Some bankers and mortgage brokers may not be happy to hear me tell you these things. But you need to know them so you don't get unpleasantly surprised or pay too much when you finance your home 

7.   Not structuring your loans and debts to your best financial advantage.

Sometimes a lender will require you to pay off debts to qualify for a "traditional" mortgage. In other cases, you may be able to qualify for a  mortgage without paying off the debts.

            Should you pay all of them off?

            Should you pay some of them off

            Should you pay none of them off?

If you're paying more in interest on the debts, than the interest your investments are earning, you may be better off getting rid of the debts all together.  If you find yourself stretched out with credit card payments and other loans, it is well worthwhile to see if you can consolidate them into a lower interest personal loan... (or retire them if you are seeking to refinance your mortgage.)

However, a word of caution. It is NOT wise to refinance your home mortgage to pay off personal debts, unless you are willing to cut up your credit cards or toss them into a safety deposit box so you aren't tempted to charge up the balances up again.

•8.     Not carefully calculating your maximum financial and tax savings,  and withholding exemptions when you select your mortgage financing! 

When financing a home, you should seek to maximize every financial and tax advantage that you can get.  Particularly with the new tax laws coming into effect from now on.

You would be amazed at how many people unknowingly let thousands of dollars slip out of their checkbooks on this one!

I'm sure you know that there are tax deductions for your mortgage interest. Which mortgage you choose will have a significant impact on both your financial and tax situation.

THE KEY IS TO MAXIMIZE YOUR FINANCIAL AND TAX SAVINGS EQUALLY

The bigger your mortgage, the bigger your tax deductions. But, the larger mortgage payments, may not be right for your family. Even with the tax deductions you'll get.

The bottom line is tax savings... not merely tax deductions.

You have to find the right balance between tax savings, monthly payments, down payments, and so on. And, if you're going to be saving taxes, you need to be sure to adjust your withholding so you get the cash flow benefits of your tax savings back NOW. (Instead of waiting to get a bigger refund at tax time.)

Please don't loan the IRS your money!

If you will be saving $200 a month in taxes, you should reduce your withholding by the same amount. Then you'll be receiving the money right now, and not making the mistake of "loaning" money to the IRS interest free!  Every decision you make about your mortgage loan will somehow affect your taxes. And with the government trying their best to confiscate our money, it makes good financial sense to plan as carefully as you can, to get the biggest financial and tax savings possible!

You can read all 9 Mistakes at  http://www.uthomelist.com/custom1.shtml