AgentMortgage

3 mortgage mistakes you can avoid

Mood of the Market
Published on Oct 17, 2011

The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year.Against this backdrop, it's really no wonder that would-be buyers and homeowners alike are in a state of confusion about which end is up in the mortgage marketplace. To shed some light into this darkness, here are three very common mortgage mistakes that you might be making as we speak -- and some strategies for avoiding or correcting them. 1. Failing to try to refinance because you're upside-down. At last count, nearly 11 million Americans were upside-down on their homes -- meaning they owe more in mortgage(s) than the home is worth -- and that's about 23 percent of all American homes. With interest rates having dropped to historic low after historic low, more than 10 million...

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