There is a persistent belief among Americans that "having your credit pulled" by mortgage lender is a bad thing. However, a mortgage credit inquiry is estimated to lower a credit score by 5 points or fewer.

The 80/20 Rule no longer holds true with respect to foreclosures. In Q2 2010, the 10 most foreclosure-heavy states now account for just 70 percent of foreclosures. That's a big drop for a 12-month period. Based on RealtyTrac data, foreclosures haven't been this un-concentrated since 2007.

5-year ARMs in the 3s? 30-year fixeds in the 4s? Today is not "the new normal", folks. Don't fool yourself into thinking it is. Someday, our children will study the Summer of 2010 in their finance books. Rates may fall this week, but that doesn't mean you should gamble on it.

The market's bottom has passed and sellers are regaining their leverage in negotiations. It's an excellent time to get off the fence and make that offer.

Versus last year, the cost of carrying a 30-year fixed rate mortgage to full term has dropped by $67,000. Do your refinance, apply the savings back to your loan, and pay off your home faster.

Shopping for a low mortgage rate? I'm a contributor to the Bankrate.com Mortgage Rate Trend Index and this week's survey tells you what you should do.

No matter what you think about your mortgage qualifications -- too little equity, too little income, too big of a loan size -- take 5 minutes out of your day to call your loan officer. Find out whether you qualify for a mortgage at today's rates. Sure, rates may fall lower, but, then again, they might not.

I gave a 2-part interview with Beejal Patel of First Business television. This is the second part. We talk about FHA mortgage insurance premiums, jumbo mortgage changes, and the impact of double-dip recession on the economy.

I gave a 2-part interview with Beejal Patel of First Business television. This is the first part. We talk about the economy, home sales and mortgage rates.

Banks are now making loans against non-warrantable condos and condotels. But you won't get approved with The Big Banks if you try -- you've got to look local instead. Here's how to do it.