Save yourself money, time, energy and just a whole lot of problems by following these 5 tips as what not to do when you apply for your mortgage.

Some people make mistakes regarding their mortgages, so it is in your best interest to get educated and understand your role when applying for a mortgage. Some of the following tips may seem like common sense, but you would be surprised by how many people will just rush into a contract, not really paying attention to the details.

A person may rush because they need to move quickly, there could be problems associated with the move, or simply they want the house or property so badly, they have the I’ll do anything mentality and take the first contract they can.

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Overinflated job markets and overinflated housing markets went together during the real estate boom years of the 2000s. But too many companies believed in the Federal Reserve’s illusion of low interest rates fueling investment and too many homeowners believed in the same illusion of constantly rising home prices. Now all of that has changed.

Whether is has changed for the better or for the worse in the long run is yet to be determined, but during the current economic recession, the world seems to be becoming a much more dangerous place. And neighborhoods hit hardest by the foreclosure crisis are experiencing the most serious erosion of public safety and rising crime related to abandoned properties.

By pumping up the housing market with inflated dollars and below market interest rates, the Federal Reserve and the banks have turned communities across the country into ghost towns and best and crime-ridden slums at worst. Homeowners left in these towns and cities are facing more risk than ever before. Read the rest of this entry »

It’s no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest expense the majority of us take on in a lifetime is our mortgage and each month our home finance payments take a substantial chunk out of our take home pay. Read the rest of this entry »

Not having a marketing plan

Not planning or understanding the marketing approach that your listing agent will use when promoting a home. When selling your home there are no guarantees that the ultimate buyer of your home will have simply walked through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer in the shortest period of time. Ask your Realtor to list for you all of the ways he/she intends to market your home and on what time-line. Also, be sure to ask if your home is being posted on the MLS listing service and advertised on the Internet. Read the rest of this entry »