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Taking out a mortgage is one of the biggest decisions in a person's life. It has a great impact on the financial situation of that person.

The Federal government's most important financial relief for underwater homeowners started operation on November 1, 2012. However, there are still some snares and drawbacks for participants.

You may be in need of another source of fund. One good way to get in is to tap your equity in your home. If you have accumulated substantial equity in your home, then you can use your home equity to borrow money.

It’s now time for the new look of MortgageFit. The more crisp, customer centric and visually soothing look of this mortgage platform is likely to better serve its prime objectives of helping you come out of your mortgage problems.

Most of the renters/tenants are thinking of homeownership due to the present affordable home prices, low mortgage rates, and rising rents. It should be noted here that some of the first-time buyers who lack the cash for a down payment and closing costs take help of their retirement savings for money to buy a house.

There are mainly 2 ways in which you can use your retirement savings to purchase a home:

Superstorm Sandy is playing havoc in the lives of many home-owners. Till now, it has resulted into massive destruction of people and property and it is expected to cause further havoc. Once the superstorm gets over, people will have to face a hard time to negotiate with the insurers in order to get the cash for home repair.

When you are planning to take out a mortgage loan, you must give due attention to the get the loan at a low rate. But apart from the usual rate of interest, another thing that you must look into very seriously is the closing costs involved in the loan.

In the early next year, the mortgage industry will come face to face with some new rules. Mortgage bankers and realtors are of the opinion that these new rules may even make it difficult for the borrowers to qualify for a home loan.

Refinancing has some definite advantages. It replaces your original mortgage with a new one with better terms. The most powerful driving force to opt for refinancing is to take advantage of the low rate of interest prevailing in the market place.

All of us, at any point of time in our lives, have made financial blunders. In a research, it has been found that 2 out of 3 Americans have said that they have made at least 1-2 really bad financial decision. The median cost of these bad decisions was $5,000, but the average cost was $23,000.

Here is a list of 7 fatal financial mistakes which you should try to avoid: