If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.

By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.

1. Interrogate the Lender. There’s no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.

2. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don’t begin the process of viewing homes unless you are really ready to buy.

3. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?

4. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.

Use these simple tips to avoid some of the most common buyer mistakes!

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There will come a time during your home buying process when you’ll need to do a final walk-through of the home before closing.

Around a week before you close, take the time to visit your “new” home again. When you’re there, check to be sure that the terms of your contract have been met, and that the condition of the property has not changed significantly since talks began.

As your reference guide, be sure to bring your purchase contract with you for this walk-through. This will help you look for little details, without having to remember each item.

What are things you should be on the lookout for?

1. Major appliances: Be sure that any items that were to remain in the home are still there, and that they are in good working order.

2. Major systems: Do the air conditioning, heat, and plumbing still function?

3. Walls and floors: Has any damage occurred to the floors or walls during the sellers move? Were rugs, artwork, or carpets covering water damage that was not disclosed?

4. Repairs: As part of your purchase contract, the seller may have been required to make specific repairs. Be sure that these have been completed, or that the seller has a written timeline for when the repairs will be done.

5. Screens and Storm Windows: If it is the season for these items to be in storage, be sure they have been left behind and that they are in good shape.

6. Remotes: Garage doors, alarms, sound systems, and the like all use remotes, some of which can be very expensive. If any of these components were part of your agreement, be sure they have been kept with the house.

7. Cleanliness: The home should have been cleaned and all debris removed. You don’t want to spend the first week living in your new home cleaning up other people’s junk.

8. Landscaping: It may seem ridiculous, but yes, some sellers may try to run off with your shrubs and plants. Refer back to your contract to see what should have stayed.

9. Fixtures: Light fixtures, curtains, and other items that were agreed upon should still be in the home.

10. Exterior: Has there been any damage to the home since your inspection or first visit? If there has been a storm with high winds, be sure to visually inspect the exterior of the house for damage. Once you have signed on that dotted line, the house is yours.

Closing time can be very hectic. Be sure to make time for your final walk-through.

What does a $110 million contract buy a person these days?

Life & Style is reporting that LeBron James, who recently signed a six-year, $110 million deal with the Miami Heat, has started the paperwork to buy a $49.5 million mansion in the most expensive portion of Coral Gables, FL. The home was once owned by Pat Riley, and was taken off the market shortly after “The Decision.”

The home is the most expensive in Coral Gables, and features: eight bedrooms and 11 bathrooms; 880 feet of waterfront; a master suite with a full gym; a private guest suite with its own tennis court and courtyard on an acre of land. a 150-foot dock. Taxes are about $1 million per year, with an additional $150,000 price tag for utilities.

South Florida auto magnate Alan Potamkin owns the home, and he has listed the home for $49.5 million. Life & Style reports it’s a “slam dunk” the home will soon belong to James.

209,900 – 3 Bed 2.5 Bath – 1,876 Sq. Ft. – Delray Beach

THIS IS THE ONE FOR YOU! UPGRADED WITH GRANITE COUNTERTOPS, HURRICANE SHUTTERS, NEWER CARPET IN BEDROOMS, FRESH PAINT, TEXTURED CEILING DOWNSTAIRS, AND WASHER AND DRYER. GORGEOUS COMMUNITY POOL AND TOT LOT. TOO MUCH TO LIST. THIS IS NOT A SHORT SALE OR FORECLOSURE. MAKE AN OFFER NOW!

With the uncertainty of the economy, many people are looking for ways to cut back. When it comes to selling their home, homeowners often don’t want to put much money into getting it ready for the sale. While that’s certainly understandable, properly preparing a home before listing it goes a long way to helping attract serious buyers and offers.

It’s not that you have to upgrade or completely renovate a room in order to make your home more marketable. Polishing up and tiding up a few key areas can have a remarkable impact. With that in mind, you don’t have to spend a fortune to do this. In fact, you can make your home appealing even on a budget. Here’s a few ways.

Whether or not your buyers cook, all seem to be interested in the kitchen. So this is where we begin. Chipped cabinets with peeling paint are unsightly. I’ve seen kitchens where the countertops are nice, maybe granite, but the cabinets are a shocking mess. It’s a simple solution to reface them. It doesn’t have to cost a lot. A new paint job for the kitchen walls and cabinets can give the whole area an updated look and make the kitchen area inviting even to those who rarely use it! You might also consider replacing the cabinet handles. You’d be amazed how much difference that makes. One last thing, don’t leave dirty dishes in the sink.

This next tip refers not to one particular area but instead to highly trafficked areas. Doorways, hallways, the lower part of walls, and baseboard trim, anywhere else where those nasty scuff marks, fingerprints, and dust settle in. Put a little elbow grease into washing and/or repainting those areas and notice what a difference it makes. I remember when I used to list real estate I went into a home and saw tons of pictures taped to a teenager’s door. It was a nightmare. The homeowner eventually peeled off the pictures and repainted the door, so much more attractive. If you’re dealing with a small space, you might try something that may seem counter-intuitive. The Star Tribune reported that moving furniture 1.5 to 2 feet away from the walls can help to make a room look larger. Pressing furniture up against the wall gives it a crammed look.

Mow your lawn and water the plants. It sounds so basic but really this is often overlooked. In the hurry, to pack boxes, shove items in closets, and get the pets out of the house before an open house, homeowners sometimes neglect to take care of the landscape. Thus flowers start to wilt, the grass browns and the overall yard has an everyone-forgot-about-me look.

Grout your way into buyer’s hearts. Yes, the fine lines do matter. Walk into your bathroom after reading this article and look carefully at your tub and tile on the floor. Does it look grubby? Need a good scrubbing? Or does it really need to be re-grouted? That soap scum build-up and mold will really stand out to buyers. And while fixing it doesn’t take much, sometimes homeowners simple opt not to take care of this before listing. Maybe they presume that it’s not that big of a deal and that it’s an easy fix. The first part is incorrect and the latter is absolutely correct, so roll up your sleeves and fill in the lines. It could just lead to the signing on the line on sales contract. Best advice is to see your own home the way you survey a home that you’d like to buy, that’s typically with a very critical eye. Then fix it up. The changes could result in a faster sale at a higher price.

30-year fixed mortgage rates are unchanged this week and at 4.25 percent for well-qualified borrowers paying 1 point origination. 15-year fixed mortgage rates, also unchanged, are at 3.75 percent. Both rates were verified by FreeRateUpdate.com.

30-year fixed FHA loan rates are at 4.25 percent as well. Though the same note rate is available for FHA 30-year fixed financing as if for a 30-year fixed conventional mortgage, APR and closing fees are higher on an FHA loan because of MI and other FHA fees. FHA continues to offer a minimum down-payment of just 3.5 percent making FHA loans extremely continually popular among home-buyers.

The jumbo 30-year fixed rate is steady at 5.25 percent, also record low.

Wells Fargo’s advertised conventional 30-year fixed rate is unchanged this week and at 4.625 percent with an APR of 4.812 percent according to their website.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, continue to do well amidst uncertainty for investors and consumers alike about the global economy.

Small habits can add up to big savings when it comes to electricity.

As the summer heat soars, so do many homeowners’ electric bills. Here are some savvy tips on how you can start saving both your cash and the environment.

1. Get Unplugged. You may think that simply turning a device or appliance off is enough to stop the flow of electricity, and the subsequent flow of money out of your bank account, but any item plugged in to an electrical outlet is drawing a small amount of electricity. So, unplug all of your items.

2. Swap it Out. Replace conventional incandescent light bulbs with Compact Fluorescent Light Bulbs (CFL) and save yourself in the long run. Energy Star reports that a CFL will save “about $30 over its lifetime and pay for itself in about 6 months. It uses 75 percent less energy and lasts about 10 times longer than an incandescent bulb.

3. Energy Star Appliances. They are a more pricey change, but the long term savings can be well worth the upfront cost. These appliances are certified to use 10 to 50 percent less energy than your standard appliances. They also help reduce emissions and air pollutants.

4. Daytime Low. Most U.S. Households use some form of air conditioning during the summer months. If you have an empty house during the day, consider setting your thermostat to a higher temperature during the day, and then turning it cooler when you get home. If you have a more advanced system, consider setting a timer to kick on the cool 30 minutes before you return home.

5. Lights Out. This may intuitive, but turn off the lights in rooms you are not using. The same goes for televisions and computers.

Use these simple tips to reduce the cost of running your home this summer, and put that extra cash away into savings!