8 Big Mortgage Mistakes And How To Avoid Them

Among the many services Maggie provides her clients, making sure her buyers have the right financing for their situation is at the top of the list. The process of applying for a mortgage involves not just being aware of the required documentation procedures but also in getting familiar with a whole array of rules, regulations, and terms that may appear complicated to grasp in its totality for prospective buyers. According to the author, when confronting such a situation its all too easy for applicants to commit errors and to this end points out the leading mortgage mistakes that buyers should heed to in advance, prior to purchase. Prominent mistakes include not checking individual FICO scores six months in advance, overlooking state-sponsored first-time homebuyers programs, borrowing in excess of their ability to repay, and paying wasteful junk fees, amongst others. [Liz Pulliam Weston, MSN Money, 2005]

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FR5393016 (WA12-169)

Which Home Improvements Pay Off?

The critical task of home improvements can easily add up for homeowners seeking to enhance the market and resell value of their home. According to Smartmoney.com, the exact value could be affected by factors such as the value of existing homes in the neighborhood, prevailing trends in the housing market, and the time of sale, homeowners are advised to focus on specific areas where improvements will increase the long term value of the home. Prominent focus areas, those that would see the greatest return on investment, included kitchen-remodeling, an increase of functional space within the house, adding extra bathrooms, installing decks, and replacing windows, while areas to avoid include gardens and the addition of a swimming pool. [ Smartmoney.com, 2005]