Synopsis:The best thing to do is to work with a professional who can help you make sure your picture is good before you apply and work with you over time to fix any problems. In other words, work with a real person who has been referred to you by someone you trust, not the latest bait and switch sales pitch on-line. Contact me if you need the name of a local professional who cares about their clients

From: The New York Times

After a rejection

Some borrowers think that because their mortgage application is turned down the
first time, they won’t ever be approved.  In reality, some borrowers
succeed on the second or third attempt, usually with a different mortgage
professional, and often several months later, after they have saved more money
for a larger down payment or improved their credit score.

Making sense of the
story

• Before reapplying for a
  mortgage, borrowers are advised to look at the reasons they were initially
  rejected.
• The Equal Credit
  Opportunities Act requires lenders to give loan applicants specific
  reasons in writing within 30 days of their decision.  If it’s based
  on a problem in the borrower’s credit report, the lender must tell the
  borrower the name and address of the credit agency that provided the
  information.
• Talking to the loan officer
  who denied the application to see how close the borrower was to being
  approved also can be helpful.  Sometimes the gap is small and could
  be bridged with a larger down payment or another home appraisal, for
  example.
• It also may be worthwhile to
  shop around for other lenders.  Borrowers can work with a mortgage
  broker or an online network like LendingTree or Zillow’s Mortgage
  Marketplace.
• A credit union also might be
  a better bet for some applicants.  Credit union loan committees may
  permit better deals for longtime members; they might also modify loan
  terms for borrowers they already know.
• However, first-time buyers
  may need to scale back their aspirations.  One reason people get
  turned down for a mortgage is because they try to buy more property than
  they can afford based on current incomes.
• Applicants also should look at ways to
  strengthen their financial picture.  If a borrower’s credit is poor,
  paying down credit-card balances can help to increase a FICO score.

Read the full story

The short answer is 68.7% (Source: National Association of Realtors 2010-2011
Remodeling Cost vs. Value Report)

The kitchen remains the most popular room in the house to remodel. Homeowners renovate to
modernize the space with the latest appliances, to accommodate changing needs
or to add value to the home in anticipation of a home sale. Although it’s
tempting to spend thousands on the latest trends and brands, it is possible to
revamp the kitchen without breaking the bank.

This month I’ve sent valuable information about conducting a cost-effective kitchen remodel.
The first page outlines cost-saving alternatives of the most common elements of
a kitchen remodel. Page two offers valuable tips for a pre-sale kitchen
renovation. Feel free to share this information with family and friends who may
be interested in remodeling their kitchens.

See the pdf I’ve included here:

Kitchen Remodel Details

If you are selling your home, here are some additional tips on what to do in the kitchen, probably the most important room for a buyer:

Kitchen tasks for resale!

As always, please do not hesitate to contact me with questions or for a referral to a great kitchen designer, contractor or for my input on what you should or should not do in your home to make it the most cost effective remodel. I’ve done this few times myself and for clients. It’s worth the cost (free) to get another opinion.

Also please remember that I work by referral and I am never too busy to help your friends and colleagues meet or exceed their real estate goals. Please contact me if you know anyone who could use my help.