Mortgage Rates At All-Time Lows

Mortgage interest rates continue to see new record lows, hitting rates not seen since the 1950s. But brokers say few of the many homeowners rushing to take advantage and refinance their loans will be able to qualify.

The high levels of unemployment and depressed property values in many parts of the country have made it tougher for many borrowers, and lenders are demanding better credit histories and proof of income before they'll refinance a loan. Only about half of those looking to refinance may actually qualify for a loan — far lower than before the housing market bust, mortgage brokers say.

Still, for many borrowers who don't face those problems, the rush to refinance is on.

Applications for refinancing are up nationwide. According to Freddit Mac, four out of five conventional loan applications and more than half of FHA and VA loan applications over the past month were for refinancing.

To see if refinancing makes sense, borrowers should divide the fees they pay to refinance their loans by the monthly amount they'll save. That will tell them how many months they would have to live in the home to recoup the expense of refinancing.

Tougher standards are affecting even some folks with sterling credit seeking new mortgages. Lenders want borrowers to have a 740 credit score or higher to qualify for the lowest-rate mortgages loans. Two years ago, a 680 score would suffice.

Lenders also now require full documentation of a borrower's income, unlike during the housing boom when "no documentation" loans were often called "liar loans." And some are requiring borrowers to re-verify their income in the time between the application and final approval.

Many economists expect mortgage rates to remain low heading into 2011, but many warn that outlook could change if inflation, which is pretty much absent today, comes roaring back.

Things to Consider When Buying a House

Buying real estate is a very challenging task because you need to ensure you are not going to be wasting your money. This is why you need to strictly follow some steps on researching before buying a property.

First, you have to find an experienced and trustworthy real estate agent so you can find the best deals and properties in the market. Working with a reputable real estate agent means he or she will give you the best information available when buying a home. Picking the best real estate company and real estate agent is key to your picking the best house available for your budget because they will help you understand all the data relevant to the properties available.

Be forewarned — there are some real estate agents who are not honest and professional. Make sure you do your research about your real estate agent thoroughly. This is a task that involves more than just picking a name in the yellow pages or from "for sale" signs.

Make sure you still do your own research even if you already have a trusted real estate agent. Your real estate agent will give you a list of properties that are available for sale so make sure you do your own research about each one. You must have criteria that will serve as your basis for buying a house.

It is your prerogative as the buyer which property you are going to buy. This is one decision that rests solely on your shoulders. So make sure you have thoroughly researched every property you are shown. Don't let any real estate agent pressure you into buying one particular home over another. Make sure you also stay within your budget when investing in a home.

If you'd like more tips on buying a home, visit our website by clicking the link at the top or bottom of this page to get more home buying tips.

Living Green - 13 Easy To Do Tips

To live green means to help our environment from the dangers that are destroying it. Green living starts with each of us. Here are just few easy tips to help you get started.

1. Switch to fluorescent bulbs in areas where extended lighting is required. Though the initial price is higher than for incandescent bulbs, fluorescent lights produce four times as much light per watt, last up to ten times as long and therefore cost one-third as much to operate.

2. Consider getting a laptop. Laptops use 50 percent of the energy used by a typical desktop PC when plugged in and just 1 percent of the energy when running on batteries.

3. Shut down and unplug idle electronics. Your computer might be asleep, but if there’s a light on, it’s still using energy. Turn off and unplug your computer, printer, television, radio — any electronic device you’re not actually using.

4. Keep your car in great condition. Of course, it’s best to walk, bicycle, carpool or use mass transit for your daily commuting, but for those who must use their own vehicles, improving even the most inefficient of cars’ fuel mileage is as easy as keeping your tires properly inflated and changing your oil and air filters regularly. And follow those traffic laws — your car burns less fuel when you drive at slower speeds and obey the speed limit on the open highways. (It might also save you money by avoiding speeding tickets too!)

5. An idling vehicle burns more fuel than a simple restart. If it’s clear that a train or other barrier will block your vehicle for more than 30 seconds, turn off the engine. You won’t be polluting when the engine is off.

6. Laundry activities are the second-biggest water user in a home. New water- and energy-efficient machines can save big on utility bills, and the technologies employed in the newer machines also can be gentler to your clothes, help you use less detergent and reduce drying time.

7. Turn your thermostat down – Turning your thermostat down by just one degree can result in savings of up to 10% on your fuel usage.

8. Wrapping a water heater with insulation can keep as many as 1,000 pounds of global-warming CO2 a year out of the upper atmosphere.

9. Pipe insulation tubes will help prevent frozen pipes in winter. And properly installed, they will hold a hot-water pipe’s heat for up to an hour after the tap was last used, thus stretching your energy dollar and saving water.

10. Older showerheads can use three gallons (or more) of water per minute. New, efficient models can use two GPM or less. Also look for showerheads that deliver water in multiple small streams, rather than a fine mist; they keep water warmer and make rinsing easier. Avoid designs with multiple heads that compound water waste.

11. Reduce, Re-use, Recycle! – Its doesn’t take a whole lot of effort to reduce the amount of waste we produce or to recycle the waste we do produce. Paper products, plastics and metals are all easily disposed of by taking them to the local recycling centre. You can recycle old batteries to use again in the home and most of the food waste from the kitchen can be used to make your own compost, especially useful if your already growing your own vegetables.

12. Food grown or produced halfway around the world didn’t just appear in the supermarket — it was shipped by plane, boat, truck or rail, and no matter which method of transportation it took, greenhouse gases were emitted along the way. Pick the apple grown in your state instead of the banana grown in another country.

13. Plant a tree. It seems simple, but just one tree can offset tons of carbon over its lifetime. If planted properly it also will provide shade on a sunny day, perhaps reducing the use of energy for air-conditioning in buildings and homes.

Have questions about living green? Use the comment link below. We'll get the answer to your question and post it back here. Your email address will never be published with your comments or questions, but is required in order to post to help us eliminate spam.

Home Improvements: Projects To Help Raise Property Values

Some improvements you make in your home add value, others simply add enjoyment value. Here are a few projects that will help raise the actual appraised value of your home when the time comes to sell.

Replace outdated kitchen appliances with new ones - Many real estate professionals believe this part of the house should be focused on more when it comes to renovation and upgrades. They believe simple upgrades to the kitchen will bring back a enormous investment in return. One way of improving your kitchen that could entirely change the overall looks is by simply upgrading the appliances.

Update bathroom fixtures and hardware – Like any other parts of the house, little changes go a long way when it comes to bathroom updates. You can make the bathroom look stylish by simply replacing the old hardware and fixture. If you are not happy with the way it looks you can replace and upgrade your sink and toilet with a more modern (and efficient) one.

Gutters: Improvement and Repairs – If you want your home to be more appealing in so far as its outside looks, gutters should be the first exterior feature you consider. Gutter repairs and maintenance will protect the rest of the homes' exterior from water damage. Maintain gutters regularly by patching holes, cleaning of debris that could stop water from flowing and making sure they are always in place and secure.

Basement Improvements – This is one of the most important remodeling works you can do in your home. You can improve your basement by finishing, adding flooring, insulation, drywall and lighting. Furthermore, you can transform this into a usable place by adding living space. Additional living space in an area that's already there will cost you far less than adding a whole new room.

A major lawn makeover – Your lawn's appearance affects the overall value of your home. Similarly, the neglected appearance of a lawn detracts from the property's overall appearance. Getting the lawn in shape is the first step in doing a total lawn makeover. Test the soil to know what chemicals, if any, will help the grass grow healthy, and re-seed or re-sod bad areas.

Adding a fence - a fence can give you privacy, security, protection and enhance the outside look of your home. Before you start this outdoor project, make sure to check your homeowner’s association rules (if you're in a HOA situation) if fences are allowed. Some neighborhoods don’t allow fencing, and others may have rules on how high the fence can be.

These are just a few of the home improvements you can make that will certainly affect your home's appraised value, should you decide to sell.

Time to Cut the Cable on TV?

Are you looking for ways to save money on things you may not be using anyway? With options like Netflix and Hulu, is it finally time to cut the cable on your expensive cable tv bill?