When you get a mortgage for your home purchase, if it's a fixed-rate mortgage, the only amount that is likely to change over the life of your loan is your escrow payment - the amount set aside for taxes and insurance.

Industry experts warn that homeowners should look carefully at their own escrow statements, as mistakes do sometimes occur, especially if the property is in an area with several taxing authorities and one of them is overlooked.

Other mistakes may be made later on: the lender or mortgage servicer may have missed a tax payment or allowed the balance to grow beyond limits allowed under the Real Estate Settlement Procedures Act. The federal law allows lenders to keep a cushion of up to two months' total escrow payments.

One way to avoid any problems is to request to pay your homeowners' insurance and property taxes yourself. Borrowers can request to do so before the mortgage closing or by contacting the customer service department of the lender or servicer of the loan.

Some lenders charge a one-time fee to forgo an escrow, typically around a quarter of a percentage point of the loan balance, or $500 on a $200,000 mortgage.

Many homeowners are filing property-tax grievances to reduce their assessed valuation and tax payments, since many towns and municipalities only reassess properties every five to seven years, and property values have dropped so dramatically in recent years, some homeowners may be paying tax on an old valuation of their property.

One thing to keep in mind however, even if your home's value has decreased, your taxes may not fall, because some cities and towns are raising millage rates, or the rate at which property taxes are calculated, to preserve local services.

If your lender is handling your escrow and you successfully appeal your tax assessment, your lender may continue with the same escrow payment, at least until the next tax bill arrives, and possible even longer. You could be paying more into the escrow than you need to be paying, so it's always wise to monitor your escrow statement carefully.

When trying to sell a home, correct pricing of that home is crucial, and the psychology that goes into determining a price can leave your stomach doing backflips.

Should you start out high and see if you can get top dollar? Should you start low knowing the competition out there is tough? If you just drop your price later, how many buyers did you miss out on at the start?

The decision to price your home is extremely important. Pricing your home not only dictates how much money you will make, it also dictates how many people will see your home. Here are a few things to consider before you set the price of your home.

Change Your Mindset

Emotional attachment to a home can end up costing a home seller thousands of dollars. Sellers tend to price their homes too high because they are stuck in the mindset of: My home is worth more because it's mine.

This is called the "endowment effect" and is a psychological human emotion. We tend to think, even with something of little value, since we own it, the item is worth more than it really is.

Buyer's don't really care how much you paid for your home when you bought it. They care about what comparable homes are selling for today. This is a large step for home sellers to overcome.

You can't price your home to sell for what you owe if the market says it's worth less. Once you understand this and overcome the emotions of pricing your home, you're on your way to a successful sale.

Identify your homes true value and price it just below.

For example; if your market analysis comes in at $250k, pricing your home at $245k will give you a lot more activity.

Even though you're priced slightly below market value, with the amount of activity that price will bring, you may end up getting multiple offers which will drive the price back up. If you don't get multiple offers, you will at least get an offer close to asking price.

How fast do you need to sell?

What's more important to your situation: Time or money? If you need to sell within 30 days, price your home lower than if you could hold out for 60-90 days. You may get less with the 30 day sale, but you will get rid of the home faster. If you price for 90 days, you may get more money, but you'll lose out on time.

If you sell within the first 90 days, you'll be okay. If you're home sits longer, you could end up losing a lot more money and time than anticipated with your original list price. Pricing your home too high will end up netting you less money in the long run during a declining market. You will end up chasing lower prices, and you should try to avoid that situation if at all possible.

If your home sits too long, don't be afraid to get aggressive.

The longer your home sits on the market the more stale it becomes to buyers in that price range. Obviously, after sitting for an extended amount of time, your home isn't worth what your asking.

To get out of that "stale" market, take decisive action and drop your price a substantial amount. By doing this, you will attract new buyers in new price ranges. If you drop the price in small increments, it's like dying a slow death by torture.

Buyers can see all your price reductions, and it shows you're getting more desperate the more you cut the price. A quick, substantial cut in price is going to give buyers a real incentive to take another look at your property.

If, after all of this, you still can't get your home sold, it may be time to take it off the market or consider a short sale.

If you can't afford to price a home at a price that will allow it to sell, talk to your agent about the possibilities of a short sale if you feel you need to go that route.

Homeowners need to be proactive in making energy-efficient home renovations. Here is a list of easy check-ups every homeowner can do to optimize the energy efficiency of their home:

Windows and Doors
Holes in windows and doors allow conditioned air to leak from your home and allow outdoor air to infiltrate, which can tax your heating and cooling systems and raise your energy bills. Caulk around windows and doors where there are gaps. Also caulk areas where plumbing lines or electrical wiring extend to the exterior of the home.

Floor and Wall Insulation
Insulation acts as a barrier to heat movement and helps keep any home cooler in the summer and warmer in the winter—all while using less energy. Making sure insulation is used at potential gaps such as around an attic stairway or over the attic access door is important as well.

Shedding a Little Light on a Simple Solution
By replacing traditional incandescent light bulbs with compact fluorescents, you can use up to 75% less energy on lighting alone. A wide assortment of CFLs is now available for almost any type fixture found in a home.

Appliances and HVAC Systems
Your major household appliances are a good place to focus on to make your home more eco-friendly. Start by changing the filters of your HVAC systems regularly and consider upgrading older appliances to take advantage of newer, more efficient designs.

Buy a Programmable Thermostat
This energy-saving step can have a positive and noticeable impact right away. Programmable thermostats are fairly easy to install and once they are set up a homeowner can adjust them as the weather changes. For every degree that a thermostat is set back, you may realize a savings between 1-3% on your heating or cooling bills.

Did you resolve to get in better shape financially this year? One way to do it is to shed some of that unsightly debt by a method called "snowballing". Here's how it works…

Questions or comments about paying down debt? Just click the comment link below and sound off. Your email address will NEVER be published on our site, so your privacy is protected and guaranteed.

Selling a Laguna Woods area home that is currently occupied by a tenant can be a bit of a challenge, as the tenants don't always share the same motivation as their landlords – consequently, they may fail to keep the home looking neat and attractive to impress potential buyers.

So what can landlords do to prevent problems?

First, landlords should never attempt to deceive tenants in the first place, and so they should make it absolutely clear that they intend to list the home once the local market picks up again.

Landlords can also offer their tenants some kind of concession in return for their cooperation – for example, in return for the tenant keeping the home looking neat tidy (unlike the photo!) while it's listed, they could be given a 10% discount on the rent. However, landlords would need to clearly communicate their expectations regarding cleanliness, like making sure the bed is always made up in the morning, and ensuring dirty dishes aren't left in the sink for prospective buyers to see when they come to see the property.

Setting established hours for buyers to view the property will also do a lot to get tenants on your side.

Landlords need to keep in mind they don't usually get a second chance, and so it pays to keep tenants on their side, especially when a property is first listed for sale.

If you're a Laguna Woods area landlord and would like more information and tips on what you should do if your property has a tenant and you're wanting to sell, contact us. We'll be happy to give you additional tips.