to do. One of the great points of ride-sharing apps is that you only need to touch the “home’’ button to indicate where you are going, or where you are leaving from. If you don’t change this address immediately, you will do so after the first time the driver tries to take you back to Oklahoma.
Delivery services. If you get groceries or meals delivered, you want to ensure those services have your correct address.
Other apps. Look through your phone home screen and see if there are any other apps that need to know your current address.

Frequently Asked Questions (FAQs) About the Costs of Moving

How much you spend on your weather-appropriate wardrobe is up to you, but it needs to be a consideration. If you’re in need of winter coats, check out the local thrift stores in warmer climates. You may find that many people offloaded them when they moved south.

Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013. He is a contributor to The Penny Hoarder.

If you are moving from one climate condition to another, you are likely going to need to alter your wardrobe. Whether your move is latitudinal or longitudinal, you are going to need lighter weight clothes or heavier clothes, different types of outerwear and footwear. If you are moving from a warm climate to a cold and snowy one, you are going to need winter wear.

As long as you have no in-office requirements, you can live wherever you want providing you are willing to deal with attending meetings in a different time zone.
When you set up these services at your new address, there may be reconnection charges, assuming the services were turned off by the previous resident when they moved.

What are the Hidden Costs of Moving Examples?

You will be amazed by the number of times you need to change your legal address when you move. This is true whether you move within a state or to a new state, but the new state rules and regulations may be different than what you are accustomed to.

All of these service providers charge you based on usage in your home. You need to contact the provider for your previous location to stop billing there once you leave, and then you need to start services for your arrival date in your new home. If you do not tell the power company that you no longer live at your old address, you will be charged for monthly service fees, even if you are not there using the electric, gas or water at that location. <!–

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They will certainly miss you at the gym or fitness center, but they won’t stop charging you the membership fee unless you tell them to do so. This is true for any club you pay to be a member of (country club, golf course, tennis center, etc.) There are many stories, some hilarious (“I want to quit the gym!”) and some horrific, about how hard it is to get a gym or fitness center to stop charging members who no longer use the facility.

May 18, 2022

How Moving to a New City Can Give You a Fresh Financial Start

Save more, spend smarter, and make your money go further

Summer is a common time for many people to change up their living situations by moving either across town or across the country. And whether you are moving for a new job, a recent graduation, or just a change of scenery, moving to a new city can help give you a fresh financial start. Here are a few things to keep in mind as you plan your move.

Changing (lowering) your cost of living

The biggest thing to make sure that you’re aware of when moving to a new city is that your overall cost of living is going to change. This may be obvious to many people, but goods and services cost different amounts in different areas of the country and world. From very expensive places like New York and San Francisco to less expensive places like Tulsa or Boise and everywhere in between.

Before you move to a new city, make sure to understand the difference in the cost of living between your current city and your new city. There are many online calculators that can compare the cost of living between two different cities. Make sure to dig deeper than just the overall cost of living. The cost of living accounts for lots of different areas of spending like housing, food, transportation, and more. Understanding how different things might change in price from what you’re used to can help you plan a budget for your new city.

Hopefully, you are moving to an area with a lower cost of living. That’s a great opportunity to take your extra money and start saving or investing it. If you are moving to a higher-cost area, you can take the chance to really get serious about budgeting.

New friends and family

Your new city will also give you the chance to change who you interact with and how much. You may be moving closer to family, or have the chance to meet new friends. Changes in your family or friend’s situation can also impact your finances. If you are moving closer to extended family, you may have an opportunity to collaborate on child care and save some money that way.

If you’re moving to a new city where you don’t know anyone, consider how that might affect your budget and your social life. Will you be spending more money at bars, events, and other places to meet new people? Work those expenses into your new budget!

Updating your recurring subscriptions

Recurring subscriptions can be an easy way to lose your money if you’re not careful. Without tracking them with a budgeting tool like Mint, it’s easy to find yourself paying for monthly subscriptions that you don’t actually use. Moving to a new city can be a great way to update your recurring subscriptions and be proactive about which ones you want to pay for.

While some monthly subscriptions like streaming services are easy to transfer with you when you move, others won’t make as much sense. It probably isn’t a good idea to continue paying for your local gym membership if you move halfway across the country. Take the time as part of your move to really take a look at which monthly payments you are making and which are still providing value.

Budgeting for your move

A budget is one of the most important tools you have to achieve a positive financial future. Budgeting for your move is important in two different ways. We’ve talked a bit already about how to adjust your budget for your new situation, but it’s also important to make a budget for the move itself.

Without a budget, it can be easy to spend much more than you intended to on your move. Moving is always stressful, so before you notice it, you can find yourself spending hundreds or thousands of extra dollars. Make sure to do your research on moving options, and don’t forget to give yourself some grace in the budget to account for unexpected things to come up while moving.

The Bottom Line

Moving to a new city is an exciting time, and can be a great opportunity to get a fresh financial start. Make sure to compare the cost of living in your new city, and how it compares to the prices that you’re used to. Adjust your budget for your new living situation and don’t forget to budget for the move itself. One great way to update your budget is to take a look at some of your recurring monthly subscriptions and have an honest conversation with yourself and others in your household about which subscriptions are worth it for you. Following these tips can get you off to a great start in your new city and with your new life.

Save more, spend smarter, and make your money go further

Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller

Source: mint.intuit.com

May 14, 2022

Loan-to-Value (LTV) Ratio – What It Is & How It Affects Your Mortgage Rate

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Dig Deeper

Additional Resources

In the fourth quarter of 2021, the median home sold for just over $408,000.

Could you afford to pay that out of pocket? Probably not. That’s why most homebuyers wind up applying for mortgage loans.

Getting a mortgage can be a long process and lenders look at a lot of factors when deciding whether to approve your application. You also have to go through a similar process when refinancing.

One thing that lenders look for when making a lending decision is the loan-to-value (LTV) ratio of the loan.

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What Is a Loan-to-Value Ratio?

The loan-to-value ratio of a loan is how much money you’re borrowing compared to the value of the asset securing the loan. In the case of a mortgage, it compares the remaining balance of your loan to the value of your house. On an auto loan, it compares the balance of your loan to the value of your car.

Lenders use LTV as a way to measure the risk of a loan. The lower a loan’s LTV, the less risk the lender is taking. If you fail to make payments and the lender forecloses, a lower LTV ratio means the lender has a higher chance of fully recovering their losses by selling the foreclosed asset. A higher LTV means more risk the lender loses some money.

Lenders may have maximum LTVs that they’ll approve. For example, FHA loans require at least 96.5% LTV. Conventional loans require at least 97% LTV, but only for the best-qualified borrowers — most require 95% LTV or lower. Your loan’s LTV can have other important impacts on your borrowing experience, including your interest rate and monthly payment.

Calculating the Loan-to-Value Ratio

Because LTV plays a big role in the overall cost of your loan, it’s a good idea to calculate it before you apply.

LTV Formula

To calculate the LTV ratio of a loan, you divide the balance of your loan by the value of your home.

The formula is:

(Loan balance / Home value) = LTV

LTV Calculation Example

Imagine that you want to purchase a home that appraises for $300,000. You apply for a mortgage and get approved for a $270,000 loan.

The LTV of that loan is:

$270,000 / $300,000 = 90%

If you choose to make a larger down payment and only borrow $240,000, your mortgage’s LTV will be.

$240,000 / $300,000 = 80%

As you pay down your mortgage or as your home’s value changes, the loan’s LTV ratio moves away from this initial value. Typically, as you pay off your mortgage, the LTV ratio drops.

How LTV Affects Your Mortgage Rates

Lenders use LTV as a way to measure the risk of a loan. The higher the LTV of a loan, the higher its risk.

Lenders compensate for risk in a few ways.

One is that they tend to charge higher interest rates for riskier loans. If you apply for a loan with a high LTV, expect to be quoted a higher interest rate than if you were willing to make a larger down payment. A higher rate raises your monthly payment and the overall cost of your loan.

Another is that lenders may charge additional fees to borrowers who apply for riskier loans. For example, you might have to pay more points to secure an affordable rate, or the lender might charge a higher origination fee. A larger down payment might mean lower upfront fees.

One of the most significant impacts of a mortgage’s LTV ratio is private mortgage insurance (PMI). While PMI does not affect the interest rate of your loan, it is an additional cost that you have to pay. Many lenders will make borrowers pay for PMI until their loan’s LTV reaches 80%.

PMI can cost as much as 2% of the loan’s value each year. That can be a big cost to add to your loan, especially if you have a large mortgage.

LTV Ratio Rules for Different Mortgage Types

There are many different mortgage programs out there, each designed for a different type of homebuyer.

Different programs can have different rules and requirements when it comes to the LTV of a mortgage.

Conventional Mortgage

A conventional mortgage is one that meets requirements set by Fannie Mae and Freddie Mac. While these loans are not backed by a government entity, they must meet Fannie or Freddie’s minimum credit score and maximum loan amount thresholds, among other criteria. Otherwise, they can’t easily be repackaged and sold to investors — the fate of most mortgage loans after closing.

Conventional mortgages have a maximum LTV of 97%. That means your down payment will need to equal at least 3% of the home’s value. If your LTV is higher than 80% to begin with, you’ll have to pay PMI until your LTV drops below 78%.

Refinancing Mortgage

Refinancing your mortgage lets you take your existing loan and replace it with a new one. This gives you a chance to adjust the interest rate or the length of your loan.

Most lenders aren’t willing to underwrite refinance loans above 80% LTV, but you might find lenders willing to make an exception.

FHA Loans

Federal Housing Administration (FHA) loans are popular with homebuyers because they allow low down payments and give people with poor credit the opportunity to qualify.

If you’re applying for an FHA loan, the maximum LTV is 96.5%, meaning you’ll need a down payment of at least 3.5%. If the LTV value of your mortgage starts above 90%, you’ll have to pay PMI for the life of the loan. If your LTV is less than that amount, you can stop paying PMI after 11 years.

VA Loans

VA loans are secured by the Department of Veterans Affairs. They’re only available to veterans, service members, members of the National Guard or Reserves, or an eligible surviving spouse.

These loans offer many benefits, including the option to get a loan with an LTV as high as 100%. That means that you can borrow the full amount needed to purchase your home. The only upfront costs you need to pay are the fees associated with getting the loan.

USDA Loans

USDA loans, guaranteed by the US Department of Agriculture, are designed to help people purchase homes in designated rural areas. Borrowers also have to meet certain maximum income requirements.

USDA loans can have LTV ratios of 100%, letting borrowers finance the entire cost of their home. The LTV of the loan can exceed 100% if the borrower chooses to finance certain upfront fees involved in the loan.

Fannie Mae & Freddie Mac

Fannie Mae and Freddie Mac are government-backed mortgage companies. Neither business offers loans directly to consumers. Instead, they buy and offer guarantees on loans offered by other lenders.

Together, the two companies control a major portion of the secondary market for mortgages, meaning that lenders look to offer loans that meet their requirements.

For a single-family home, Freddie Mac has a maximum LTV of 95% while Fannie Mae sets the maximum at 97% for fixed-rate loans and 95% for adjustable-rate mortgages (ARMs).

Limitations of LTV

There are multiple drawbacks to the use of LTV ratios in mortgage lending, both for borrowers and lenders.

One disadvantage is that LTV looks only at the mortgage and not the borrower’s other obligations. A mortgage with a low LTV might seem like it has very little risk to the lender. However, if the borrower has other debts, they may struggle to pay the loan despite its low LTV.

Another drawback of LTV is that it doesn’t consider the income of the borrower, which is an essential part of their ability to repay loans.

LTV ratios also depend on accurate assessments of a home’s value. Typically, homeowners or lenders order an appraisal as part of the mortgage process. However, if a home’s value increases over time, it can be difficult to know the home’s actual worth without ordering another appraisal.

That means that you might be paying PMI on a loan without realizing that your home’s value has increased enough to reduce the LTV to the point that PMI is no longer necessary. You can always order another appraisal, but you’ll have to bear the cost — typically around $500 out of pocket.

LTV vs. Combined LTV (CLTV)

When looking at a property, lenders often use combined loan-to-value (CLTV) ratios alongside LTV ratios to assess risk.

While an LTV ratio compares the balance of a single loan to the value of a property, CLTV looks at all of the loans secured by a property and compares them to the home’s value. It’s a more complete way of assessing the risk of lending to someone based on the value of the collateral they’ve offered.

For example, if you have a mortgage and later get a home equity loan, CLTV compares the combined balance of both the initial mortgage and the home equity loan against your home’s appraised value.

LTV Ratio FAQs

Loan-to-value ratios aren’t easy to understand. If you still have questions, we have answers.

What Is a Good LTV?

What qualifies as a good LTV ratio depends on the situation, the loan you’re applying for, and your goals.

An LTV over 100% is pretty universally seen as bad because you wouldn’t be able to repay your loan even if you sold the collateral asset.

In general, a lower LTV ratio is better than a high LTV ratio, especially if you want to avoid paying for PMI on top of your mortgage loan payment.

The 80% threshold is a particularly important breakpoint, especially for conventional loans. If you have an LTV of 80% or lower, you can avoid PMI on conventional mortgages, saving hundreds of dollars per month early in the life of your loan. At 80% LTV, you’ll qualify for a good interest rate, though dropping to 70% or even 60% could drop your rate further.

How Can I Lower My LTV?

There are two ways to lower the LTV of your mortgage: pay down your mortgage balance or increase the value of the property.

Your loan’s LTV will naturally decrease as you make your mortgage payments. You can speed up the process by making additional payments to reduce your balance more quickly.

If you make improvements to your home, it can increase your home’s value. Real estate prices may also rise in your area, bringing your home’s value up too. However, to formally update the value of your home, you’ll need to pay a few hundred dollars to get it appraised again.

What Does a 50% LTV Ratio Mean?

A 50% LTV ratio means that you have 50% equity in your home. In other words, the total loan balance secured by the home — whether it’s a first mortgage, home equity line of credit (HELOC), home equity loan, or some combination of the three — is half the appraised value of the property.

As an example, your loan-to-value ratio is 50% if your home is worth $200,000 and you still owe $100,000 on your mortgage.

What Does a 75% LTV Ratio Mean?

A 75% LTV means that your loan balance is three-quarters of your home’s value. For example, if your home is worth $200,000 and your remaining mortgage balance is $150,000, your LTV is 75%.

Final Word

LTV ratio is one way that lenders look at the risk of making a loan based on the value of the collateral securing it. In the real estate world, LTV is a very important measure because it impacts things like private mortgage insurance and mortgage interest rates.

If you’re looking to avoid paying PMI or trying to get out of paying PMI on your loan, you’ll want to take steps to lower your mortgage’s LTV ratio. You can do this by investing in home improvements that increase the value of your home, then ordering a professional appraisal, or by paying extra principal each month to reduce your mortgage balance faster.

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TJ is a Boston-based writer who focuses on credit cards, credit, and bank accounts. When he’s not writing about all things personal finance, he enjoys cooking, esports, soccer, hockey, and games of the video and board varieties.

Source: moneycrashers.com

May 13, 2022

How to Secure the Bag in 2022

Save more, spend smarter, and make your money go further

Are you living by the mantra, “New Year, new you?” Year after year, we set these resolutions and goals – for them to get tossed out before the year can fully bloom. Looking for ways to elevate your life? Maintain the things you’ve started? Produce real results? Check out the tips below to secure your future and your bag in the year to come.

Write down your goals

As much as we’d like to consider ourselves computers, it’s nearly impossible for us to remember every single thing we’d like to do. In order to stay focused and remain organized, it’s best to simply jot down your goals.

Try your best not to overthink and begin to write everything that comes to your head. Essentially, this is a brain dumping exercise that allows you to clear your mind as much as possible. Often times confusion doesn’t necessarily come from us not knowing, it’s simply because we haven’t written down our thoughts.

Once this is finished, the second step is refining. Go through everything you’ve listed and organize it into categories. From there you’ll be able to highlight the top 3-5 goals you’d like to accomplish. This allows you to only focus on the goals with priority – and as those items are completed, the next ones in line will be yours for the conquering!

Are you wanting to start a new career or business venture? Write down all of the to-do items needed to accomplish that goal and assign a certain number of tasks per day, week or month. In this way you’re not overwhelming yourself with unrealistic expectations but creating an actionable guide that navigates you straight to the finish line.

Self-assess and readjust as needed

Let’s take a moment to reflect on 2021. What are the things you did exceptionally well? What are a few items that need improvement? Are you able to recall the goals that didn’t have any traction at all?

Before you can execute, you need to know where you’re currently starting from. Be honest with yourself – this isn’t an exercise to stir up negative and non-productive emotion. This is to chart your next steps and make them effective.

If you overspent this year on discretionary items, test out the cash method for your purchases. Looking to increase your earning potential? Update your resume, network and explore the opportunities that interest you. Saving for a large purchase? Create a reasonable savings plan that lays out the steps to ensure you’re successful.

Keep in mind this is not a one-day exercise. Carve out some time over the course of a week to truly reflect.

Avoid impulsive behavior and identify the root cause

Each and every one of us have thorns in our side that derail us from our goals – big or small. In order to identify the true problem, we must tap into our self-awareness and discuss some ugly truths. For example, if you are on a fitness journey and have a desire to become healthier– a routine is mandatory. Schedules allow us to operate more efficiently. So, let’s say you want to workout at least three times a week. This means there’s a certain window of time that needs to be allotted for the actual workout. After that you need time to eat, prepare food and continue flowing through the day. If one of these links are missing in the routine, it could tempt you to skip the workout completely.

What needs to happen? Have food readily available on the days you workout. Get sufficient rest the night before to make sure you’re energized to conquer the day. Try your best to eat the right foods to avoid feelings of sluggishness or irritation. Have your exercise clothes ready the night prior to avoid any mishaps in the morning. No matter how crazy and insane these little things may seem they’re very impactful. It creates a smoother workflow which decreases anxiety, worry, frustration and irrational decision making.

Let’s talk money!

If you have an issue with overspending; consider this. Do you spend more money when your emotions fluctuate? Adopt some self-care techniques to relax and unwind before making hash decisions. Try adopting yoga within your weekly routine. Step away from the computer when the feeling of work stress occurs. Swap out the impulse to spend with something positive, like taking a quick walk or simply log off social media. Unsubscribe from retail emails so there won’t even be an urge to spend. When you’re healthy mentally and physically – your finances have no choice but to positively benefit.

Let’s talk retirement

Before the year is up evaluate your retirement account, savings methods and/or investments. Are your selections aligning with the financial goals you’ve set for the upcoming year? Assess your contributions and adjust as you see fit. If there are things you’re unclear on or are in need of further guidance, solicit the assistance of a financial advisor. Don’t allow yourself to get hung up as challenges arise! There’s always a solution. Take a deep breath and revisit your goals in moments of frustration.

Create an accountability tribe

We cannot live life alone and in confinement, so what better way to engage the people closest to you than create an accountability tribe? Establish some safe meetups or virtual check-ins as schedules permit to discuss hiccups, successes and lessons. In this way, it establishes a sense of community and support. It’s almost like having your own personal cheerleaders ushering you through all phases of life. You can gain multiple perspectives while also having a safe space that doesn’t judge you for your mistakes.

Remain positive and stay the course

In this upcoming year, don’t settle for less. The key to achieving all of your goals fall into two main categories: consistency and discipline. Will the work always be easy? Absolutely not. Your goals will stretch you in new ways and will create a new level of resilience.

2022 is ours for the taking. You have the tools; now do the work and secure the life you truly desire to live!

Save more, spend smarter, and make your money go further

Marsha Barnes is a finance guru with over 20 years of experience dedicates her efforts to empower women worldwide to become financially thriving. Financial competency and literacy are a passion of Marsha’s, providing practical information for clients increasing their overall confidence in their personal finances. More from Marsha Barnes

Source: mint.intuit.com

May 13, 2022

How to Set a Financial Goal with Mint

Save more, spend smarter, and make your money go further

We all have goals we want to achieve, but it’s easy to postpone working toward them while waiting for the “right moment” to get started. Sound familiar? The truth is, you don’t have to wait for the New Year, the beginning of the month, or your birthday to set, or get started with, a financial goal!

Goal-setting should be fluid, something you think about for not only your BIG plans but the small ones too. Mint makes it easy to create new goals and track your progress as you work towards it. Here’s how to use the Mint app to start one for yourself:

Steps to create a savings goal (iOS)

Open the app and navigate to the “Monthly” tab
Tap on “create goal”
Select the type of goal you want to set (rainy day fund, home, something else)
Name your goal to make it personal to you
Set the $ amount you want to save
Set when you want to accomplish your goal by
Select the account that you’ll be saving with
Set how much you think you can save per month
Congrats! You’re on your way to achieving your goal. Simply track your progress on the “Monthly” tab

Steps to create a debt paydown goal (iOS)

Open the app and navigate to the “Monthly” tab
Tap on “create goal”
Select the type of goal you want to set (conquer my loans, crush my credit card debt)
Select the accounts you want to include
Set the $amount you can contribute each month to your goal
Set when you want to accomplish your goal by
Select the account that you’ll be paying with
Set how much you think you can pay per month
Congrats! You’re on your way to crushing your debt. Simply track your progress on the “Monthly” tab

Setting a goal for yourself is the first big step in making it happen, but it doesn’t stop there. Your goals are flexible just like your life, meaning they can and will change as time goes on. That’s why it’s important to keep checking in with your goals in order to track your progress and update them as your needs change. You’ve got the vision — Mint just helps you stay on track to make it a reality.

Save more, spend smarter, and make your money go further

Annemarie Belda is the communications manager for Intuit Mint. She is passionate about helping readers achieve their financial goals from starting a savings account to financial freedom. More from Annemarie Belda

Source: mint.intuit.com

May 13, 2022

Stock Market Today: Stocks Stumble as Inflation Remains Red-Hot

It was a choppy day for stocks as investors unpacked the latest consumer price index (CPI). Data released by the Labor Department this morning showed that prices consumers paid for goods and services in April rose at an annual rate of 8.3% – down from March’s 8.5% pace to mark the first drop in inflation in eight months. While encouraging at first glimpse, there were concerning signs deeper inside the report.

For instance, the decline in CPI last month reflected a drop in gas prices, which have since rebounded. Food prices remained elevated, while airfare and restaurant bills increased ahead of the key summer travel season. And core CPI, which excludes the volatile energy and food categories, rose 0.6% on a sequential basis – double what it was in March.

“While this report appears to mark the first that shows some moderation from the ever-rising pace of inflation since September of last year, one data point does not necessarily make a trend; and the rise in core CPI should lead to some consideration that the moderation in inflation will not be quick,” says Jason Pride, chief investment officer of private wealth at wealth management firm Glenmede.

With prices already high, Pride said, it should be harder for the CPI to continue to rise at the same pace, especially with the Federal Reserve also hiking interest rates to combat higher prices. “However, it will likely take multiple reports for such a trend [of moderating inflation] to clearly establish itself,” he says.

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This sentiment is echoed by Mike Loewengart, managing director of Investment Strategy at E*Trade. “Today’s read is a stark reminder that the journey to pre-pandemic levels of inflation will be a long one,” Loewengart says. “Although inflation slowed from March, the market’s reaction suggests that record high prices continue to weigh heavy on investors psyches. And with inflation persistently hot, the Fed has more fodder for increased rate hikes, which the market doesn’t often welcome with open arms.”

After bouncing between gains and losses in early trading, markets took a decisive turn lower this afternoon. At the close, the Nasdaq Composite was down 3.2% at 11,364, the S&P 500 Index was off 1.7% at 3,935 and the Dow Jones Industrial Average was 1.0% lower at 31,834.

Other news in the stock market today:

The small-cap Russell 2000 retreated 2.5% to 1,718.
U.S. crude futures surged 6% to end at $105.71 per barrel.
Gold futures gained 0.7% to settle at $1,853.70 an ounce.
Bitcoin slid below the $30,000 for the first time since July 2021, down 5.9% at $29,477.50. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
Roblox (RBLX) was down as much as 10% in after-hours trading Tuesday after the video game developer reported a first-quarter loss of 27 cents per share, wider than the 21 cents per share Wall Street was expecting. The company’s revenue of $631.2 million also fell short of the consensus estimate, as did bookings of 54.1 million. Still, the metaverse stock managed to finish today up 3.4% after Chief Financial Officer Michael Guthrie said on the company’s earnings call that year-over-year growth may have bottomed in March, sooner than anticipated.
Coinbase Global (COIN) shares plunged 26.4% on Wednesday after delivering a pretty disappointing quarterly report. Q1 revenues were off 27% year-over-year to $1.17 billion, widely missing analysts’ expectations for $1.50 billion. Meanwhile, the company swung to a $430 million loss after earning $388 million in the year-ago period. Monthly users were down 19% YoY, too. Also raising eyebrows in the cryptocurrency community was an update to the Risk Factors section in its Form 10-Q, warning that users could potentially lose access to their assets in the event Coinbase ever had to go through bankruptcy proceedings.

Inflation Remains a Top Concern for Investors

Inflation remains top of mind for investors. This is according to the latest Charles Schwab Trader Sentiment Survey, which reviews the outlooks, expectations and trading patterns of 845 Charles Schwab and TDAmeritrade clients. Inflation was the main concern for those surveyed in the report (20% of respondents), followed by geopolitics (15%) and recession/domestic politics (12% apiece). And nearly half of participants (45%) do not believe inflation will begin to ease until 2023.

“Overall, in the second quarter, market sentiment among traders is unquestionably skewing bearish,” says Barry Metzger, head of trading and education at Schwab. But market participants do see investing opportunities, the report notes.

Among the sectors survey respondents are most bullish on at the moment are energy (70%) and utilities (54%). The industries they are most upbeat toward include cybersecurity (71%) and agriculture (70%).

And 70% of those surveyed are interested in seeking out opportunities in defense stocks. While Russia’s invasion of Ukraine has unsettled many parts of the stock market, it has also sparked an increase in global military spending, which could create a potential boon for the industry. Here, we’ve compiled a quick list of defense stocks that are poised to benefit from this spending build. The names featured include familiar names as well as some under-the-radar picks – and they all sport top ratings from Wall Street’s pros.

Source: kiplinger.com

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Additional Resources

What Is a Loan-to-Value Ratio?

Calculating the Loan-to-Value Ratio

LTV Formula

LTV Calculation Example

How LTV Affects Your Mortgage Rates

LTV Ratio Rules for Different Mortgage Types

Conventional Mortgage

Refinancing Mortgage

FHA Loans

VA Loans

USDA Loans

Fannie Mae & Freddie Mac

Limitations of LTV

LTV vs. Combined LTV (CLTV)

LTV Ratio FAQs

What Is a Good LTV?

How Can I Lower My LTV?

What Does a 50% LTV Ratio Mean?

What Does a 75% LTV Ratio Mean?

Final Word

Write down your goals

Self-assess and readjust as needed

Avoid impulsive behavior and identify the root cause

Let’s talk money!

Let’s talk retirement

Create an accountability tribe

Remain positive and stay the course

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Steps to create a savings goal (iOS)

Steps to create a debt paydown goal (iOS)

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Inflation Remains a Top Concern for Investors