That’s because expectations of a “gangbusters” spring market are growing. “Going back to maybe the first three to five months of the year, the narrative I was putting out there to people was… we’ve got limited supply,” he said. “Once demand goes up, so will prices. Would you rather buy a house at $500,000 today, … [Read more…]
As the Nov. 5 election looms, Vice President Kamala Harris and former President Donald Trump offer starkly different visions for student loan policy at a time when the topic is top of mind for voters.
More than one in five student loan borrowers (22%) say that student loan forgiveness is one of the most important issues when choosing a presidential candidate, according to a recent NerdWallet survey conducted online by The Harris Poll. Both parties are thinking about the issue: 43% of Democrats and 30% of Republicans say student loan repayment will impact their vote, per the recent 2024 EdAssist by Bright Horizons Education Index.
The official Democratic and Republican platforms, along with past statements, actions and related policy documents, indicate how each candidate may approach student loans if elected to the White House.
Harris and her running mate, Minnesota governor Tim Walz, would likely continue to champion the student loan efforts started under President Biden, who has erased $168.5 billion in student loan debt for 4.76 million borrowers while in office. His administration did so largely by improving existing student loan forgiveness programs.
If Trump and his vice president pick, Ohio senator JD Vance, win the White House, borrowers can expect a reigning in of relief and forgiveness programs.
“On the Trump side, this is someone who, as president, consistently proposed big cuts to all federal education funding, but especially to programs that would help students and student loan borrowers,” says Michelle Dimino, director of education at the center-left think tank Third Way. “On the Harris side, we have a history of supporting increases for Federal Student Aid and consumer protections for borrowers.”
(Neither campaign responded to multiple NerdWallet requests to comment on their student loan positions.)
Project 2025, a 900-page playbook for the next Republican president overseen by the conservative Heritage Foundation, also offers clues about what a Trump presidency could mean for student loan borrowers, even though Trump’s campaign has tried to distance itself from the document.
“It’s still very much put forward as a Republican Party conservative viewpoint on education, and so I think it includes a lot of policy proposals that there would be a lot of lobbying to get a potential Trump administration to implement,” says Katharine Meyer, a fellow in the Governance Studies program for the Brown Center on Education Policy at Brookings, a nonpartisan think tank.
From repayment plans and loan forgiveness to affordable degrees and community college, here’s where Harris and Trump stand on issues impacting student loan borrowers.
Broad student loan forgiveness
However, an incoming presidential administration still has power to sway the effort in their desired direction and to drive the appeals process, Dimino says.
“I think certainly a Harris administration would be working to continue to defend that effort for as long as they can, continuing the appeals process and being as aggressive as they can be to safeguard that,” she says.
Trump would most likely not support the forgiveness plan, echoing the Republican party’s opposition to student loan forgiveness. Republican-led states filed lawsuits that took down Biden’s original student loan forgiveness plan of up to $20,000 per borrower in 2023, along with lawsuits currently circling the SAVE repayment plan and Biden’s forgiveness “plan B.”
“In the past, [Trump] has been supportive of student loan cancellation. It was in his campaign eight years ago, which was really inconsistent with the Republican Party’s platform at that time,” says Beth Akers, senior fellow focused on the economics of higher education at the American Enterprise Institute, a center-right think tank. “Things have changed a lot since then, and I would anticipate that a Trump presidency would not be pushing on continuing to use any existing authorities to cancel student debt, instead maybe a reining in of the programs, working potentially with lawmakers on Capitol Hill to create some of the reforms that conservatives now think are necessary in order to get the student loan program back into a functional state.”
SAVE and other income-driven repayment plans
Like Biden’s forgiveness plan B, the SAVE repayment plan faces lawsuits, with its future largely dependent on the courts. However, if elected, Harris would likely vigorously defend the plan in court, Dimino says.
Meanwhile, Trump is likely to support the dissolution of SAVE. “Certainly in a Trump administration, there would be every effort to enact regulations striking down SAVE, even if it were ruled constitutionally appropriate,” Meyer says. “This sort of regulatory whiplash happens with every presidential transition in nearly every area of policy where the parties disagree.”
Instead of SAVE and other existing income-driven repayment (IDR) plans, Project 2025 calls for a single IDR option that would generally increase monthly payments for borrowers relative to SAVE and other current options. It would also aim to remove the loan forgiveness option; under current IDR plans, borrowers can get forgiveness after 20 or 25 years of payments.
“While income-driven repayment (IDR) of student loans is a superior approach relative to fixed payment plans, the number of IDR plans has proliferated beyond reason,” the document says. “And recent IDR plans are so generous that they require no or only token repayment from many students.”
A family of four that earns $50,000 a year would have a $0 monthly payment under SAVE. But under the Project 2025 IDR plan, that family’s payment would be about $156 per month, Meyer says.
Public Service Loan Forgiveness
Teachers, doctors, firefighters, police officers, military members, government employees and and other nonprofit workers benefit from the Public Service Loan Forgiveness (PSLF) program, which erases your remaining federal student debt after 10 years of public service and 120 monthly student loan payments.
“Under the Biden-Harris administration, we’ve seen some of the biggest Public Service Loan Forgiveness loan discharges ever. They’ve tried to make the process easier. They streamlined the application, making it easier to recertify with your employers, so taking down some of those administrative barriers to accessing PSLF relief,” Dimino says.
In June, the Education Department also began an effort to expand PSLF eligibility to early childhood educators who don’t necessarily work for nonprofits. Under a Harris presidency, borrowers can expect the government to continue prioritizing PSLF access, Dimino says.
As president and on the campaign trail, Trump has called for restricting loan forgiveness overall and making PSLF harder to access, Dimino says. “It makes a less certain future for folks who have been working toward forgiveness,” she adds. At one point in 2019, the Education Department rejected 99% of PSLF applications, according to a report from the Government Accountability Office.
Project 2025 goes even further, calling for the program first introduced by Republican President George W. Bush in 2007 to shutter: “The Public Service Loan Forgiveness program, which prioritizes government and public sector work over private sector employment, should be terminated.”
Community college, trade school and free tuition
“Both Democrats and Republicans are having to return to this idea that college should deliver something to students,” Akers says. “It used to be, ‘college is just this golden ticket, it’ll take me somewhere magical, and that’s good enough.’ But now I think Americans are like, ‘wait a minute, what’s the ROI on this investment? What am I getting, and what’s the opportunity?’”
The Harris campaign platform pledges to “make trade school and community college free for every American” and says it’s working to subsidize tuition at Minority Serving Institutions (such as Historically Black Colleges and Universities) for students whose families earn less than $125,000 per year. Harris’s vice president pick, Governor Walz, signed a bill into law in 2023 that made Minnesota public higher education free for families in the state earning less than $80,000 per year.
The Trump platform says it “will support the creation of additional, drastically more affordable alternatives to a traditional four-year College degree.” That could mean investing in trade schools, vocational programs, community colleges and other career pathways, Akers says.
Borrower defense to repayment
When she was California’s attorney general a decade ago, Harris prosecuted Corinthian Colleges, alleging that the for-profit institution intentionally misled students about job placement rates. In 2022, the Education Department approved $5.8 billion in student loan discharges for more than half a million former Corinthian students, under the borrower defense to repayment program.
As president, Harris would likely continue supporting borrower defense, Akers says. The program began in 1995 to protect borrowers who are defrauded or misled by their colleges.
Trump’s record indicates that he may be opposed to strengthening borrower defense. For example, in 2020, then-President Trump vetoed a bipartisan resolution that would have overturned a 2019 borrower defense rule that made it tougher for students who say they were defrauded by colleges to get federal student loan discharge.
Project 2025 calls for Congress to end the Education Department’s broad ability to forgive loans through the borrower defense program. Instead, the Department should only be allowed to discharge loans in limited, case-by-case situations where “convincing evidence exists to demonstrate that an educational institution engaged in fraud toward a borrower in connection with his or her enrollment in the institution and the student’s educational program or activity at the institution.”
Pell Grants
The federal Pell Grant program, which gives undergraduates from low-income backgrounds up to $7,395 per year to help pay for college, has been around since the 1970s. Biden increased the maximum Pell award by $900 during his term — the largest expansion in over a decade.
In her platform, Harris emphasizes Biden’s Pell record and promises to expand the program further: “For young people just heading to college now, we’ve already secured the largest increase in Pell Grants in a decade, and we’ll further expand these grants to 7 million more students, and double the maximum award by 2029.”
Though Trump is unlikely to strike down the Pell, further increases to the maximum award are less certain if he wins the White House. “I don’t think [Trump] is against Pell, but he has proposed cuts to it as president in the past,” says Dimino. “I think we would expect that the Pell Grant will be in greater jeopardy under [that] administration than under a Harris administration,”
Project 2025 supports maintaining Pell grants in their current “voucher-like” form.
Congressional elections matter, too
While the presidential election is extremely consequential, the upcoming congressional elections will also impact future student loan policies.
The U.S. Congress (composed of the Senate and the House) must align with the president to push legislation forward, though some policy work can be done without formal legislation, Akers explains. The president can veto bills passed by Congress, while Congress can refuse to pass bills that the president might support.
“A lot of what ultimately gets done will rely on the makeup of Congress and what the majorities look like in Congress for that president, along with the pending court cases,” says Dimino.
To register to vote in national, state and local elections — and to check your registration status — go to vote.gov. You must update your voter registration each time you move to a new address. Depending on your state, voter registration deadlines may be as early as 30 days before the Nov. 5 election.
While lower mortgage rates have reinvigorated hope for the stalling housing market, 2025 might not wind up much better than 2024.
Sure, lower interest rates boost affordability, but there are other components to a home purchase that remain cost-prohibitive.
Whether it’s simply an asking price that’s out of reach, or rising insurance premiums and lofty property taxes. Or other monthly bills that eat away at the housing budget.
This explains why mortgage origination forecasts for purchase lending continue to be pretty dismal.
However, the emerging trend of rising mortgage refinance volume should get stronger into 2025.
2024 Purchase Volume Has Been Revised Down
A new report from iEmergent revealed that 2024 purchase mortgage originations are projected to fall in terms of loan count when compared to 2023.
In other words, despite lower mortgage rates, the number of home purchase loans is now expected to fall below 2023 levels.
However, thanks to an increase in average loan size, the company believes purchase loan volume will still see a modest increase of 3.5% year-over-year.
To blame is still-high mortgage rates, which peaked about a year ago and have since fallen nearly two percentage points.
But home prices remain elevated, and when combined with a 6% mortgage rate and steep insurance premiums and rising property taxes, the math often doesn’t pencil.
Adding to affordability woes is the continued lack of existing home supply. There simply aren’t enough homes for sale, which has kept prices high in spite of reduced demand.
Refis Expected to Jump Nearly 50% from 2023 Lows
On the other side of the coin, mortgage refinances are finally showing strength thanks to that pronounced decline in mortgage rates.
They bottomed in late 2024 when the 30-year fixed hit the 8% mark, with only a handful of cash out refinances making sense for those in need of payment relief (on other debt).
But since then rate and term refinances have picked up tremendously as recent vintages of mortgages have fallen “into the money” for monthly payment savings.
As noted a week ago, rate and term refis surged 300% in August from a year earlier and the refinance share of total loan production rose to 26%, the highest figure since early 2022.
Chances are it will continue to grow into 2025 as mortgage rates are expected to ease further this year and next.
iEmergent said they “expect rates to finally start declining in the months ahead,” on top of the near-2% decline we’ve already seen.
While many have argued that the rate cuts are mostly baked into mortgage rates already, which explained mortgage rates rising after the Fed cut, there’s still a lot of economic uncertainty ahead.
The 50-basis point came as a surprise to many and another one could be on deck for November, currently holding a 60% probability per CME FedWatch.
If it turns out the Fed has gotten behind the eight ball, 10-year bond yields (which track mortgage rates) could drop more than is already penciled in.
At the same time, there’s still room for mortgage spreads to compress as the market normalizes and adjusts to the new lower rates (and higher loan volumes ahead).
2025 Refinance Volume Slated to Rise Another 38%
Looking forward to 2025, the refinance picture is expected to get even brighter, with such loans rising a further 38% (in dollar amount) from 2024.
This will likely continue to be driven by rate and term refis as interest rates continue to improve and the millions who took out loans since 2022 take advantage of cheaper rates.
But it could also come in the form of cash out refinances, which will become more attractive as well.
Even if an existing homeowner has a rate of say 4%, something in the high-5s or low 6% range could work if they need cash.
This could be a reflection of increasing debts in other departments, as pandemic-era savings run dry.
Ultimately, homeowners have barely touched their equity this housing cycle, so there’s an expectation that it’ll happen at some point, especially with home equity at record highs.
You might also see this in the form of second mortgage lending, with HELOC rates expected to fall another 2% as the prime rate is lowered by that same amount over the next 12 months.
Meanwhile, iEmergent is forecasting a paltry 6.5% increase in purchase volume in 2025, pushing overall dollar volume growth to just 13.3%
As for why purchase lending is projected to be relatively flat next year, it’s a wider economy story.
If economic growth continues to decelerate and a recession takes place, a weaker labor market with higher unemployment could dampen home buyer demand.
So even if mortgage rates decline more as a result, you’ve got fewer willing and able buyers, despite lower monthly payments.
This explains the phenomenon of how home prices and mortgage rates can fall in tandem.
They might not, but it at least debunks the idea of there being an inverse relationship between the two.
Long story short, 2025 should be better for mortgage originators thanks to refis, but don’t get your hopes up on purchase lending seeing a big jump thanks to lower rates.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
“It really made me see what the organization is about, how many rock stars are around here. So that’s a great idea for people thinking about it.” The opportunity to network and develop new industry contacts at Fuse has proven a constant benefit for Copeland – now president and chief executive officer at Summit Lending … [Read more…]
Do you want to learn how to start a personal finance blog? Starting a personal finance blog changed my life. When I began Making Sense of Cents (the blog that you’re reading right now!), I had no idea that sharing my money tips would lead to financial freedom and the ability to work from anywhere….
Do you want to learn how to start a personal finance blog?
Starting a personal finance blog changed my life. When I began Making Sense of Cents (the blog that you’re reading right now!), I had no idea that sharing my money tips would lead to financial freedom and the ability to work from anywhere.
What started as a hobby turned into a full-time career, allowing me to help others take control of their finances while earning a great income.
Whether you want to help people save money, get out of debt, or learn how to invest, blogging gives you a platform to make a real impact. Plus, it’s an opportunity to earn some extra income on the side or even turn it into a full-time career.
If you’ve ever thought about sharing your own money journey and helping others improve their financial lives, now is a great time to start. In this How To Start a Finance Blog guide, I’ll walk you through how to create a successful personal finance blog, just like I did.
Quick note: I have a free How To Start A Blog FREE Course you can click here to join. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
My background with blogging
Over 10 years ago, I started my blog, Making Sense of Cents, on a whim. I had read an article about personal finance and thought it would be fun to share my own experience. At first, blogging was just a hobby.
I had no idea that people could make money from blogs. But after about six months, a blogger friend introduced me to an advertiser. I made my first $100, and I was hooked.
Since then, the blog has grown beyond my wildest dreams and I have earned over $5,000,000 blogging over the years. Blogging changed my life by giving me financial freedom and the ability to work from anywhere.
Now, I want to help you start your own successful blog.
What is a personal finance blog?
A personal finance blog is a website where you share tips and advice about money. It’s a place where you can help others understand how to save, budget, invest, and spend wisely.
Some examples of topics that a personal finance blog may cover include:
Budgeting
Saving for big purchases
Getting out of debt
Investing in stocks or real estate
Planning for retirement
Side hustles
Financial independence and early retirement
Student loans
Buying a home
Money and mental health
And so much more.
You can choose one or more of these topics to focus on.
Recommended reading: What Is A Blog, How Do Blogs Make Money, & More
Why should you start a personal finance blog?
I think that starting a personal finance blog has many benefits.
You can share your money tips and help others improve their financial situation by sharing advice on saving, budgeting, and investing. I have received countless emails over the years from readers thanking me for helping them change their lives, and these emails are always amazing to read.
Writing a blog also encourages you to learn more about personal finance through research, which can improve your own money skills. I have learned a lot about personal finance because I am constantly reading about it and because I am so active in the personal finance community.
Plus, you can earn extra income through affiliate marketing, ads, and sponsored posts, helping you reach your own financial goals. As I mentioned above, I have earned over $5,000,000 blogging over the years, and I really love running this online business – so it’s been a win all around for me!
For me, I love having a personal finance blog and it’s one of the best decisions that I’ve ever made in my life.
How To Start a Personal Finance Blog
Below is how to start a personal finance blog, step by step!
1. Choose your blog topic
Choosing a finance niche is the first step in starting your personal finance blog. A niche is a specific area of focus that will help your blog stand out.
To help you decide, I recommend thinking about what you’re passionate about. Is it budgeting, saving money, or investing? By picking a topic you love, you’ll enjoy writing and sharing your knowledge.
You should also think about your expertise and experience. What do you know a lot about? If you have experience with paying off debt or improving your credit score, that might be your niche.
Narrowing down your niche helps you become an expert in that area. For example, instead of writing about all things finance, you might focus just on household budgeting tips.
Your niche can also help you make money. Advertisers and sponsors usually look for specific topics to advertise on. If your blog is about investing, you might attract ads from financial services.
Don’t worry if it seems too narrow. There are a lot of people interested in specific topics. Being specific can help you connect better with your readers.
2. Start a self-hosted WordPress blog
To start your personal finance blog, I always recommend that you sign up for a self-hosted WordPress site. This means you will own your blog and its content, unlike free blogging platforms.
WordPress is where a blogger writes their blog posts. It’s like the home base for your blog. You can log in, create new blog posts, format them (like adding pictures, headings, or links), and then publish them for your readers to see. WordPress makes it easy to manage everything from your writing to how your blog looks. It’s the platform where you do all the behind-the-scenes work to keep your blog running.
WordPress is a tool that helps you build and manage a blog or website without needing to know how to code. It’s super popular because it’s easy to use and has tons of features to customize your site.
WordPress is what I use for this website (Making Sense of Cents), too!
In short, WordPress is the tool to build your blog, and self-hosting gives you the freedom to control and expand it however you like!
Here are the steps to start a self-hosted WordPress blog:
Get a web hosting service. A popular choice for new bloggers is Bluehost.
Install WordPress. Most web hosts have a one-click installation after you sign up, so it’s quick and easy.
You can see my full tutorial for this at How To Start A WordPress Blog On Bluehost. There are step-by-step directions if you want more detail and/or want to see screenshots of the exact things you should click on.
Plus, if you use my tutorial, you can get the lowest pricing as well as a free domain name.
3. Pick a blog name
Choosing a blog name is a big first step and it can seem hard to decide on.
Here are some tips for brainstorming a personal finance blog name:
Your blog name should tell readers what your blog is about right away.
Make it unique and easy to remember. A good blog name can help attract more readers. Try to avoid long names, as they might be hard to remember. Short and catchy names work best. Also, I recommend getting a “.com” over any of the others, like “.net”
Use tools like a domain name generator to get ideas. Check if the name is available as a domain. It’s important to have the same name for your blog and website address.
Don’t be afraid to get creative. Mix and match words until you find something that fits. Keep your blog’s purpose in mind and make sure the name reflects it.
Tell friends and family about your ideas for feedback. Sometimes, others can see things you might miss.
P.S. Don’t forget that your domain name (also known as your blog name) is free if you sign up for Bluehost for your blog! You can click here to get your domain name for free.
4. Design your blog layout
The layout of your blog is super important. It helps your readers find what they need and enjoy their visit.
You have three main options when it comes to designing your personal finance blog:
Doing it yourself
Paying a web designer for a custom design
Getting a premade blog layout – this is what I recommend new bloggers do!
Doing it yourself is usually the cheapest, but it can be quite time-consuming. Paying for a custom web design is usually expensive.
I’m a big fan of simply getting a premade design. They are more affordable than a custom design and still look really good. One premade blog design site that I recommend is Restored 316 (my favorite!). If you need to build a website that is custom, professional, and budget-friendly, they have you covered! There is no need to code or stress over graphic design, either. These templates are easy to use.
Please click here if you’d like to go the easy way and get an affordable premade blog design (this is what I recommend).
5. Create the main pages for your blog
To make your personal finance blog successful, start by setting up key pages.
These pages are important, as they help your readers navigate your site easily and find the information they need.
Your key pages usually include your:
Homepage – This is the first impression your blog readers get of your blog. A clear and organized homepage helps readers quickly understand what your blog is about and gets them to click around your blog further. This should be welcoming and easy to navigate – make it clear what your blog is about and include links to your main blog topics.
About page – This is where you can tell your story. Share who you are, why you started the blog, and what your readers can expect. When I find a new blog, I like heading to their About page to learn more about them and their story – so don’t skip this page!
Contact page – This page makes it easy for readers to reach you. You can add a contact form or your email address (I usually prefer just listing your email address). This allows readers, potential partners, and advertisers to get in touch with you.
Privacy Policy page – This is where you explain how you collect and use data on your site. This is important for building trust and complying with legal requirements. Now, don’t worry if you don’t know what to write, there are many templates online that you can use. For legal templates, you can search for these online or buy a premade privacy policy here.
Disclosure page – If you earn money through affiliate links or sponsored posts, let your readers know. This keeps your blog transparent and trustworthy.
There are other pages that you may want to add as well, it just depends on what you want and how detailed you want to get. The above is a great starting point.
Other pages that you can add down the line (you don’t want to overwhelm yourself too much, especially in the beginning) may include a Work With Me page (if you offer any freelance services), FAQ page (to answer common questions readers may have), Resources page (to showcase the products that you use), and a Press page (to show your readers where you have been mentioned in the press).
6. Start social media accounts for your blog
Creating social media accounts can help your blog grow because it can make it easier for more people to find your blog.
The social media accounts that you can start include:
Facebook
Pinterest
Instagram
Twitter
TikTok
Now, you definitely do not need to be active on all of these social media accounts, but I do usually like to claim my blog name on each so that no one else can take it.
Once you have your social media accounts set up, I also recommend that you add the links to your blog’s homepage so that your readers can easily find you on social media.
7. Create a content plan
Your content plan is what you’ll write about on your blog.
First, think about who your audience is. Do they want to save money, get out of debt, or invest wisely? Knowing this helps you create content that speaks to their needs.
Next, brainstorm topics that fit your blog. You can start with basic personal finance tips, budgeting hacks, or ways to save more money each month.
Once you have a list, set up an editorial calendar where you think about how often you’ll publish new posts. It could be once a week, twice a week, or even daily. Consistency is important and I highly recommend writing at least one blog post each week.
Plan ahead by writing down specific ideas for each post. This helps you stay organized and makes sure that you always have something to write about.
Now, your blog content plan doesn’t have to be crazy; it can literally just be a list of blog posts – it all depends on how organized you want to be. For example, you can just make a list of blog posts that you want to write such as:
10 Simple Ways To Save Money Every Month
How To Create a Budget That Actually Works
Beginner’s Guide To Paying Off Debt Faster
How To Build an Emergency Fund on a Tight Budget
Smart Ways To Save for a Vacation Without Stress
Investing 101: How To Start With Just $100
5 Budgeting Mistakes To Avoid if You Want To Save More
How To Meal Plan and Save Money on Groceries
Tips for Teaching Kids About Money
How To Stop Impulse Buying and Save More
Side Hustles That Can Help You Pay Off Debt
How To Improve Your Credit Score in 6 Months
Saving vs. Investing: What’s Best for Your Goals?
Frugal Living Tips That Don’t Feel Like Sacrifice
How To Use Cash Envelopes To Control Spending
These ideas could easily fill up your editorial calendar and help you stay organized and consistent with your posts!
8. Start writing blog posts
Once your blog is set up, it’s time to write your first blog post!
Below are some tips for writing your first personal finance blog post:
Write in a way that is easy to understand. Use short sentences and simple words. Remember, you want to help and not confuse your readers.
Add personal stories or experiences. This makes your blog more relatable and interesting. People love reading about real-life situations.
Break up your text with headings, bullet points, or images to make your posts easier to read. Don’t forget to proofread your work before you publish it.
Ask your readers questions at the end of your posts. This can encourage them to leave comments and interact with your blog.
9. Find ways to make money with your money blog
There are several ways you can earn money with your personal finance blog.
One way is through affiliate marketing. You can partner with companies that have affiliate programs like Amazon. When someone buys an item through your link, you earn a commission. I have a free ebook to learn more – Affiliate Marketing Tips For Bloggers.
Ad revenue (display ads) is another option. You can place ads on your blog using services like Google AdSense, Mediavine, or Raptive Ads. When visitors see or click these ads, you make money.
You might also explore sponsored posts; this is where you partner with a company and they pay you for a review, a mention, or a blog post that talks about their product.
Selling products/services that you create is a good strategy too to make money with a finance blog. You can sell printables, write ebooks, provide consulting services, or teach online courses.
As you can see, there are many ways to make money with a personal finance blog. For me, I like to do a little bit of everything so that I am diversified with my income streams from my blog.
10. Grow your personal finance blog
To get readers to your finance blog, you need to promote it.
Some ways to grow your personal finance blog include:
Start by sharing your blog posts on social media platforms like Facebook, Pinterest (I recommend that you create a new Pinterest pin for all of your blog posts), and Instagram.
Guest post on other finance blogs. This can introduce you to new readers who might be interested in your content. For example, you could guest post and write about how you paid off your debt.
Email marketing is another effective way. I highly recommend that you find ways to get readers to subscribe to your email newsletter so that you can send updates and share new blog posts regularly. If you are looking for a way to send newsletters or emails to your readers, I recommend Convertkit.
Engage with your readers by responding to their comments and emails. Building this relationship can encourage them to share your blog with others. I ALWAYS respond to comments, emails, and messages because I think it’s the nice thing to do when your readers are taking time out of their day to write something to you.
Use search engine optimization (SEO) techniques and keyword research. This helps your blog show up in search results when people look for topics you’ve written about.
Promoting your blog takes time and effort. It takes time to grow a new personal finance blog, so try not to be too sad in the beginning if it takes time – that is completely normal.
Frequently Asked Questions
If you’re thinking about starting a personal finance blog, you might have some common questions. Here’s what you need to know to get going.
How much money do personal finance bloggers make?
The amount of money that a personal finance blogger can make varies widely. I have made over $5,000,000 blogging over the years, and I know many others who make a full-time income from their personal finance blog as well. Successful bloggers can make thousands of dollars each month through ads, affiliate marketing, sponsored posts, and digital products.
Is it too late to start a personal finance blog?
No, it’s not too late to start a personal finance blog. There’s always room for fresh voices and new perspectives in personal finance.
Do I have to have a degree in finance to start a personal finance blog?
You don’t need a finance degree to start a personal finance blog. Many bloggers share personal experiences, research, and advice.
How can I make my personal finance blog stand out from others?
To make your personal finance blog stand out from others, I recommend that you focus on your unique experience with the topic that you are writing about. For example, you could share personal stories and actionable advice for what you did to pay off your student loans or to start investing.
Is a personal finance blog profitable?
Yes, a personal finance blog can be profitable. I have made over $5,000,000 from my personal finance blog over the years, all by working from home on the internet.
How To Start a Finance Blog – Summary
I hope you enjoyed my article on how to start a finance blog.
I’ve been running this finance blog that you’re reading for quite some time now, and it’s one of the best decisions that I’ve ever made.
Starting a personal finance blog changed my life, and it could do the same for you. Sharing my money-saving tips not only helped others but also led me to financial freedom and a career I love.
There are so many different finance niches that you could write about, whether it be budgeting tips for beginners or financial advice for those who want to retire early. Plus, you don’t need to be an expert to start a personal finance blog – many people want to hear about real people’s real experiences and insights, including their journey with personal finance (so that they can learn real tips!).
Whether you’re looking to earn a little extra or turn blogging into a full-time job, this guide will help you start a successful personal finance blog that makes a real impact.
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There is apparently a “home cost crisis,” and a new fintech company called Mesa is looking to solve that.
It’s no secret that home prices are through the roof, and when coupled with much higher mortgage rates and things like skyrocketing homeowners insurance, it can put homeownership out of reach.
Or at the very least, make it a struggle for the average American to keep up. To ease this burden, the company has rolled out a suite of products to make homeownership a little more affordable.
Perhaps ironically, this new company operates out of Austin, Texas, one of the hardest hit housing markets nationwide.
The popular metro has suffered from a glut of housing supply as many remote tech workers packed their bags and moved back to wherever they came from.
What Is Mesa?
Referred to as the “first homeowner membership platform,” Mesa is actually a group of offerings aimed at making homeownership cheaper and more valuable.
This means putting better mortgage deals in front of prospective home buyers and giving them rewards when they make housing-related purchases.
Their first two products are the Mesa Mortgage Marketplace and the Mesa Homeowners Card.
The marketplace appears to operate similar to the Zillow Mortgage Marketplace. Prospective home buyers and existing homeowners looking to refinance can compare lenders in one place.
And aside from maybe scoring a lower rate and/or reduced closing costs, they can earn a portion of the loan amount back in rewards points.
Those who take out a loan via the Marketplace get 1% back in the form of rewards.
For example, a $500,000 loan amount would result in 500,000 rewards points, which would be worth $5,000.
Those points could then be redeemed for things like closing costs on the loan, or for travel, or even reinvested back into the home via an extra mortgage payment.
It’s important to note that Mesa is not a mortgage lender or a mortgage broker, but rather provides advertising for lenders and brokers via the marketplace and earns a fee.
The Mesa Homeowners Card
Their other main product at launch is the “Mesa Homeowners Card,” which they refer to as the first premium credit card designed specifically for homeowners.
We’ve seen other homeowner-centric credit cards in the past, but this one is apparently premium for one reason or another.
Like other cards before it, cardmembers can get rewarded when they use the card to make monthly mortgage payments.
But it goes a step further by offering bonus points on things like HOA fees, utilities, home repairs, and other home-related services like insurance.
Per TechCrunch, you’ll earn 1X when using the card to make mortgage payments, 2X on gas and groceries, and 3X in the home services category.
These points will be eligible for gift card redemptions, mortgage payment redemptions, or transfers to airline & hotel partners.
My understanding is you’ll be able to use the Mesa Homeowners Card to make your mortgage payments, despite credit card issuers commonly not allowing this.
Mesa has partnered with Visa on the deal and has a team that formerly worked at companies like American Express, Capital One, and Bilt, the latter of which wanted to reward customers for paying the mortgage with a credit card.
Bilt currently lets cardholders pay their rent and earn cash back without being subject to a transaction fee.
They had planned to do the same for mortgage payments, but it never came to fruition. Will Mesa succeed where others failed? It remains to be seen, but it has always been a challenge.
Ultimately, mortgage lenders don’t love the idea of homeowners paying the mortgage with a credit card, and for good reason.
So it’s possible Mesa will cut a check or send an ACH if you use their credit card to pay your loan servicer, to ensure payment is accepted.
The Mesa Homeowners Network
Lastly, Mesa has partnered with “brands you love” to provide exclusive discounts and offers.
This might include discounts for memberships at Costco and at other businesses that offer homeowner-centric services.
In addition, the company plans to expand their membership rewards to HELOC originations, home warranty plans, insurance, and other financial products for homeowners. And an app is coming soon as well.
The goal is to make homeownership both more affordable and rewarding by offering discounts and cash back on all related expenses.
Knowing today’s cost pressures go beyond the principal and interest on the mortgage, this could provide some relief to households who are stretched.
For me, the question mark remains whether they’ll be able to let users pay the mortgage with the credit card.
If they’re able to pull that off, it might be worthwhile. If not, you could argue that credit card points earned with other issuers could hypothetically be cashed out and applied toward the mortgage the same way.
For example, I can currently cash out by Chase Ultimate Rewards at a penny apiece and apply extra payments toward my mortgage. But I can’t use my Chase card to pay the mortgage.
So they’ll need something to truly differentiate and add value versus existing options. I’d probably consider it if they let me pay the mortgage each month.
Aside from earning 1% back each month, I’d get a grace period to float the mortgage payment before the payment was due.
The product is currently waitlisted and you can sign up via their website if interested.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Undergraduate students who have financial need can apply for the federal Pell Grant each year to receive aid for their education. If you meet the Department of Education’s requirement for the grant program, be aware that there is a Pell Grant lifetime limit. Eligible students can receive a Pell Grant for about six years, or 12 terms of school.
Once you’ve reached the maximum number of times you can get a Pell Grant, you’ll be ineligible for future awards.
What Is a Pell Grant?
A Pell Grant is a government-sponsored program that offers aid to undergraduate students who demonstrate exceptional financial need. The grant is not available to graduate and professional students. In general, students who have previously earned a bachelor’s degree or higher are not eligible for a Pell Grant.
Students applying for Pell Grant funds for the 2022-23 academic school year can receive up to $6,895.
How many Pell Grants you can get depends on factors including your financial need, your school’s confirmed cost of attendance, whether your enrollment status is part-time or full-time, and how long you plan to attend school in each year.
Upon completing your degree program, Pell Grants generally do not need to be repaid.
FAFSA
To learn if you’re eligible for a Pell Grant, you need to complete a Free Application for Federal Student Aid (FAFSA®). The information on this application is used to determine your eligibility for the Pell Grant as well as other federal, state and school-provided financial aid.
You can submit the FAFSA as early as October 1 before the academic year for which you’re applying for aid. The deadline to submit your FAFSA for the 2022-2023 school year is June 30, 2023. Some aid is awarded on a first-come-first-served basis, so it can behoove you to fill out your FAFSA earlier rather than later.
Recommended: Pell Grant vs FAFSA: What Are the Differences?
Eligibility
The government determines whether an undergraduate student meets the financial need requirement for a Pell Grant by evaluating the student’s Expected Family Contribution (EFC). This is an estimation of how much a student and their family can be expected to pay toward college and it is calculated using information provided on the FAFSA.
For the 2022-23 school year, the maximum EFC for Pell Grant eligibility is $6,206. Students who are at or below this threshold might be able to receive Pell Grant aid.
Students who have been incarcerated in a federal or state institution, or have an involuntatry civil commitment for a sexual offense are ineligible for Pell Grant aid.
How Many Pell Grants Can You Get?
You can apply for a Pell Grant for multiple academic years as long as you maintain your eligibility. As previously mentioned, students can receive the Pell Grant for up to 12 semesters or terms, or approximately six years.
How Lifetime Eligibility Works
Each award year is from July 1 of a calendar year to June 30 of the following year. In an award year, you can receive up to 100% of your eligible Pell Grant award; the Pell Grant lifetime limit that you can use is 600%.
In some situations, you might receive up to 150% of your Pell Grant aid (e.g. if you’re enrolled in fall, spring, and summer terms, full-time). Similarly, you might not always use 100% of your Pell Grant for an award year. This might come up if your enrollment dropped from full-time to part-time, for example.
Calculating Your Pell Grant Usage
To determine the Lifetime Eligibility Used (LEU) on your academic aid account, the Department of Education looks at how much Pell Grant funding you’ve received in a given award year compared to your total available award for that year to arrive at a use percentage.
It then adds your used Pell Grants for each award year to determine whether you’ve reached the lifetime limit for the grant program. If you’d like to track your own LEU percentage, log into your StudentAid.gov account and view the “My Aid” overview.
Alternatives to the Pell Grant
If you’ve reached your Pell Grant lifetime limit, or don’t qualify for the Pell Grant, but still need financial assistance for school, there are other options to consider.
Other Grants
Pell Grants are just one of a handful of grant programs offered by the federal government. The Department of Education also provides:
• Federal Supplemental Educational Opportunity Grants
• Iraq and Afghanistan Service Grants
• Teacher Education Assistance for College and Higher Education (TEACH) Grants
For the most part, grants don’t need to be repaid, except in certain circumstances. Additionally, non-federal grants are provided to students, based on need or merit. These grants are provided by some states and schools, as well as private organizations like nonprofits, businesses, community groups and professional associations.
Recommended: FAFSA Grants & Other Types of Financial Aid
Scholarships
Another financial aid option that you won’t have to repay after graduating are scholarships. Scholarships are earned on merit or are provided to students who are in financial need. They are often one-time awards that are given by similar entities as grants.
In some cases, there may even be unclaimed scholarships that students may be able to apply for in order to bolster the money they have to pay for college.
Recommended: The Differences Between Grants, Scholarships, and Loans
Work-Study
Participating in a federal Work-Study program allows students to earn income that can go toward college costs. Employers that participate in the program might be on campus or off campus, and jobs offer part-time hours.
Your school provides your payment, directly, unless you request otherwise. How much you can earn through the program depends on your financial need, your school’s available funding, and when you apply.
Eligibility for the program is determined by information provided on the student’s FAFSA.
Federal Student Loans
The FAFSA is also used to determine borrower eligibility for Federal Direct Loans. The Department of Education offers undergraduate students loans that are Direct Subsidized or Unsubsidized Loans. The government covers interest on subsidized loans while the borrower is enrolled in school and during qualifying periods of deferment. With an unsubsidized loan, borrowers are responsible for paying accrued interest.
Graduate students are able to borrow Direct Unsubsidized Loans and PLUS loans. PLUS Loans are also available to parents of dependent students.
Federal loans must be paid back with interest, but they offer low fixed interest rates. They also offer student borrowers invaluable benefits, like income-driven repayment plans and generous deferment and forbearance options.
Private Student Loans
Some students find that they still need additional funds for school, despite receiving federal financial aid. If you’ve exhausted your federal aid options and already applied to private scholarships and grants, this private student loan guide could help find options to get you the money you need.
A private student loan must be repaid, plus interest charges, and is provided by nonfederal lenders, like banks, online lenders, and other private institutions. Lenders require applicants to undergo a credit check which determines your eligibility, interest rate, and loan terms.
Borrowing requirements and offers often vary between lenders so always shop around to find a competitive rates and terms for undergraduate private student loans.
The Takeaway
Generally, if you maintain Pell Grant eligibility throughout your college career, you can receive a maximum Pell Grant lifetime limit of six years to receive aid. However, you might reach this limit in a shorter or longer time, depending on your level of enrollment each award year.
If you still need to fund the gap between your existing financial aid and your school’s certified cost of attendance, a SoFi private student loan can help. It’s an easy and fast way to finance your education and you can get pre-approved online in three minutes.
Find out what rates you qualify for in just a few minutes.
FAQ
Can you hit your Pell Grant lifetime limit early?
Yes, it’s possible to reach your Pell Grant lifetime limit before the typical six-year timeline if you take on additional academic terms during an award year. For example, if you enrolled in summer courses and received Pell Grant aid for that period.
Is the Pell Grant disbursed every semester or every year?
Your school will typically disburse Pell Grant awards in a minimum of two disbursements at scheduled intervals throughout the award year.
Is there an age limit for filling out FAFSA?
No, there is no age limit to submit a FAFSA. Some financial aid programs, like the Pell Grant, have restrictions on the academic status of aid recipients, such as whether they’re enrolled as an undergraduate or post baccalaureate student.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Want to lower your mortgage rate without a traditional refinance? Look into a “mortgage rate modification,” which does just that.
Instead of having to contact lenders, fill out applications, and provide stacks of paperwork, you might be able to get payment relief by simply signing a modification agreement.
Aside from it being easier than a refinance, it could cut the processing time down from a month plus to just a week or so.
That means if you start the process early in the month, your very next mortgage payment could be lower.
While that all sounds great, there are some limitations you should be aware of, and like a refinance, fees are typically charged as well.
How a Mortgage Rate Modification Works
As the name suggests, a mortgage rate modification allows you to lower the interest rate on your existing home loan without going through the formal refinance process.
Instead, you are simply asked to fill out a modification agreement with your current loan information, including mortgage rate and loan product, along with desired loan program and current interest rate.
For example, if you currently hold a 30-year fixed-rate mortgage set at 7%, you’d enter that into the form and then select the type of loan you’d like going forward.
This could be another 30-year fixed, or perhaps a 15-year fixed or even an adjustable-rate mortgage if permitted.
Or it’s possible you hold an ARM loan and want to move into a fixed-rate product at the same time, removing future rate adjustment risk and snagging a lower rate in one move.
Typically, the lending institution would use the current advertised mortgage rate as the new interest loan on the loan.
So if credit union X is offering a rate of 5.875% on their rate sheet that day, you could obtain a rate more than a full percentage point lower using our example from above.
The loan would then be re-amortized using the new mortgage rate and remaining loan term to determine monthly payments.
While that would result in some nice monthly savings, and reduce your total interest expense, there is typically a fee.
How Much Does a Mortgage Rate Modification Cost?
As noted, this type of transaction isn’t free of charge. You will need to pay a fee, just as you would for a refinance.
The banks aren’t doing it out of the kindness of their hearts. So expect either a flat fee, such as $999, or a percentage fee based on the loan amount.
For example, you might be charged anywhere from 0.5% to 1% of the outstanding loan balance in exchange for the modification.
Doing the math, a $500,000 modification could cost anywhere from $2,500 to $5,000 to process.
That’s not a small number for many households and could in fact be cost-prohibitive, especially if you’re seeking payment relief.
However, there are sometimes caps on the fee that can be charged, so even if they charge a percentage, it might top out at say $2,000.
Conversely, there could have a minimum fee as well, so even if you have a small loan amount, you might be charged the minimum dollar amount.
Another consideration is closing costs typically can’t be rolled into the loan amount. So you’ll need to come up with the funds out-of-pocket to get the deal done.
Which Lenders Allow Mortgage Rate Modifications?
From what I’ve seen, mortgage rate modifications are most commonly offered by local credit unions and sometimes larger depository banks.
Both of these types of lending institutions hold mortgages in their own portfolios (as opposed to selling them off), which gives them more control over the process.
As such, these types of offers are less common with direct-to-consumer mortgage lenders and nonbank lenders, which often sell the loans they originate shortly after closing.
In other words, you might have better luck getting approved for this type of thing with a credit union or bank. But it doesn’t hurt to ask regardless.
Try reaching out to the loan servicer if the mortgage was sold, as the originator likely won’t be able to extend an offer.
Chances are they’ll try to guide you toward a mortgage refinance if they can’t or don’t offer a mortgage rate modification.
Mortgage Rate Modification vs. Mortgage Refinance
While both a rate modification and a mortgage refinance, namely a rate and term refinance, result in a lower interest rate, there are key differences.
Perhaps the biggest is that a traditional refinance tends to take a lot longer and is much more involved.
It includes a full-on loan application, verification of income, assets, and employment, a credit pull, and possibly a home appraisal as well.
Conversely, a rate modification might be as easy as filling out a form while skipping the document collection and appraisal.
In addition, you won’t have to worry about all the closing costs associated with a refinance, including title and escrow fees, lender fees (other than the modification fee), and so on.
However, a rate modification isn’t available on all types of loans, and may be limited to owner-occupied homes only.
There’s also a good chance you’ll only be able to qualify for one rate modification per year, and you might need to make a minimum number of payments before you’re eligible.
You’ll also need money to complete the modification, whereas it’s possible to apply for a no cost refinance where no money is required out-of-pocket.
Another limitation with rate modifications is you can’t pay discount points to get an even lower rate.
So you’ll just be able to get the market rate and nothing better, assuming you wanted to buy down your rate.
And lastly, a traditional refinance may allow you to skip a payment (or two), which can be beneficial to those who need some major payment relief.
Mortgage Rate Modification Pros and Cons
The Pros
You can lower your rate without refinancing
Obtain a cheaper monthly payment with the same loan term
Doesn’t reset the clock so you’ll stay on track paying down the loan
May be able to switch loan programs (ARM to fixed-rate loan)
Doesn’t require an appraisal or formal loan application
Process is typically very fast and relatively easy (2 weeks or less)
No closing costs other than the modification fee (which varies by bank/lender)
The Cons
You must pay a fee for the modification (either flat fee or % fee)
Can’t roll the fee into the loan amount (must pay out-of-pocket)
Rate improvement limited to market rate at time of application
May be limited to owner-occupied properties only
Might be limited to one modification annually
May require a minimum number of monthly payments before you’re eligible
No cash out allowed
Keep reading: How to lower your mortgage rate without refinancing.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
As the “Land of Enchantment,” New Mexico is home to stunning natural landscapes. From the ancient pueblos and red sand deserts to the rugged peaks of the Sangre de Cristo Mountains and the lush expanses surrounding the Gila National Forest, there are endless places to explore in the state. If you’re looking to live close to these natural wonders, look no further than the mountain towns in New Mexico.
At Rent., we’ve gathered a list of the best New Mexico mountain towns to call home. Whether you’re looking for quaint streets lined with artisan shops, outdoor adventures right at your doorstep, or stunning views from your front porch, there’s a town for you. Let’s jump in.
1. Angel Fire
Mountain range: Sangre de Cristo Mountains
Average rent price: $1,245
Population: 710
Houses for rent in Angel Fire, NM
Apartments for rent in Angel Fire, NM
Homes for sale in Angel Fire, NM
Angel Fire is located in the breathtaking Sangre de Cristo Mountains, offering a serene and picturesque setting for residents. With a small population of just over 700 people, this town boasts a vibrant community with plenty of outdoor activities to enjoy throughout the year.
From skiing and snowboarding in the winter at Angel Fire Resort to mountain biking and hiking in the summer at Oeste Vista Trail, Angel Fire is a haven for adventure enthusiasts. The town is also known for its beautiful parks and trails, making it perfect for those who love to explore the great outdoors.
2. Cloudcroft
Mountain range: Sacramento Mountains
Average rent price: $1,400
Population: 590
Houses for rent in Cloudcroft, NM
Apartments for rent in Cloudcroft, NM
Homes for sale in Cloudcroft, NM
Cloudcroft is a quaint mountain town perched in the Sacramento Mountains. This hidden gem is home to fewer than 600 residents, offering a tight-knit community atmosphere amidst the stunning natural beauty of New Mexico. The town’s elevation provides a cool retreat from the desert heat, making it a perfect spot for hiking, camping, and enjoying the great outdoors.
Cloudcroft is also known for its historical sites, like the Sacramento Mountains Museum, and charming downtown area, where locals and visitors can explore unique shops and restaurants. There are plenty of awesome hiking spots in the area, like Trestle Depot Recreation Area and Mexican Canyon Railroad Trestle.
3. Los Alamos
Mountain range: Jemez Mountains
Average rent price: $1,810
Population: 12,570
Houses for rent in Los Alamos, NM
Apartments for rent in Los Alamos, NM
Homes for sale in Los Alamos, NM
Los Alamos is uniquely situated in the Jemez Mountains, offering breathtaking views and a rich history that dates back to the Manhattan Project. Today, the town is known for its world-class scientific community and outdoor recreation opportunities. With a population of over 12,000, Los Alamos provides a blend of small-town feel and cosmopolitan amenities.
The surrounding mountains and forests offer endless opportunities for hiking, biking, and skiing, making it an ideal location for those who love the outdoors. There are plenty of hiking trails in the area such as the Mitchell Trail, the Guaje Ridge Trail, and the Pueblo Canyon Rim Trail. Make sure to check out sites like the Los Alamos History Museum, the Tsankawi Prehistoric Sites, and the Bradbury Science Museum.
4. Ruidoso
Mountain range: Sierra Blanca Mountain Range
Average rent price: $1,200
Population: 7,420
Houses for rent in Ruidoso, NM
Apartments for rent in Ruidoso, NM
Homes for sale in Ruidoso, NM
Ruidoso is a charming mountain town located in the Sierra Blanca Mountain Range. Known for its beautiful scenery and vibrant community, Ruidoso offers a variety of activities, including horse racing, skiing, golfing, and hiking. The town’s population of over 7,000 people enjoys a lively downtown area with unique shops, restaurants, and events.
There are plenty of trails to check out in the town like Cedar Creek Trails, Moon Mountain, and Dude Mesa. In the winter, you can ski at places like Ruidoso Winter Park or visit Flying J Ranch, a unique attraction. Ruidoso is a one-of-a-kind mountain town in New Mexico.
5. Santa Fe
Mountain range: Sangre de Cristo Mountains
Average rent price: $2,461
Population: 83,900
Houses for rent in Santa Fe, NM
Apartments for rent in Santa Fe, NM
Homes for sale in Santa Fe, NM
Santa Fe, the capital of New Mexico, is renowned for its Pueblo-style architecture, vibrant arts scene, and culinary excellence. Located in the foothills of the Sangre de Cristo Mountains, it offers a unique blend of natural beauty, history, and culture. With a population nearing 84,000, Santa Fe is the largest city on our list so there are plenty of experiences for its residents.
Santa Fe’s proximity to both mountains and the Southern Rocky Mountains forest area makes it a prime location for outdoor enthusiasts and those who appreciate the arts and culture. In the city, you’ll find the iconic Santa Fe Plaza, dating back to the early 1600s, which features historic buildings, local shops, and museums. Be sure to hike some of the popular trails like the Dale Ball Trails, La Cieneguilla Petroglyphs, and La Tierra Trailhead.
6. Silver City
Mountain range: Gila Mountains
Average rent price: $1,169
Population: 9,850
Houses for rent in Silver City, NM
Apartments for rent in Silver City, NM
Homes for sale in Silver City, NM
Silver City lies at the edge of the Gila National Forest, surrounded by the rugged beauty of the Gila Mountains, like Pinos Altos Mountain and Black Peak. This town is a haven for artists, outdoor enthusiasts, and anyone seeking a relaxed mountain lifestyle. With a population of nearly 10,000, Silver City maintains a small-town feel while offering a variety of cultural and recreational activities, like exploring the Silver City Museum and the Boston Hill Open Space.
The town’s vibrant arts scene and access to extensive outdoor recreation make Silver City an appealing choice for those looking to live in a mountain town. From exploring ancient cliff dwellings to enjoying Downtown’s galleries and cafes, Silver City has plenty to offer.
7. Taos
Mountain range: Sangre de Cristo Mountains
Average rent price: $2,728
Population: 6,370
Houses for rent in Taos, NM
Apartments for rent in Taos, NM
Homes for sale in Taos, NM
Taking the final spot on our list of mountain towns in New Mexico is Taos. A picturesque town that embodies the spirit of the Southwest, Taos is located in the Sangre de Cristo Mountains. Taos is known for its historic adobe buildings, thriving arts community, and stunning natural surroundings.
Despite its relatively small population, Taos boasts a diverse cultural heritage and a rich history that attracts visitors and new residents alike. Whether it’s exploring the ancient Taos Pueblo, skiing in the nearby mountains like Kachina Peak, or enjoying the local cuisine, Taos offers an unparalleled mountain town experience.
Note, this list is not comprehensive of all the mountain towns in New Mexico. Towns must have average rental data to be included on the list. Average rental data from Rent.com during September 2024. Population data is sourced from the United States Census Bureau.
Businesses that need cash quickly but don’t have strong credit will sometimes turn to an alternative type of funding called a merchant cash advance (MCA). With an MCA, a financing company gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee.
An MCA can be helpful for covering cash flow shortages or short-term expenses, but if you end up taking out more than one merchant cash advance, you can end up paying different (and potentially high) interest rates and fees for each. Plus, you have to deal with different payment schedules for each MCA.
A merchant cash advance consolidation is an option that lets you roll up all of those advance payments into one. Ideally, an MCA consolidation has the potential to reduce what you’re paying in interest and fees. Here’s what you need to know about this type of consolidation loan.
What Is a Merchant Cash Advance?
Not every business qualifies for a traditional bank loan. Perhaps it hasn’t been in business long enough to be eligible, or maybe it doesn’t meet the credit requirements for a small business loan. That’s when a merchant cash advance may be useful.
An merchant cash advance is not a loan, but rather an advance on future sales. To determine eligibility, MCA providers may not rely heavily on criteria like time in business and/or credit scores, but instead focus on revenues. That can make it easier to get than other types of financing.
How MCAs Work
When you get an MCA, you receive a lump sum payment. Typically, MCAs express the interest they charge as a factor rate (often ranging from 1.1 to 1.5) rather than as a percentage. The factor rate does not include any additional fees the merchant cash advance company may charge you, such as administrative or underwriting fees.
How MCA Repayment Works
The repayment on an MCA works differently than other types of business loans. Typically, the MCA provider automatically deducts a daily (or weekly) percentage of your debit and credit card sales until the advance is repaid in full. Repayment periods can range anywhere from three to 18 months. Generally, the more you make in credit card sales, the faster you’ll repay the advance.
The downside is that MCAs tend to have much higher fees and interest rates than traditional small business loans, making them a costly financing option.
When you convert factor rates plus fees into an annual percentage rate (APR), the APRs on merchant cash advances can run as high as 350%, depending on the lender, size of the advance, fees, business revenue, and how long it takes to repay the advance.
What Is Merchant Cash Advance Consolidation?
A small business owner might take out a merchant cash advance to see their way through a slow period. Then, when they struggle with repayments, they may apply for another MCA to help repay the first. This is a process known as loan stacking. The company could then end up with multiple repayment schedules and paying different factor rates and different amounts for each advance.
A merchant cash advance consolidation rolls multiple MCAs into a single new loan. The consolidation loan typically pays off your existing MCAs and allows you to make one payment, often monthly, to the consolidation lender. Ideally, the consolidation loan will have a lower interest rate than the average of the multiple advances.
Recommended: Loans for Sole Proprietors
Signs You Need Consolidation
Signs you need a merchant cash consolidation include:
• Multiple MCA loans: If your business has taken out many MCAs, a consolidation loan can help you streamline your payments and possibly save money on interest.
• High interest rates: MCAs often come with steep fees, so consolidating into a lower-rate loan could reduce overall costs.
• Falling behind on payments: Missing or struggling with payments is a strong indicator consolidation is necessary.
However, there are a few things to consider before you jump into MCA consolidation. One is whether or not your existing MCA lenders will charge you a prepayment penalty fee if you pay off your advances early. You’ll also want to find out if there are any upfront fees you have to pay for the new consolidation loan, since this can eat into your savings.
If, after running all the numbers, it looks like you can save money and streamline repayment, it may be a good time to consider a merchant cash advance consolidation.
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What to Consider Before Applying
Before applying for a consolidation loan, you’ll want to look at what you’re currently paying in interest and what you’d qualify for with a new loan. Also, consider any fees for the new loan and any payoff penalties you’ll owe your current lenders. If, once you crunch the numbers, your total debt hardly goes down, there’s probably no sense in taking on a new consolidation loan.
When deciding whether it makes sense to do an MCA consolidation, you also want to look at the repayment period and what your payments with the new loan will be. A shorter repayment period can mean larger payments that you might not be able to afford. And, while a longer repayment period can mean smaller payments, it will likely mean paying more in total interest.
Examining the options can help you find the best path forward for your business.
Potential Drawbacks and Risks
Merchant cash advance (MCA) consolidation loans can provide relief, but they come with potential drawbacks and risks, including:
• Extending the repayment period, which potentially increases the overall interest costs.
• Paying high fees, which could negate the benefits of combining advances.
Additionally, if you’re consolidating to manage cash flow, it could be a sign of deeper financial issues, and relying on more debt may worsen the situation.
Refinancing vs Consolidation
If you’ve heard of business loan refinancing, you may think it’s the same as merchant cash advance consolidation, but these aren’t exactly the same.
It’s true that both can potentially lower your interest rate and/or change your payment term. However, when you refinance, you’re replacing one MCA with a new one or with a small business term loan. When you opt for an MCA consolidation, you’re rolling multiple MCAs into a new MCA or other type of business loan.
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Types of Consolidation Loans
Lenders may have different approaches to help you with consolidating your loans. Some will buy out the loan and pay it off directly, while others will lend you the money, after which it’s your responsibility to pay off your existing MCAs.The following types of loans can be used to consolidate your MCAs:
Merchant Cash Advance
If you’ve taken out multiple MCAs, it’s likely because your business doesn’t have great credit and may not qualify for other types of loans. If that’s the case, you might consider a new, larger merchant cash advance to consolidate your existing MCAs, ideally with more favorable terms.
Be aware that you will likely have a short repayment period, perhaps between a few months and three years.
Online Lenders
Another consolidation option if you don’t have excellent credit is taking out a consolidation loan with an online lender. Interest rates may be lower than with a merchant cash advance and repayment terms may be longer. A longer repayment term typically means your monthly payment will be lower; however, you’ll pay more in interest overall than with a shorter repayment term.
SBA Loans
SBA loans like the 7(a) program can be used to consolidate business debt that is approved by your lender, if you qualify. Repayment terms can be up to 25 years, and rates on SBA loans are among the lowest of any financing option for businesses.
Traditional Bank Loans
If you’ve been able to build your business or personal credit since taking out the MCAs, you may qualify for a bank loan with lower rates and longer repayment terms. You can then use the proceeds of the loan to pay off your existing MCAs.
The Takeaway
If you feel like you’re drowning because you’re paying too much, too often, for multiple merchant cash advances, consolidating with a new advance or small business loan may be a solution that could help you lower your costs and roll everything up into one monthly payment.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
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FAQ
What is a merchant cash advance consolidation?
A merchant cash advance (MCA) consolidation combines multiple merchant cash advances into a single MCA with more manageable repayment terms. Ideally, you’ll receive better rates and terms with your new merchant cash advance.
What happens if I don’t repay my merchant cash advance?
If you don’t repay your merchant cash advance (MCA), the lender may increase withdrawal amounts, freeze business accounts, or pursue legal action. Your personal and business assets could be at risk, and your credit score could be negatively impacted. This could affect financing options down the line.
Why consolidate your merchant cash advances?
The main reason to consolidate your merchant cash advance (MCA) is to simplify your payments. Rather than making multiple payments each week or month, you’ll only have to make one. Consolidating could also reduce your interest rate, saving you money over the life of the loan.
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