The Top 5 Mortgage Mistakes to Avoid


Buying a home can be an exciting and rewarding experience, but it can also be a daunting and overwhelming process, especially for first-time homebuyers.

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Mortgages are a significant financial commitment, and making mistakes during the process can have serious consequences. In this blog post, we'll explore the top 5 mortgage mistakes to avoid.

1. Failing to Check and Improve Your

Credit Score

Your credit score plays a significant role in determining your eligibility for a mortgage and the interest rate you'll receive. Many first-time homebuyers make the mistake of failing to check their credit score or not taking steps to improve it before applying for a mortgage.

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To avoid this mistake, check your credit score and take steps to improve it if necessary. This may include paying off outstanding debts, making on-time payments, and disputing any errors on your credit report. A higher credit score can lead to a lower interest rate and a more favorable mortgage offer.

2. Ignoring

Closing Costs

Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.

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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.

2. Ignoring Closing Costs

Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.

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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.

3. Not Getting Pre-Approved

Getting pre-approved for a mortgage is an essential step in the home buying process. Pre-approval gives you a clear idea of how much you can afford to spend on a home and helps you avoid the disappointment of falling in love with a home you can't afford.

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To avoid this mistake, get pre-approved for a mortgage before you start shopping for a home. This will help you narrow down your search to homes that are within your budget and prevent you from wasting time on homes that are out of reach.

4. Taking on Too Much Debt

Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.

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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.

4. Taking on Too

Much Debt

Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.

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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.

5. Choosing the Wrong Mortgage

Choosing the wrong mortgage can be a costly mistake. There are various types of mortgages available, and each has its pros and cons. Choosing the wrong mortgage can lead to higher interest rates, higher monthly payments, and a more significant financial burden in the long run.

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To avoid this mistake, research the different types of mortgages available and choose the one that best fits your financial situation and goals. Don't be afraid to ask your lender questions and seek advice from a financial advisor.

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🚀 The Future of Work is Here: Houston Offices Add Arcades & Social Spaces 🏢

💼 Game On! The Return-to-Office Just Got Fun with Houston’s Office Arcade 🎮

March 03, 20254 min read

💼 Game On! The Return-to-Office Just Got Fun with Houston’s Office Arcade 🎮

🚀 The Future of Work is Here: Houston Offices Add Arcades & Social Spaces 🏢

The return-to-office (RTO) movement is in full swing, but let’s be honest—after years of working in sweatpants and taking Zoom calls from the couch, the traditional office experience has some serious competition. Employers and landlords are facing a challenge: how do you make the office a place people want to be?

Well, one Houston office tower has a bold answer—retro arcade games, sports simulators, and high-energy amenities! The Wells Fargo Plaza at 1000 Louisiana Street is bringing the fun back to work with a brand-new arcade lounge, hoping to entice tenants and employees to ditch their home desks for an experience they actually enjoy.

If this sounds like a fun corporate gimmick, think again—there’s real strategy behind making office spaces feel more like work resorts rather than cubicle farms.


🏢 Bringing Workers Back: The Rise of “Work Resorts”

The days of rigid office spaces with nothing but conference rooms and coffee makers are long gone. Companies and landlords are revamping office buildings to compete with the comforts of home, offering resort-style perks that transform work into a social and productive experience.

According to Cushman & Wakefield, the U.S. office vacancy rate is hovering around 20%, putting pressure on commercial landlords to rethink what an office should be. The answer? A people-first workplace!

✔️ Flexible workspaces with cozy seating areas
✔️ On-site fitness centers, wellness rooms, and social lounges
✔️ Premium dining options, rooftop patios, and coffee bars
✔️ Game rooms, golf simulators, and now—arcades! 🎮

As Kristen Perrin of Perrin Projects, the design firm behind Wells Fargo Plaza’s new arcade suite, puts it:

"The owners had been using it for overflow storage, but they thought it would be a great opportunity to offer a new kind of amenity where tenants could blow off steam during the day."

With shuffleboard, air hockey, Pop-a-Shot basketball, vintage arcade machines, and foosball, the new arcade is set to open in April, giving office tenants a place to unwind between meetings and boost creativity.


💡 Why This Works: Making the Office Fun & Engaging

1️ Social Connection is Key

People may have enjoyed remote work, but they also miss face-to-face interactions. Game rooms, lounges, and wellness-focused amenities help create spontaneous connections, fostering collaboration and workplace culture.

2️ Productivity Boosts from Playtime

A Gensler workplace survey emphasizes that a "people-first" approach to office design leads to better individual, team, and business outcomes. Employees need brain breaks, social interaction, and stress relief—which arcades and creative spaces naturally provide.

3️ The Office as an Experience, Not an Obligation

The modern workforce wants more than just a paycheck—they want an environment that supports their lifestyle. Instead of forcing people back, companies are attracting them with spaces that feel dynamic, engaging, and rewarding.


🚀 What This Means for Commercial Real Estate in Houston

Houston’s office market is evolving fast, and landlords who embrace experience-driven spaces will attract top-tier tenants and retain employees. Some key takeaways:

Invest in unique, high-value amenities to differentiate from competitors.
Flexible workspaces and social hubs are in demand—traditional cubicle-heavy layouts won’t cut it anymore.
Hospitality-driven office design is the future—landlords should focus on experience, engagement, and well-being.

With office demand still recovering post-pandemic, building owners and employers who innovate will come out on top. 🎯


🔥 Final Thoughts: The Office Renaissance is Here!

Will arcade games alone bring workers rushing back? Probably not. But they are part of a much bigger movement toward experiential workplaces that blend productivity, community, and fun.

For landlords, developers, and business owners in Houston and beyond, this is a huge opportunity to rethink commercial spaces. Whether it’s an arcade, a wellness lounge, or a rooftop coworking garden—the office of the future isn’t just where people work, it’s where they want to be.

Would you be more excited to go back to the office if it had these amenities? Let us know in the comments! ⬇️

Looking to buy, sell, or finance commercial real estate?

Work with an experienced Commercial Real Estate & Mortgage Broker you can trust!

Call me at 281-222-0433 today!

https://www.billrapponline.com/

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory

Office Space AmenitiesHouston commercial real estateexperiental workplacesReturn to office strategiesHouston Office MarketEmployee engagement trends
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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds


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Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014

Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/

Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/