What prospective home owners should know about.

When you buy a home, there is a good chance that you aren't entirely prepared for all the costs that come with a mortgage. Many homebuyers, when estimating what they are likely to pay when it comes to their housing costs, only think about the principal payment and the interest payment.

Refinancing your home is a great way to get extra cash for repairs and upgrades, which add to the value of your home. If you are not planning repairs or remodeling, you can use the funds for other things, like paying off other loans with higher interest rates, and lowering the interest rates on your existing mortgage.

One of the biggest barriers to homeownership is amassing the large down payment necessary to purchase a property. This is especially true post- housing crisis, with no money down mortgages largely a thing of the past through traditional avenues.

Lower down payment requirements available through insured mortgages (currently as little as 5% down) may help pave a quicker path to homeownership for prospective buyers, the bigger obstacle may be the additional debt many have to carry on a monthly basis.

Which part of a house is the source of over one third of all homeowner's insurance claims? If you answer "the roof," you're right on the money. A leaky roof is not just annoying, but can also lead to all sorts of problems. For example, dampness and mold resulting from a leak will threaten your home's structural soundness, as well as your physical health.

It's not easy to purchase a home, so here's a suggestion that may be surprising: Instead of buying one residence, buy several. What I'm suggesting has nothing to do with late night infomercials or books that promise fast and easy wealth from real estate. Instead, many buyers can benefit from an interesting option in the ...