In the process of buying a home or refinancing a mortgage, personal finance planning is often overlooked or neglected For a typical borrower, the plan was to get a loan that stretches out the monthly payments, delays the principal reduction, and use the home like an ATM machine to withdraw cash for various things

People looking to finance a home or a new car may experience a substantial change in their credit scores since the FICO credit scoring model was recently modified If you are in the market to finance a major purchase, buy a home, or refinance, your ability to qualify for financing may be affected by how the new scoring formula calculates your credit scores