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What is Mortgage Amortization and How Does it Work?

by Glen Craig

Paying off a mortgage is an overwhelming task. A mortgage is a big debt—almost as big as your house—so the best most of us can hope to do is to shorten the term by prepaying as much of the loan that we can as quickly as we’re able. Why should we want to do that? [...]

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Should You Buy a Bigger House?

by Melissa

Because home prices and mortgage interest rates currently are so low, if you are in a stable financial position, now might be a good time to enter the home buyers’ market or sell your current house and buy a bigger one. Remember all of the McMansions people built and bought before the housing bubble burst?  [...]

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Alternatives to Foreclosure

by Miranda

If you are concerned that your home might become a foreclosure risk, you are probably casting about for other options. Foreclosure can impact your credit score, and make it difficult for you to purchase a home in the future — at least for the next two to four years. When you are trying to avoid [...]

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Mortgage Plan to Help Homeowners – $26 Billion Settlement with Big Banks

by Glen Craig

If you’re wondering when help will arrive for your underwater home, on February 9th, 2012, a giant step forward was taken on your behalf. The Obama Administration announced a settlement with five of the largest banks, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, and attorneys general in all states with the [...]

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Don’t Underestimate the Cost of Living When Deciding Where to Live

by Melissa

I live in the suburbs of Chicago, and recently, after 11 years in the same apartment building, my husband and I re-entered the renter’s market. When we first began renting at our last apartment, the two bedroom apartment was a bit too big for us.  Three kids later, we were bursting at the seams. However, [...]

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How to Negotiate Lower Rent in Your Current Apartment

by Melissa

In this market, many new renters are freely negotiating with prospective landlords on the price of rent and having success. However, what if you are currently locked into a lease and don’t really want to move? If you have been in your apartment for several years, before the downturn of the housing market, you may [...]

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How to Get a Bargain When Apartment Hunting

by Melissa

The uncertainty in the housing market along with more stringent lending standards is driving more people to rent rather than buy. Even though there may be more people in the renting market in addition to the usual renting population, there are also more people turning the homes they own into rental units rather than having [...]

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Could Changes to the Home Affordable Refinance Program (HARP) Benefit You?

by Miranda

In 2009, the government rolled out the Home Affordable Refinance Program (HARP). The program is meant to help those who are underwater on their mortgages refinance into a more affordable monthly payment. Unfortunately, some of the requirements for participation in the program limited its effectiveness. In order to expand the program so that it reaches [...]

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Condo Fees You May Not Be Aware Of

by Melissa

Many 20-somethings graduate college and move to the city.  Not quite ready for homeownership, many of them may consider buying a condo.  Recently, I observed a billboard for a condo building in downtown Chicago that piqued my curiousity because it clearly was seeking to attract young professionals.  I went home and looked on their website, [...]

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Homeowners Insurance Coverage: Are You Truly Covered?

by Miranda

One of the biggest purchases you make is your home. It is an expensive item to own, and its protection is quite important if you want to maintain financial freedom.  After all, if something happens to your home, it can be quite expensive to fix.  Insurance is purchased to help you afford unexpected problems, and [...]

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