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Biggest Mortgage-Planning Mistake – Forgetting

Posted February 11, 2018 in Real Estate Trends

Michael Pattulo, Clark County WA real estate agent

I have come to know people who, as part of a move to a new home, ask for help from a relative or friend for keeping a box filled with papers. Not keeping up with paperwork or even planning was studied by Gallup. About half of surveyed adults ages 50 to 64 said they have important papers and plans stored. As a mortgage planner, I can share that people go to great lengths to plan the details of equity in a home only to lose track of the particulars.

It’s equally important to include account numbers, passwords, and contact information for advisors, attorneys and others familiar with your assets. While I advise a yearly check-up of mortgages or even working toward getting a first mortgage with a trusted
advisor, many people are beginning to realize better communications with people who need to know. It’s advisable to put together a brief one-page letter and list for a spouse or grown children. It’s even better to sit-down and discuss the details from your advisor
with your children or spouse.

Millennials are purchasing homes and most baby boomers are planning to stay in their homes. That means that people should have a plan for their homes, homes’ equity and how mortgages provide for a better life. Most people include their home equity among their assets including their 401(k), cash and stock/bonds.

Last year I wrote about ways that mortgages can help us to stay in our homes as well as how our mortgages can be utilized to assist a younger generation in financing a home. If you’d like to learn more about how to plan the structure of your mortgage or learn about how equity can help life, I encourage you to meet with your trusted mortgage advisor
early in the year. It’s a good way to kick off our New Year! Don’t forget!

We lend where we live,


Michael Pattullo
Mortgage Advisor MLO# 229675
12503 SE Mill Plain Blvd., #250, Vancouver, WA