Americans are mobile people. In fact, the U.S. Census reports that about one in six Americans move each year. Though most moves are local, nearly one-sixth of all people who move change states. Finding the home that is right for you largely comes down to personal preferences, and the cities in this country have such [...]

10 Best U.S. Cities to Live In is a post from the Money Crashers personal finance blog.

Imagine walking through your front door into a room the size of a cathedral. Tall, gorgeously designed stained glass windows allow endless rays of light to enter. The ceiling soars overhead. The ancient stone walls could tell you stories of the thousands of people who walked, laughed, and prayed within. This is just a small [...]

Would You Live in a Renovated Church Home? – 3 Important Issues is a post from the Money Crashers personal finance blog.

A piggyback mortgage is exactly what it sounds like – one mortgage on top of another. This set of two mortgages was commonly used prior to the mortgage crisis to avoid paying private mortgage insurance (PMI), when homebuyers didn’t have a large enough down payment. Now, this loan combo is much harder to come by. However, [...]

What Is a Piggyback 80-10-10 Mortgage – Pros & Cons is a post from the Money Crashers personal finance blog.

When shopping for a mortgage, you have a variety of options. Mortgages can be structured differently and many factors are negotiable, such as the interest rate, closing costs, the loan’s length, a pre-payment penalty, and a balloon payment, to name a few. One type of loan that has recently become popular is the ARM, or adjustable [...]

What Is an Adjustable Rate Mortgage (ARM) – Definition, Pros & Cons is a post from the Money Crashers personal finance blog.

With real estate prices at rock-bottom in many places around the country, some people are buying homes as investment properties, hoping that eventually home values will appreciate. If you want to buy a home, either to live in or as an investment property, consider buying a duplex. A duplex is essentially a house or building [...]

Buying a Duplex – Advantages & Disadvantages is a post from the Money Crashers personal finance blog.

Paying off your mortgage is a worthy goal and living in a home you own outright provides valuable security. But for many, tapping the equity in their homes is a necessity, especially during retirement. Because of this, an unusual type of loan called a reverse mortgage is gaining in popularity. It allows homeowners 62 or [...]

What Is a Reverse Mortgage (HECM) – How It Works, Pro & Cons is a post from the Money Crashers personal finance blog.

Finding the house of your dreams is often a stressful affair. Searching, haggling, and qualifying for a loan will take a toll on any buyer, no matter how experienced. Once the appraisal comes in and contracts are signed, most buyers are tempted to kick back and wait with excitement for closing day so they can [...]

Final Walk-Through Inspection Checklist for Your New Home is a post from the Money Crashers personal finance blog.

If you look at your monthly mortgage statement and see a line for “PMI,” you’re paying for private mortgage insurance. It probably costs you between $50 and $200 per month, depending on the balance of your loan and your PMI rate. But why are you paying it? Essentially, your lender is requiring you to pay [...]

What Is Private Mortgage Insurance (PMI) – How to Avoid Paying It is a post from the Money Crashers personal finance blog.

Refinancing your mortgage can be a money-saving move, but not in every situation. Since there are costs associated with all refinances, sometimes getting a lower interest rate can actually be more expensive than keeping your current loan. Plus, sifting through all those lender offers can be overwhelming and even misleading. So how do you determine if [...]

When Should I Refinance My Mortgage Loan? is a post from the Money Crashers personal finance blog.

With the real estate market still in a slump, more and more people have decided not to sell their home. Instead, they have chosen to stay put, until things get better. I count myself in this group; I had my own home on the market for two years. My house sold, and the sale fell [...]

7 Home Improvement & Remodeling Ideas that Increase Home Value (And What to Avoid) is a post from the Money Crashers personal finance blog.

Mortgages come in many different varieties and if your situation is unusual, you may be best served by an unusual type of mortgage. One of these lesser-used mortgage types is known as a balloon mortgage, also referred to as a balloon payment mortgage. In this article, we’ll discuss what it is and how it’s different, [...]

What Is a Balloon Payment Mortgage? is a post from the Money Crashers personal finance blog.

Refinancing your mortgage can save you thousands in interest over the years and lower your payment. But while you’ve probably seen commercials with mortgage lenders claiming that they’ll take care of everything, you’ll only get a “great” deal if you do your homework first. Before applying, understand what the mortgage lender will be asking you [...]

How to Refinance a Mortgage on Your Home is a post from the Money Crashers personal finance blog.

Things happen. If you live on a tight budget, a small financial crisis can throw you off-balance. But if something major happens, like losing your job, you may struggle to afford even the roof over your head. Not being able to pay your rent on time can be terrifying, since most rent payments have small [...]

How to Get Help with Paying Rent – Assistance Programs & Resources is a post from the Money Crashers personal finance blog.

When you’re preparing to buy a home, it’s important to get your finances in order. Not only will you have to be organized to fill out the loan application, but you want to otherwise streamline your finances to improve your chances of being approved for a loan and qualifying for a lower interest rate and [...]

Should I Save for a Down Payment on a House or Pay Off Debt? is a post from the Money Crashers personal finance blog.

Applying for a mortgage can be tricky. There are many things to consider, including something known as a prepayment penalty. A loan with a prepayment penalty may also come with a lower rate and so can seem more attractive. However, the prepayment penalty will hurt you if you want to refinance or even sell “early.” [...]

Beware of the Mortgage Prepayment Penalty is a post from the Money Crashers personal finance blog.

I have many friends who firmly believe that landlords do not give security deposits back at all, or that they will do just about anything to keep however much they can. While I’m sure that slumlords do exist in this world, as a former property manager, I can tell you that most good landlords want [...]

How to Get Your Security Deposit Back When Moving Out is a post from the Money Crashers personal finance blog.

After the real estate market deteriorated in the wake of the sub-prime mortgage crisis, the prospect of renting a home vs. buying became much more attractive. In fact, this trend has been well supported by a substantial decrease in home ownership to levels not reached in decades. To be fair, purchasing a home can still [...]

10 U.S. Cities Where It’s Better to Rent Than Buy a Home is a post from the Money Crashers personal finance blog.

Do you dream of owning property? Perhaps multiple investment properties from which to earn a monthly stream of income? Ah, the life… But before you contact your real estate agent, consider what’s really involved. If you want to create an income immediately, you’ll need to rent your property. Though the proposition may sound simple, it [...]

8 Issues with Buying Rental Property and Becoming a Landlord is a post from the Money Crashers personal finance blog.

Several years ago, I became friends with a young woman who was just getting started in real estate. She became a real estate agent, and then started learning about renovation. She bought her first house, flipped it, and made a ton of money. Thanks to some exceptionally lucky circumstances, and some serious persistence on her [...]

Flipping Houses for Profit – Tips for How to Flip a House is a post from the Money Crashers personal finance blog.

For most home renters, rent checks are the biggest expense of a monthly budget, and you probably think of it as a fixed cost – a set rate that doesn’t seem at all flexible. Sure, you might have had a chance to get a discount before you signed the lease, but once you’re there, you [...]

How to Negotiate & Lower Your Apartment Rent Payments (Without Moving) is a post from the Money Crashers personal finance blog.