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Apache is functioning normally

September 23, 2024 by Brett Tams

Salt Lake City is a unique place to call home. Surrounded by stunning mountain ranges, the area actually experiences four distinct seasons. Its mix of outdoor activities, a thriving economy, and a relatively affordable cost of living makes it an attractive option for many.

All that said, there are a few drawbacks to keep in mind when considering moving to Salt Lake City. Let’s explore the pros and cons of living in Salt Lake City a bit further so you have all the information you need to find the perfect place.

Salt Lake City at a glance

1. Pro: Access to the great outdoors

Salt Lake City is a haven for outdoorsy folks. Conveniently located near the Wasatch Mountains, locals enjoy skiing, hiking, and mountain biking just minutes from home. The city is also close to five national parks, offering plenty of opportunities for camping and exploration. Needless to say, there are more than a few beautiful places in Salt Lake City.

2. Con: Air quality issues

While the natural scenery is breathtaking, Salt Lake City struggles with poor air quality, particularly during the winter. The city’s geography causes an inversion effect, trapping pollutants and leading to significant smog.

3. Pro: Thriving job market

Salt Lake City’s economy is growing rapidly, with low unemployment and tons of opportunities in tech, healthcare, and finance. Companies like Adobe and Goldman Sachs have sizable regional offices here, creating a range of employment options.

4. Con: Limited nightlife

With one of the largest LDS communities in the world, Salt Lake City’s nightlife is quieter compared to other cities of its size. While there are bars and restaurants, local laws surrounding alcohol can dampen the experience for some, and options tend to close earlier. That said, there is still a lot to do in Salt Lake City before and after the sun goes down.

5. Pro: Affordable housing

Housing costs for those in Salt Lake City are more affordable compared to people living in San Francisco or Denver. Though prices have risen in recent years, it’s still possible to find reasonable rental rates and home prices, especially in suburban areas.

6. Con: Rapid population growth

Salt Lake City is experiencing rapid population growth, which has increased traffic congestion and put a strain on infrastructure. This growth has also contributed to higher housing prices over time, making it harder for some to find affordable options.

7. Pro: Family-friendly

With its well-maintained parks, excellent schools, and community-focused neighborhoods, Salt Lake City is an ideal place for families. The city offers plenty of family-friendly events and attractions, including the Hogle Zoo and the Natural History Museum.

8. Con: High altitude

The city’s elevation of over 4,200 feet can be an adjustment for newcomers. The high altitude can lead to symptoms like headaches and shortness of breath until your body acclimates. That said, if you’re an athlete, the altitude is a major plus for those who take their training seriously.

9. Pro: Public transportation

Salt Lake City’s public transportation system is efficient, with a light rail system (TRAX) connecting the city and suburbs. It makes commuting easier for those without cars and offers a viable alternative for getting around town.

10. Con: Dry climate

The desert climate in Salt Lake City is extremely dry, which can be uncomfortable for some people. You may need to invest in a humidifier during the winter months and stay diligent about staying hydrated year-round.

11. Pro: Active community

Salt Lake City’s residents are generally active and health-conscious. From biking and running trails to yoga studios, the city provides plenty of ways to stay fit and healthy. Local farmers’ markets and health food stores further support this lifestyle.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

September 22, 2024 by Brett Tams

The Best Western credit cards — previously issued by the First National Bank of Omaha, but closed to new applicants — are back with new benefits and a new issuer. The Best Western Rewards® Visa Signature® Card and Best Western Rewards® Premium Visa Signature® Card are now issued by First Bank & Trust and managed by financial technology company Mercury Financial.

Each card offers rewards on Best Western stays and other purchases. Beyond that, you’ll also get travel and cell phone protections, elite status and sign-up bonuses. However, the bonus offer amount you can qualify for may vary. You can check to see whether you’re preapproved for the cards without affecting your credit, and if so, you’ll see what bonus you’re eligible for.

Here’s how the two cards compare:

	Best Western Rewards® Visa Signature® Card	Best Western Rewards® Premium Visa Signature® Card
Annual fee
Bonus offers	10,000 to 40,000 points with qualifying spend.	20,000 to 80,000 points with qualifying spend.
	14 points per $1 on Best Western stays and purchases: 10 points as a Best Western Rewards member, 4 points for using the card. (The Best Western Rewards program is free to join.) 2 points per $1 on all other purchases.	20 points per $1 on Best Western stays and purchases: 10 points as a Best Western Rewards member, 10 points for using the card. 4 points per $1 at gas stations and grocery stores. 2 points per $1 on all other purchases.
Elite status	Automatic Gold status, which includes: 10% bonus points per stay. Exclusive reservation line. No blackout dates.	Automatic Platinum status, which includes: 15% bonus points per stay. Exclusive reservation line. No blackout dates. Early check-in and late check-out.
Other benefits	Earn 10,000 bonus points when you spend $5,000 in a year. Cell phone protection. Reimbursement for trip cancellations, interruptions and delays.	Earn up to two free night awards: one after your cardmember anniversary, and another after your cardmember anniversary when you spend $10,000 that year. Cell phone protection. Reimbursement for trip cancellations, interruptions and delays.

NerdWallet values Best Western points at about 0.6 cent each. You can redeem Best Western points for hotel bookings, gift cards, airline miles and more. You must redeem at least 5,000 points, and point values can vary based on how you use them.

What changed?

In short, not much is different for the no-annual-fee version of the Best Western credit card, beyond a slight bump in rewards for staying with Best Western. But it’s a different story for the more expensive Best Western Rewards® Premium Visa Signature® Card, which did indeed get some notable and valuable improvements.

For one thing, that version of the card now earns extra rewards on gas and groceries, which previously earned only the card’s base rate of 2x back. More importantly, the premium version also now offers a free anniversary night, as well as the chance to earn a second one — perks that can easily offset that card’s annual fee.

Source: nerdwallet.com

Apache is functioning normally

September 22, 2024 by Brett Tams

Whether you’re a dedicated DIYer or prefer to lean on professional guidance, the truth is clear: smart financial planning can save you a lot of money over time.

Below, I’ll share some recent examples of tactical planning moves I participated in, including how much money was saved.

COVID Panic

In March 2020, you could be forgiven for thinking: “the world is ending, and I want to sell everything.”

But with proper perspective and an investment policy statement – both hallmarks of sound financial planning – many investors stayed the course.

They rode the stock market down more than 30% from peak to trough. Ouch. Nevertheless, they rebalanced along the way, selling stable assets (like bonds and money market) to buy stocks. This is not natural behavior – in fact, it’s the opposite of natural (“run from the threat” not “run toward the threat”). It’s learned behavior through experience and education.

In the end, while others made portfolio mistakes that cost them 10%, 20%, or more – permanent impairment of capital that can never be recovered – the intelligent investor has a better portfolio than if the COVID crash hadn’t occurred.

What’s the value of a 10% mistake on $1M?

Bring Me a Higher Yield

A friend-of-the-blog recently sold his successful small business for ~$10M or so. Not your everyday event, to be certain. But it’s more common than I realized.

We sat down to spitball some ideas, and my honest advice to him was:

Put together a financial plan, which details future planned inflows and outflows of money. This would include some well-deserved near-term spending!
Pick an asset allocation that corresponds with that plan.
Then, dollar cost averages the money into that asset allocation (e.g. 4 large tranches of investment over 12 months, or something similar)

The problem: the idea of investing millions into the stock market concerned him. I believe good investing education can help this problem, but that education doesn’t occur overnight.

As we discussed next steps, I asked him, “Where is the money right now?”

The answer? In a large US bank savings account, earning 0.05% interest per year. That’s $5000 in annual interest on a $10M deposit.

So while we continued are long-term conversation about investing in the stock market, I gave him some vital near-term advice: seek out a higher yield via a brokerage money market fund.

In the ~18 months since I gave him that advice, his average yield has been ~4.5 – 5.0%. That’s ~$475,000 in interest on a $10M deposit.

Yes – a simple tip to be sure. But sometimes financial planning is all about identifying the simple fixed in your financial ecosystem that will provide $475,000 per year instead of $5,000.

He bought my coffee that day. Don’t tell Suze Orman.

The Car Loan

One of my clients bought a new car a few months ago and came to me with a simple question:

“Should I take advantage of the 0% financing they’re offering me?”

$40,000 cash out of pocket, or a $40,000 loan with zero interest?

The math is simple:

If she takes the loan, she can keep her $40,000 in a high-yield account (such as our previously mentioned money market account) and earn ~$1500 – $2000 per year in interest. There’s no downside. There’s no loan interest accruing against her.

$2000 a year isn’t life-changing money. But it’s easy money. Small, easy percentage points can move the needle over long periods of time.

Sneak Through the Backdoor

Another client of mine came to me as follows:

Early 30’s couple
High earners (total income ~$350,000 per year)
Using 401(k) accounts wisely, putting lots of extra money into a Joint Taxable brokerage account

I asked them if they’d looked into saving money in an IRA…

“Yep, we looked into it, but we earn too much money.”

They were partially correct. They do earn too much for “normal” IRA contributions, but they’re the perfect candidates for backdoor Roth IRA contributions.

I think we can conservatively calculate that backdoor Roth contributions will earn this couple an extra $100,000+ over the next 30 years.

Which House?

Another client lives in the greater Washington D.C. area and, with her growing family, faces an interesting question?

Where should we buy our forever home?

Their three options – Washington D.C. itself, Maryland, or Virginia – each come with their own financial pros and cons. We helped her weigh the following:

The cost of the homes themselves (e.g. how far a dollar goes)
The long-term cost of property and school taxes
The state tax benefits of home ownership
The impact of state income taxes on their earnings over the coming decades
The impact of state capital gains taxes on their long-term investing

Of course, this family must pick a home that’s right for their lifestyle. Finances come second.

But the maximum vs. minimum we calculated puts their range of possible at a net present value over $500,000. In other words, “House A” in the most expensive locality would cost them $500,000 more than that same house in the least costly locality, as measured in today’s dollars, over the next 30 years.

Then, as always, we should ask how our lifestyle and life plan might change with an extra $500,000?

The Value of a Basis Point

Portfolio reviews are vital.

If an expert looks at your investments and says, “You can accomplish the same asset allocation as you already are but could save 20, 30, or 50 basis points if you do it this way.” …what’s the value of that recommendation?

FYI: A basis point equals 0.01%. So, 50 basis points equals 0.50%

Smart, simple investing strategies don’t need to be overly expensive. While professional financial planners do need to charge for their time and expertise, they can and should also save their clients money by keeping investing costs low.

What’s a basis point worth?

Imagine a simple scenario. An average investor might invest for 35 years, socking away $10,000 per year and achieving a long-term average return of 8.00% per year. This investor’s final portfolio would be worth $1.86M. And in this case, each extra basis point of expenses along the way decreases the final portfolio value by $4500.

11 basis points adds up to $50,000.

The lesson is simple: keep fees low where you can, and make sure you’re getting value above and beyond the basis points you are paying.

What’s a “Cash Balance Plan?”

Finanical planning is a deep subject area, with many nooks and crannies I haven’t even heard of yet. One such example occurred this year, when my colleagues recommended a “cash balance plan” to one of my clients.

He’s a successful solopreneur who last year grossed about $700,000 in income. A lot of those dollars were taxed at the highest possible levels. His effective tax rate was north of 40%.

A cash balance plan is a defined benefit retirement account (whereas a 401(k) is a defined contribution account). In other words, it is like a self-funded pension.

Cash balance plans are especially beneficial when all of the following are true:

Solo business owners, or with a very small staff.
Business owners with high incomes who would benefit from putting away more tax-deferred dollars.
Business owners who are higher in age (as you’ll see below, the annual contribution limits are very high for older business owners).

This client can contribute about $200,000 into his cash balance plan this year, saving ~$80,000 on his 2024 tax bill. Those savings are likely to increase every year between now and his retirement.

Of course, he will eventually have to pay taxes on those dollars when he withdraws them in retirement. But in the meantime, he benefits from tax-free growth and, more importantly, from the flexible and planned nature of retirement withdrawals; we will help him plan those withdrawals at a much lower than ~40% tax rate.

Ugly Annuities

I dove deeply on annuities in episode 86 of The Best Interest podcast.

In short, the vast majority of annuities are:

Vastly over-costed.
Disappointing in terms of return on investment.

For that reason, 99% of us are best off never touching annuities in the first place. But what if you’ve already bought an annuity – what should you do then? As always, an essential part of financial planning is to “let the numbers be your guide.”

Annuities typically have “surrender fees,” which charge the owner an extra fee to exit the contract. These fees range up to 10% of the total annuity amount (e.g. $100,000 on a $1M annuity), and typically decay in size as the annuity matures. It’s common to see, for example, an 8% surrender charge in Year 1 of the annuity decay to zero surrender charge after Year 10.

Again, I have a client example. I’m working with an gentlemen who owned multiple annuities at various maturity level. We analyzed each one and showed him the potential upsides and downsides of dissolving those annuities, paying surrender fees, and then investing the proceeds into a moderate investment portfolio.

Together, we created a multi-year schedule to flip his portfolio to the light side of the force.

In the long run – say, over the next 20 years – I can confidently say he’ll save 1.5% per year on fees. And I can conservatively predict his new allocation will outperform the annuities by 3% per year (up to 5-6% per year if I’m being less conservative).

On his $750,000 portfolio over those 20 years, my conservative assumptions above lead to an extra $1.3M in compounding in his pocket.

The Power of Financial Planning

Smart financial planning is not about outperforming the stock market. Instead, it’s about identifying places in your personal financial ecosystem where you can and should be saving money, pay less taxes, earning better returns, reallocating assets, pay fewer fees, taking advantage of special accounts, etc. etc.

It’s about knowing all the rules of the game, and then playing it effectively. This article showed you just a few examples, including:

Avoiding 6- or 7-figure mistakes when the stock market panics
Earning simple higher yields on large sums of money. 3% on a million bucks is $30,000 per year!
Backdoor Roth contributions to earn someone an extra $100,000+ over 30 years
Optimizing a home purchase to the tune of $500,000 over 30 years
Keep investing fees low, or saving $4500 for every 0.01%
Utilizing complex tools, like a cash balance plan, to save 6- or 7-figures in lifetime taxes
Detangling ugly annuities, resulting in an extra $1M+ over 20 years

These are just a few of many examples, and none of them involved picking the winning stocks.

The real value of financial planning lies elsewhere.

Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

Looking for a great personal finance book, podcast, or other recommendation? Check out my favorites.

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Source: bestinterest.blog

Apache is functioning normally

September 22, 2024 by Brett Tams

Fannie Mae also credited Benson in leading the launch of the Common Securitization Solutions platform. He held various executive roles during his tenure, including chief financial officer and interim CEO. “I know that we will benefit from his industry insights and operating expertise as we continue building the largest, most trusted e-commerce platform for residential … [Read more…]

Apache is functioning normally

September 22, 2024 by Brett Tams

While Chicago has plenty of icons that draw travelers from near and far, true Chicagoans know exactly where to find unique adventures that will help you get to know the real Windy City. Maybe you are looking for a rental house in Chicago to test the waters, or you want to buy a home near the heart of the city, or maybe your goal is to find an apartment overlooking Lake Michigan. Regardless of what you are looking for, these 16 hidden gems in Chicago are bound to make you feel home.

1. Enjoy an iconic Chicago-dog at Jeff’s Red Hots

“When in Chicago, it is non-negotiable to eat a Chicago-Style Hot Dog.” Jeff’s Red Hots has been around since 1977, serving Chicago and its visitors one of the best hot dogs in the city. Whether you’re moving into the Portage Park neighborhood or just passing through town, grabbing a Chicago-Style dog from this local, family-owned business is an absolute must.

2. Raise a glass at Pops for Champagne

“As a wine expert in the Chicago area, my number one must-visit is Pops for Champagne,” says Sommelier Jane Norrington of See Jane Drink Wine. Pops is the oldest wine bar in the U.S. dedicated to champagne, offering over 150 champagnes and hundreds of other varieties of wines from across the world. “The staff is next to none, and their food menu offers perfect pairings for your glass. My favorite? A glass of Domaine de Bichery Blanc de Blanc paired with French fries and Dijonnaise.”

3. Meet new people and take in Lake Michigan by bike

“Bike the Drive turns Lake Shore Drive into a cyclists’ paradise,” says Mariya, owner and photographer at Mariya S Photography. She highly recommends the annual event that takes place at Butler Field in The Loop neighborhood. Thousands of people bike to and from a 15-mile stretch of Lake Shore drive that closes to traffic for cyclists of all ages. “It’s such a thrilling event – you’re surrounded by the coolest people biking along a gorgeous skyline and watching the sunrise over Lake Michigan,” says Mariya.

4. Get into the fall spirit with Jack’s Pumpkin Pop Up

“If you’re looking for a fun fall outing, check out Jack’s Pumpkin Pop Up on Goose Island,” shares WeLovePopUps, your go-to resource for the best seasonal pop ups in Chicago. They have everything from a corn maze to cute photo spots, carnival games, and tasty fall drinks. “The whole place just screams cozy autumn vibes, and it is a perfect way to soak in the season with friends.”

5. Make the most of an evening with a food tour

Lauren, owner of Stunning & Brilliant Events, a multi-city wedding planning team, recommends getting to know the flavors of Chicago with a food tour fit for any evening out on the town. “I suggest going for the king crab roll at Maple & Ash located in the Gold Coast,” says Lauren. “Then, pop over to The Bellevue across the street to sip and sit on the patio with their Greek salad. End the night at Adalina for a night cap – and don’t pass up their chicken parmesan pizza if it’s a Sunday.”

6. Discover Wonderverse, an immersive entertainment venue

There are countless things to do indoors and outdoors in Chicago, but Wonderverse is like entering a whole new world. Here is a little bit about them in their own words: “If you’re getting to know the city, make sure to add Wonderverse to your bucket list. Whether you’re looking for fun entertainment or virtuality experiences, Wonderverse has something for everyone. Enjoy NFL game days with platters and drink specials, test your knowledge with weekly trivia, or immerse yourself in themed events like our Halloween-inspired Hotel Transylvania Character Brunch. Wonderverse is the ultimate destination for family fun, food, and entertainment.”

7. Take a breath of fresh air at a nearby lake

“Escape the city for a day out on beautiful Lake Geneva with us at Lake Geneva Cruise Lines.” Take a day-trip to find the perfect cruise to fit the vibe you’re looking for. Offering numerous sightseeing and meal cruises, there is a one-of-a-kind boat tour for everyone on board. “Our narrated boat tours cruising through October are the best way to see the fall foliage around the lake and make for a fun fall adventure.”

8. Find amazing views and variety at the Museum Campus

Nate, portrait and lifestyle photographer at Nathaniel Smith Photographs, recommends exploring the numerous parks and museums in this unique area of the city. “The view of the city at night from the Museum Campus is unmatched. The museums are all top notch, it’s a perfect place to bike, and there are concerts at night in the summer at Northerly Island.”

9. Toast to a great evening with cocktails fit for a king

Get a mystical perspective at King of Cups Cocktail Lounge with a wonderful cocktail program sure to please any pallet. Located in the Lincoln Park neighborhood, dive into your future with one of their nightly tarot readings paired with a royal cocktail, or stop by for one of their amazing happy hours.

10. Get to know the city equipped with coffee and books

If you’ve just moved to Chicago and are a coffee enthusiast, Metric Coffee is the place to be. Located in the Industrial Corridor of the West Town neighborhood, they offer free cuppings and coffee tastings every Friday morning. Metric also suggests checking out MYOPIC Books in nearby Wicker Park. “This amazing bookstore is a local hidden gem for new and used books, and even hosts a variety of author events.”

11. Bring a taste of Michigan to your Chicago experience

Lola’s Coney Island in Humboldt Park is a prime example of the cuisine that makes Chicago one of the top places in the country to go for food. Grab a true authentic Coney-dog straight from Detroit, a classic Chicago-dog, or try one of Lola’s specially made hybrid versions.

12. The Windy City is only the beginning

On the local side, Andrew and Catie of Lesser Known Adventures recommend Ricobene’s for their famous steak sandwiches, but they love Chicago most for its close proximity to so much more. “Within an hour’s drive, you could be riding a roller coaster at Six Flags Great America or, if you’re a car enthusiast, checking out the largest collection of vintage and Hollywood movie cars at the Volo Auto Museum. And, if you’re in the mood for an epic road trip, Chicago is the starting point of the historic Route 66 – one of the best road trips in the world.”

13. Discover Christmas in Chicago

“Braving the cold is a Herculean task, but there is always something fun to make it worth it,” shares Joshua, manager of Overflow Coffee in the heart of the city. The Christkindlmarket, a German-style Christmas market for winter holiday fun. “They have great food, music, gifts, knickknacks, ice skating, spiced wine or hot chocolate served in collectible mugs, and tons of Christmas spirit. It is something you’ll want to make into a tradition for sure.”

14. Classic Italian comfort is just around the corner

Buona Terra Ristorante has been a beloved staple in the Irving Park community for the past 23 years. Best known for its authentic Italian cuisine and fresh, locally sourced menu, Buona Terra is perfect for a cozy dinner or a special occasion. It has become a favorite among Chicago residents as a delightful escape right in the neighborhood.

15. Attend one of the many neighborhood summer festivals

“Chicago is a city of neighborhoods,” shares travel blogger Travel With Meena, “each with a distinct character that comes through during these summer celebrations of local art, music, and food. Contribute to an interactive art piece or catch a canine fashion show at the Logan Square Arts Festival. Watch fire dancers, listen to local bands and sip on local brews at Wicker Fest, or dive into the city’s Scandinavian heritage at Andersonville Midsommarfest. This is the real Chicago.”

16. Marvel at the annual Chicago Air and Water Show

At the end of the summer, the Chicago Air and Water Show roars across the shore, bringing the largest free show of its kind in the U.S. to Lake Michigan. Susan, owner of local wedding planning company Big City Bride, says “It’s a perfect beach day to enjoy the lake when it’s at its warmest of the season. You can feel the electricity in the air when the Blue Angels rip through the sky.”

Hidden gems in Chicago: final thoughts

Whether you like to keep close to the heart of the city or embrace your adventurous side, living in Chicago will always have something exciting to offer. These hidden gems in and around the Windy City are sure to make Chicago feel more like home – regardless of how long you stay.

Apache is functioning normally

September 22, 2024 by Brett Tams

A due-on-sale clause — also known as an alienation clause — is wording commonly found in the fine print of a mortgage agreement. It allows lenders to enforce being repaid for the balance of a home loan when the property is either sold or, in some instances, transferred to another owner. That’s a simple explanation, but there is more to it so let’s dig a bit deeper.

What Is a Due-on-Sale Clause?

Understanding how home loans work is an important part of the home-buying process. Here’s what to know about a due-on-sale clause before you sell or purchase a home:

Definition and Purpose

A mortgage due-on-sale clause or alienation clause requires that the loan be paid in full when the home is sold. You may have heard about assumable mortgages becoming more popular as a way for buyers to sidestep higher interest rates by taking over a seller’s mortgage at a lower-than-typical rate. The due-on-sale clause prevents one buyer’s mortgage from being assumed by whoever purchases the house next.

Lenders began using due-on-sale clauses in the 1970s as interest rates spiked and buyers assumed the seller’s loan instead of applying for a new one with a higher rate. While homeowners won several court battles against this rule during the time, the U.S. Supreme Court ultimately ruled in favor of the banks. Congress formally legalized the due-on-sale clause for mortgages with the Garn-St. Germain Federal Depository Institutions Act in 1982.

Where It’s Found in Mortgage Documents

A due-on-sale clause should be located in your loan agreement. If you can’t find it in your paperwork, it’s worth calling your lender, especially if you plan to sell your house soon. Most, if not all, conventional loans are not assumable, meaning there should be a due-on-sale clause in place.

Some mortgages are assumable, and don’t have this type of clause in the loan agreement. Assumable loans include:

• FHA loans backed by the Federal Housing Administration

• VA loans backed by the U.S. Department of Veterans Affairs

• U.S. Department of Agriculture loans

Remember, though, that even if a loan is assumable, the new borrower still needs to qualify for the loan. In many situations, however, they don’t have to go through the whole mortgage process. They simply get to assume the existing mortgage from the original owner. Also note that there are unique FHA flipping rules that you may need to be aware of if purchasing a home that has been owned by the seller for a brief time is a part of your plan.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (844)-763-4466.

Recommended: Choosing a Mortgage Term

How the Due-on-Sale Clause Works

Now that you understand what an alienation clause or due-on-sale clause is, find out how it works so you can avoid lenders invoking this portion of your loan agreement.

Triggering Events

Lenders are notified when ownership of a property securing a loan is transferred. If the seller doesn’t automatically pay off the loan balance at closing, the lender may choose to invoke the due-on-sale clause.

There are a few other situations that would cause a lender to invoke the due-on-sale clause. These include:

• Transferring the property to a family member without a death or divorce

• Transferring the property into an irrevocable trust

• Transferring the property into a lease of more than three years

• Changing ownership from a personal property to an LLC or vice-versa

• Creating a junior lien that would lower the lender’s stake in a property

Lender Rights and Actions

In these cases, the lender could require the recipient of the property to transfer the title back to the original owner. The recipient usually has a set amount of time to do this, such as 30 days.

Another option for lenders, however, is to foreclose on the home if the original borrower is unable to provide the remaining mortgage balance. In these situations, refinancing the property or possibly modifying the original loan are also possibilities. (To see how much your monthly payment would likely be after a refinance, use a mortgage calculator.)

Impact on Property Transfers

The due-on-sale clause makes it more difficult to transfer properties to new owners. After the Supreme Court ruling, those recipients must meet certain criteria. Plus, even if they do meet the criteria, they must still qualify for the loan.

Exceptions to the Due-on-Sale Clause

There are exceptions that cause the due-on-sale clause to not take effect. Those exceptions are:

• Divorce: If the original borrower loses the house in a divorce settlement, the due-on-sale clause should not go into effect.

• Inheritance: Should the primary borrower die, then their children or surviving spouse can inherit the house without triggering the due-on-sale clause. With the average mortgage length being 30 years, it’s understandable that unique rules had to be put in place to account for buyers dying before their mortgage was fully paid.

• Joint tenancy: If two or more people jointly own a property, then the death of one owner doesn’t trigger the due-on-sale clause. Instead, whatever portion of the property was owned by the deceased borrower is transferred to the other remaining borrowers.

• Living trust: When a property is transferred to a living trust, there are no legal ramifications. A living trust is when a trustee is designated by a property owner to manage an estate.

Implications for Buyers and Sellers

If you’re the seller, the due-on-sale clause simply means that whatever money you make in the sale of your house must be adequate to satisfy your remaining loan balance. If it doesn’t, you have to be able to pay off your remaining mortgage obligations with other funds.

For the buyer, the implication of the due-on-sale clause is that the seller will have a minimum price that needs to be met in order for them to sell the home. The original lender must receive the amount it is due, or the house will not be free and clear for sale.

Fortunately, the desire to transfer an existing mortgage to a new borrower who is unrelated to the seller doesn’t happen very often.

Legal Aspects and Enforcement

It’s important to remember that there are situations where the due-on-sale clause cannot be invoked. As noted above, a title transfer that occurs because of a divorce or death usually forbids lenders from seeking immediate repayment. And even if lenders are within their rights, they still must provide ample notification before invoking the due-on-sale clause.

Recommended: Active Contingent in Real Estate: What You Need to Know

The Takeaway

The due-on-sale clause (or alienation clause) limits who can take over an existing mortgage from a homeowner, and it essentially establishes a minimum sales price that a buyer would have to meet in order for a seller to be able to agree to a contract. This is because lenders must always receive any remaining money owed on a mortgage when a home is sold.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I transfer my property without triggering the due-on-sale clause?

It depends on the situation, but there are some situations where it can be done, depending on the original loan agreement. For example, it’s often possible to transfer a property during a divorce, and it’s also possible to transfer the property to an immediate family member after the death of the primary borrower.

What happens if I violate the due-on-sale clause?

If you violate the due-on-sale clause, the biggest thing that can happen is that your lender can demand immediate full repayment of your outstanding loan balance. If you are unable to pay, then you are at risk of foreclosure, which can damage your credit score for seven years.

Are there any mortgages without a due-on-sale clause?

It’s rare to find a conventional mortgage without a due-on-sale clause because it’s in the lender’s best interest. However FHA, VA, and USDA loans typically don’t have this clause.

Photo credit: iStock/Perawit Boonchu

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOHL-Q324-026

Source: sofi.com

Apache is functioning normally

September 22, 2024 by Brett Tams

If you’re considering living in McAllen, there are a lot of factors to consider. Located in the Rio Grande Valley, McAllen is full of charm and natural beauty. That said, like any city, it has its own set of cons to go along with the pros.

Below, I’ll walk you through 13 specific pros and cons of moving to McAllen. Give this short guide a quick read before you decide if living in Texas and calling McAllen home is right for you.

McAllen at a glance

Walk Score: 41 | Bike Score: 46
Median Sale Price: $245,000 | Average Rent for 1-Bedroom Apartment: $844
Houses for rent in McAllen | Apartments for rent in McAllen | Homes for sale in McAllen

1. Pro: Affordable cost of living

Living in McAllen comes with a lower cost of living compared to larger Texas cities. Housing is especially affordable, with home prices and rents well below the national median sale price. Groceries, utilities, and healthcare costs are also lower, making day-to-day expenses manageable.

2. Con: Hot, humid climate

The weather in McAllen can be challenging, especially if you’re not used to extreme heat. Summers regularly reach over 100°F and stay there. The high humidity can make it feel even hotter. Winters are mild, but the intense summer heat lasts for months, placing McAllen among the hottest cities in the U.S.

3. Pro: Access to quality healthcare

McAllen has a strong healthcare system with several respected hospitals and medical centers in the area. The city is known for offering a wide range of medical services, which is a major benefit for retirees and families looking for quality healthcare options nearby.

4. Con: Limited public transportation

McAllen’s public transportation system is not as developed as in larger cities. The Metro McAllen bus service is available, but its limited routes can make getting around without a car difficult. Most residents rely on personal vehicles for daily transportation.

5. Pro: Proximity to nature and wildlife

McAllen’s location near natural reserves like the Santa Ana National Wildlife Refuge is a major plus. Residents enjoy legendary bird-watching, hiking, and outdoor activities just a short drive from the city.

6. Con: Minimal entertainment options

While McAllen has some entertainment, it lacks major attractions like theme parks or large concert venues. For those who enjoy big-city entertainment, you’ll need to visit friends living in San Antonio or Houston for more options.

7. Pro: Family-friendly atmosphere

McAllen is known for being a family-friendly city, with solid schools and plenty of parks. Families appreciate the low cost of living and friendly community. The city also hosts family-oriented events and activities throughout the year.

8. Con: Traffic congestion during rush hour

Despite being a smaller city, McAllen experiences traffic congestion during peak hours. The city’s growth has led to more cars on the road, particularly along the major highways. Rush-hour commutes can be frustrating, especially during the hot summer months.

9. Pro: Convenient border location

McAllen is just a short drive from the U.S.-Mexico border, making it easy to visit Mexico for a weekend trip. This proximity offers unique experiences and easy access to affordable shopping and dining options across the border.

10. Con: Lackluster education system

While McAllen has some strong schools, the overall education system has room for improvement. Test scores in the area are often below the national average, which may be a concern for parents considering moving to the city with school-age children. The city is home to South Texas College but this alone can’t land it a spot among the top Texas college towns.

11. Pro: Cultural diversity and local events

McAllen is known for its diverse population, with a mix of influences from Mexico and the local community. The city hosts a handful of local festivals, including the annual Fiesta De Palmas and McAllen Holiday Parade, which bring people together for food, music, and fun.

12. Con: High property taxes

Property taxes in McAllen can be higher than expected. Although home prices are affordable by Texas standards, the property tax rates in the area can offset some of the savings. Homeowners should be prepared for this additional cost when budgeting.

13. Pro: Growing economy and infrastructure

McAllen’s economy has been steadily growing, and the city continues to invest in improving infrastructure. New businesses and residential developments are popping up, which boosts the local economy and provides more opportunities for locals to live and work in McAllen.

Source: rent.com

Apache is functioning normally

September 22, 2024 by Brett Tams

If you’re looking for a premium travel credit card, you might be weighing the value of American Express Centurion lounge access with Capital One lounge access. Centurion lounges have been around longer, offering high-end amenities for eligible cardholders since 2013. Capital One, meanwhile, recently launched its first lounges and is quickly building out its network.

The better choice depends on where you travel and what’s most important to you. My take: Both lounge networks have a lot to offer, but the Centurion Lounges by American Express edge out Capital One lounges.

Because there are more Centurion lounge locations, it’s more accessible for eligible cardholders. These lounges also offer premium drinks at no extra charge, unlike Capital One lounges.

Still, it’s a close competition. Capital One offers more convenient dining options. Once Capital One opens more locations, it could steal the title for the best airport lounge network from American Express.

Winner: American Express Centurion lounges

Capital One currently has three airport lounge locations — Dallas-Fort Worth, Denver and Washington-Dulles. In June 2024, it announced an upcoming lounge in New York-JFK to compete with the AmEx Centurion Lounge and Chase Sapphire Lounge by The Club.

The Centurion Lounge by American Express has 13 locations within the U.S.

These locations include:

Charlotte.
Dallas-Fort Worth.
Houston-IAH.
Los Angeles-LAX.
Las Vegas.
New York-JFK.
New York-LaGuardia.
Philadelphia.
San Francisco.

The Centurion World Lounge Collection also features lounges in 11 additional locations across the globe.

Ease of access

Winner: Tie

Access to the Capital One lounges and Centurion lounges is limited to eligible cardholders and their guests. While non-cardholders can pay an entrance fee, they must be accompanied by an eligible cardholder.

Though Centurion lounges offer more access options, Capital One lounges offer complimentary access for up to two guests without an annual spending requirement.

Capital One lounges

Through Dec. 31, 2024, Capital One Venture Rewards Credit Card and Capital One Spark Miles cardholders receive two complimentary lounge passes each year. Cardholders can use these passes for themselves or to bring a guest into the lounge with them. Starting in January 2025, there is a $45 fee per person for the cardholder and their guests who wish to enter the lounge.

How the cards compare

Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

Capital One Venture X Business

Annual fee

Welcome offer

Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

Earn 150,000 bonus miles once you spend $30,000 in the first 3 months from account opening.

Still not sure?

American Express Centurion lounges

The Platinum Card® from American Express and The Business Platinum Card® from American Express cardholders receive complimentary entrance, but they must pay $50 for each guest ($30 for children ages 2 to 17). However, when you spend at least $75,000 each calendar year, you’ll earn complimentary access for up to two guests on each visit. Centurion cards still offer complimentary guest access for up to two people or immediate family members without the annual spending requirement.

In addition to Centurion and Platinum cards, AmEx customers who have the personal or business version of the Delta SkyMiles® Reserve American Express Card credit card also receive access to the Centurion lounge. However, these customers must be flying on an eligible Delta flight. They cannot enter the lounge when flying other airlines. Delta SkyMiles® Reserve American Express Card cardholders can bring up to two guests into the lounge. However, the charge is $50 for adults and $30 for children ages 2 to 17 years.

How the cards compare

The Platinum Card® from American Express

The Business Platinum Card® from American Express

Delta SkyMiles® Reserve American Express Card

Annual fee

Welcome offer

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.

Earn 100,000 Bonus Miles after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Still not sure?

Meals and snacks

Winner: Capital One lounges

The Capital One lounges serve food in single-serving containers rather than traditional buffet dining. It also offers to-go items for travelers on the run, making it a more convenient option than Centurion lounges.

Although it costs money to have a premium travel credit card or pay for airport lounge admission, you save money by getting free meals inside. Capital One lounges and American Express Centurion lounges both offer delicious food for travelers, although the experiences are quite different.

Capital One lounges

(Photo by Lee Huffman)

Capital One lounges feature a “chef-inspired menu” with single-serving dishes that make it simple and easy for visitors to grab food. Walk up and select any of the available food and dessert items from the serving stations.

Food items vary throughout the day to correspond with breakfast, lunch and dinner. For travelers in a hurry, Capital One also offers grab-n-go items that they can take with them.

American Express Centurion lounges

(Photo by Lee Huffman)

Centurion lounges offer “fresh seasonal fare created by locally renowned chefs.” The food is served buffet-style, so you can take as much or as little as you’d like. Items are updated as trays get empty and change throughout the day.

Visitors can enjoy a delicious meal and top it off with delicious dessert items.

Drink options

Winner: Centurion lounges

Lounges typically offer craft cocktails, local craft brews and assorted beverages. Centurion lounges offer complimentary premium beverages, while Capital One lounges charge for orders beyond domestic beers, house wines and well drinks.

Capital One lounges

(Photo by Lee Huffman)

Capital One lounges offer complimentary beverages to visitors. However, if you want premium drinks, there may be an additional charge.

American Express Centurion lounges

(Photo by Lee Huffman)

When ordering a drink at a Centurion lounge, all beverages are complimentary. So, treat yourself to top-shelf liquor, artisan wines or craft beer without worrying about ringing up a huge tab. Although Centurion lounge drinks are free, remember to tip the bartender.

Other amenities

Winner: Tie

Capital One lounges offer dedicated workout and multi-faith rooms, while Centurion lounges offer massages, manicures and other amenities that vary by location.

Aside from food and drinks, premium lounges offer other amenities to make your visit special. Amenities vary by location, but you may be able to book a conference room, shower, sleep pod and other goodies.

Capital One lounges

(Photo by Lee Huffman)

Capital One sets itself apart by offering a dedicated workout space that features Peloton bikes and a view of the runway. It also has a multi-faith room for travelers who wish to pray, meditate or have a quiet moment of reflection before their flight.

American Express Centurion lounges

(Photo by Lee Huffman)

Visitors to the Centurion lounge may be able to spoil themselves with a massage or manicure in between flights. These amenities typically require booking an appointment ahead of time, so plan ahead so you don’t miss out. Some locations also offer other amenities, like a pool table or shuffleboard, to help pass the time in between flights.

Additional lounge access for cardholders

Winner: American Express

In addition to accessing the Capital One lounges and Centurion lounges, eligible cardholders have access to other lounge networks. American Express takes the edge as it partners with more lounge operators than Capital One.

Capital One

The Capital One Partner Lounge Network includes complimentary access to more than 1,300 Plaza Premium Lounges and Priority Pass lounges for eligible cardholders and up to two guests. To enter Plaza Premium lounges, just show your eligible Capital One credit card and your boarding pass.

For Priority Pass lounges, you must enroll by visiting its website and entering your credit card number.

American Express

The American Express Global Lounge Collection includes more than 1,400 airport lounges across 140 countries. In addition to Centurion Lounges, cardholders have access to Escape Lounges, Delta Sky Club, Lufthansa, Plaza Premium Lounges and Priority Pass Lounges.

Travelers can access the Escape Lounges, Plaza Premium Lounges and Priority Pass lounges for free and bring up to two guests at no additional charge. However, Priority Pass access requires manual activation through the benefits section of your American Express account or by calling AmEx customer service.

Access to the Delta Sky Club and Lufthansa lounges requires a same-day boarding pass for the respective airlines. Effective Feb. 1, 2025, Hawaiian Airlines® Business Mastercard® and The Business Platinum Card® from American Express cardholders are limited to 10 visits to Delta Sky Club lounges per year.

To view rates and fees of The Platinum Card® from American Express, see this page.

To view rates and fees of The Business Platinum Card® from American Express, see this page.

To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

September 22, 2024 by Brett Tams

The mortgage market is shifting, and AIME’s Jonathon Haddad says it’s time for brokers to embrace a mindset of opportunity. With new tech and market trends, there’s a huge chance to grow and succeed!https://t.co/tplyUM1UDD — Mortgage Professional America Magazine (@MPAMagazineUS) September 16, 2024 “Everybody that’s not a direct-to-consumer shop hates trigger leads. That’s why there’s … [Read more…]

Apache is functioning normally

September 22, 2024 by Brett Tams

When people think of Phoenix, they often picture its vibrant downtown, desert landscapes, and endless sunshine. However, the true essence of living in Phoenix extends beyond the city center. The suburbs of Phoenix offer diverse residential areas that provide a quieter, more relaxed lifestyle while still giving easy access to the city’s amenities, job market, and recreational opportunities. These Phoenix suburbs are spread across various parts of the metropolitan area, each with its own unique character and appeal.

In this ApartmentGuide article, we’ll explore some of the most notable Phoenix suburbs—from bustling urban hubs to serene desert retreats—highlighting key aspects such as population, average rent, and what makes each area stand out. Whether you’re searching for the perfect apartment in Phoenix or curious about the different Phoenix neighborhoods, let’s discover the best parts of Phoenix to call home.

Cost of living in Phoenix

Before we dive into the top Phoenix suburbs, let’s take a look at how much it costs to live in Phoenix. The overall cost of living in Phoenix is about 4% higher than the national average. Housing plays a significant role, with the median sale price for a home in Phoenix around $450,000, slightly above the national median of $433,156. Rent follows a similar trend, with the average rent for a one-bedroom apartment in Phoenix at $1,397, which is just above the national average of $1,514.

While some suburbs around Phoenix offer more affordable housing options, others reflect higher prices depending on their location and amenities. Here, we’ll explore a range of top suburbs, providing various lifestyle and housing opportunities to suit different preferences and budgets.

If you’re looking for more specific rental insights, check out our guides on the 8 Most Affordable Neighborhoods in Phoenix, AZ for Renters in 2024 and the 13 Most Expensive Neighborhoods in Phoenix to Rent in 2024.

1. Scottsdale

Known for: Luxury living, vibrant nightlife, upscale shopping

Scottsdale is one of the most sought-after suburbs of Phoenix, known for its luxury homes, high-end shopping, and vibrant nightlife. The Old Town Scottsdale district is packed with trendy restaurants, galleries, and boutique shops, while Scottsdale Fashion Square offers premier shopping. The city is also home to some of the region’s best golf courses and resorts, making it a favorite among those seeking a luxurious lifestyle. With its beautiful desert landscape and a strong arts and culture scene, Scottsdale attracts a wide range of residents.

Population: 241,000
Average rent for a one-bedroom apartment: $1,927
Median home sale price: $825,000
Scottsdale transportation scores: Walk Score 32, Bike Score 56, Transit Score 23

Apartments for rent in Scottsdale, AZ | Houses for rent in Scottsdale, AZ | Homes for sale in Scottsdale, AZ

2. Chandler

Known for: Growing tech industry, welcoming community, suburban charm

Chandler, located southeast of Phoenix, is one of the fastest-growing suburbs in the region, driven by its booming tech industry and high quality of life. Companies like Intel and other major employers have set up operations in Chandler, making it a hub for tech professionals. The city also offers well-maintained parks, diverse dining options, and plenty of recreational activities, making it an attractive option for those seeking a balance between career opportunities and suburban living. Downtown Chandler offers a lively dining and arts scene, while the city’s various festivals bring the community together year-round.

Population: 283,000
Average rent for a one-bedroom apartment: $1,615
Median home sale price: $530,000
Chandler transportation scores: Walk Score 35, Bike Score 55, Transit Score 24

Apartments for rent in Chandler, AZ | Houses for rent in Chandler, AZ | Homes for sale in Chandler, AZ

3. Gilbert

Known for: Rapid growth, welcoming atmosphere, and outdoor activities

Gilbert is one of the fastest-growing suburbs of Phoenix, known for its welcoming environment and outdoor activities. The town has evolved from its agricultural roots into a thriving residential community with a mix of new developments and charming, historic districts. The Gilbert Heritage District is a popular spot for dining and entertainment, and nearby parks, lakes, and hiking trails offer plenty of outdoor recreation opportunities. Gilbert’s housing market includes a mix of affordable single-family homes and upscale properties, making it a desirable place for a wide variety of residents.

Population: 273,000
Average rent for a one-bedroom apartment: $1,653
Median home sale price: $565,000
Gilbert transportation scores: Walk Score 29, Bike Score 53, Transit Score 15

Apartments for rent in Gilbert, AZ | Houses for rent in Gilbert, AZ | Homes for sale in Gilbert, AZ

4. Tempe

Known for: College town vibe, vibrant nightlife, and outdoor recreation

Tempe, home to Arizona State University (ASU), is a lively suburb known for its youthful energy, arts scene, and active nightlife. The city’s downtown area is bustling with bars, restaurants, and entertainment venues, while Tempe Town Lake offers opportunities for kayaking, paddleboarding, and cycling along its scenic paths. With its central location and proximity to Phoenix’s job market, Tempe is a popular option for both students and professionals. Housing options range from modern apartments and condos near ASU to more traditional homes in established neighborhoods.

Population: 186,000
Average rent for a one-bedroom apartment: $1,454
Median home sale price: $450,000
Tempe transportation scores: Walk Score 54, Bike Score 75, Transit Score 45

Apartments for rent in Tempe, AZ | Houses for rent in Tempe, AZ | Homes for sale in Tempe, AZ

5. Peoria

Known for: Affordable housing, welcoming lifestyle, and outdoor amenities

Peoria, located northwest of Phoenix, is a growing suburb known for its affordable housing and strong sense of community. With a variety of parks, sports facilities, and recreational centers, Peoria is an attractive option for those who enjoy outdoor activities and a more laid-back pace of life. Lake Pleasant, a popular destination for boating, fishing, and camping, is located nearby, making Peoria a great spot for nature lovers. The housing market in Peoria offers a mix of affordable single-family homes and new developments, providing options for a wide range of budgets.

Population: 195,000
Average rent for a one-bedroom apartment: $1,519
Median home sale price: $529,995
Peoria transportation scores: Walk Score 30, Bike Score 47, Transit Score 19

Apartments for rent in Peoria, AZ | Houses for rent in Peoria, AZ | Homes for sale in Peoria, AZ

6. Glendale

Known for: Sports and entertainment, historic charm, and affordability

Glendale, located just west of Phoenix, is a vibrant suburb known for its sports and entertainment scene. The city is home to the State Farm Stadium, where the Arizona Cardinals play, as well as the Gila River Arena, a popular venue for concerts and hockey games. Glendale’s historic downtown area offers charming shops, cafes, and local events, while the suburban neighborhoods offer affordable housing options for professionals and long-time residents alike.

Population: 250,000
Average rent for a one-bedroom apartment: $1,249
Median home sale price: $406,800
Glendale transportation scores: Walk Score 40, Bike Score 57, Transit Score 34

Apartments for rent in Glendale, AZ | Houses for rent in Glendale, AZ | Homes for sale in Glendale, AZ

7. Mesa

Known for: Affordable housing, arts and culture, and large population

Mesa is one of the largest suburbs of Phoenix and offers a wide variety of housing options, from historic homes to modern developments. Known for its affordability and rich cultural scene, Mesa is home to the Mesa Arts Center and a variety of galleries, museums, and theaters. The city’s growing downtown area provides plenty of dining and shopping options, while its proximity to Phoenix makes it a convenient choice for commuters. With affordable home prices and rental rates, Mesa attracts a diverse range of residents, from young professionals to retirees.

Population: 518,000
Average rent for a one-bedroom apartment: $1,389
Median home sale price: $459,000
Mesa transportation scores: Walk Score 38, Bike Score 60, Transit Score 27

Apartments for rent in Mesa, AZ | Houses for rent in Mesa, AZ | Homes for sale in Mesa, AZ

8. Paradise Valley

Known for: Luxury real estate, resort living, and stunning desert views

Paradise Valley is one of the most upscale suburbs in the Phoenix metro area, known for its luxury homes, beautiful desert landscapes, and world-class resorts. This exclusive community offers large estates with breathtaking views of Camelback Mountain and the surrounding desert. Paradise Valley is ideal for those seeking privacy, luxury, and access to high-end amenities. With some of the most expensive homes in Arizona, the real estate market here caters to those looking for a luxurious desert retreat.

Population: 15,000
Median home sale price: $5,000,000
Paradise Valley transportation scores: Walk Score 50, Bike Score 75, Transit Score 38

Apartments for rent in Paradise Valley, AZ | Houses for rent in Paradise Valley, AZ | Homes for sale in Paradise Valley, AZ

9. Goodyear

Known for: Rapid growth, outdoor activities, and affordable living

Goodyear is a fast-growing suburb located west of Phoenix, known for its affordable housing and outdoor recreation options. The nearby Estrella Mountain Regional Park offers hiking, biking, and camping opportunities, making it a favorite for nature lovers. Goodyear has seen significant residential and commercial development in recent years, attracting a mix of new residents seeking affordable living with access to modern amenities. The housing market in Goodyear is diverse, with options ranging from starter homes to new developments in master-planned communities.

Population: 101,000
Average rent for a one-bedroom apartment: $1,474
Median home sale price: $469,995
Goodyear transportation scores: Walk Score 17, Bike Score 42

Apartments for rent in Goodyear, AZ | Houses for rent in Goodyear, AZ | Homes for sale in Goodyear, AZ

10. Queen Creek

Known for: Rural charm, new developments, and growing community

Queen Creek, located southeast of Phoenix, offers a quieter, more rural lifestyle while still being close to the city. Once a farming community, Queen Creek has grown significantly in recent years with new developments, schools, and shopping centers. The town retains much of its rural charm, with equestrian properties, local farms, and plenty of open space. The housing market in Queen Creek offers a mix of newly built homes in master-planned communities and larger properties on expansive lots, making it appealing to those seeking a balance between suburban convenience and rural living.

Population: 66,000
Average rent for a one-bedroom apartment: $1,632
Median home sale price: $619,990
Queen Creek transportation scores: Walk Score 17, Bike Score 44

Apartments for rent in Queen Creek, AZ | Houses for rent in Queen Creek, AZ | Homes for sale in Queen Creek, AZ

Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the Phoenix area. Average rent and home sale price data were sourced from Redfin and Rent.com as of September 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.

Salt Lake City at a glance

1. Pro: Access to the great outdoors

2. Con: Air quality issues

3. Pro: Thriving job market

4. Con: Limited nightlife

5. Pro: Affordable housing

6. Con: Rapid population growth

7. Pro: Family-friendly

8. Con: High altitude

9. Pro: Public transportation

10. Con: Dry climate

11. Pro: Active community

What changed?

COVID Panic

Bring Me a Higher Yield

The Car Loan

Sneak Through the Backdoor

Which House?

The Value of a Basis Point

What’s a “Cash Balance Plan?”

Ugly Annuities

The Power of Financial Planning

1. Enjoy an iconic Chicago-dog at Jeff’s Red Hots

2. Raise a glass at Pops for Champagne

3. Meet new people and take in Lake Michigan by bike

4. Get into the fall spirit with Jack’s Pumpkin Pop Up

5. Make the most of an evening with a food tour

6. Discover Wonderverse, an immersive entertainment venue

7. Take a breath of fresh air at a nearby lake

8. Find amazing views and variety at the Museum Campus

9. Toast to a great evening with cocktails fit for a king

10. Get to know the city equipped with coffee and books

11. Bring a taste of Michigan to your Chicago experience

12. The Windy City is only the beginning

13. Discover Christmas in Chicago

14. Classic Italian comfort is just around the corner

15. Attend one of the many neighborhood summer festivals

16. Marvel at the annual Chicago Air and Water Show

Hidden gems in Chicago: final thoughts

What Is a Due-on-Sale Clause?

Definition and Purpose

Where It’s Found in Mortgage Documents

First-time homebuyers canprequalify for a SoFi mortgage loan,with as little as 3% down.

How the Due-on-Sale Clause Works

Triggering Events

Lender Rights and Actions

Impact on Property Transfers

Exceptions to the Due-on-Sale Clause

Implications for Buyers and Sellers

Legal Aspects and Enforcement

The Takeaway

FAQ

Can I transfer my property without triggering the due-on-sale clause?

What happens if I violate the due-on-sale clause?

Are there any mortgages without a due-on-sale clause?

McAllen at a glance

1. Pro: Affordable cost of living

2. Con: Hot, humid climate

3. Pro: Access to quality healthcare

4. Con: Limited public transportation

5. Pro: Proximity to nature and wildlife

6. Con: Minimal entertainment options

7. Pro: Family-friendly atmosphere

8. Con: Traffic congestion during rush hour

9. Pro: Convenient border location

10. Con: Lackluster education system

11. Pro: Cultural diversity and local events

12. Con: High property taxes

13. Pro: Growing economy and infrastructure

Winner: American Express Centurion lounges

Ease of access

Winner: Tie

Capital One lounges

American Express Centurion lounges

Meals and snacks

Winner: Capital One lounges

Capital One lounges

American Express Centurion lounges

Drink options

Winner: Centurion lounges

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.