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Mortgage Rate Locks
Become Crucial
 An interest rate lock is always a good idea in any market. But it becomes a better idea when it's crucial to lock in an interest rate and other loan costs at a level you can afford.
A changing market -- especially when the change is for the worst -- is one of those crucial times. During the first half of 2008, nearly a full percentage point separated the high of 6.45 percent in recent weeks and the low of 5.48 percent in January, according to Freddie Mac.
Get off the interest rate elevator ride with an interest rate lock. A traditional rate lock is a lender's guarantee that your mortgage will come with a specific
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interest rate, points, other costs and terms. Most locks are designed to protect home buyers from rising rates, but those refinancing can also benefit.
A rate lock's terms include a specified period for the lock. If you fail
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Man's Best Friend May Be Costly When Selling
 As beloved as pets may be to sellers they can be a detriment to the sale of a home.
One of the main reasons has to do with how convenient it is for buyers to see your home. There can be issues caused by the pets that make seeing your home more difficult than viewing other properties. For instance, if sellers have to be called first before their home can be shown this can make it less appealing to buyers and agents.
"You've got issues of access because you might have special pet instructions such as remove pets prior to entering home," says Benjamin Little, Realtor with John Hall & Associates in Scottsdale, Arizona. He says that makes it so agents and buyers have to set special appointments. "And in today's market, anything that impedes a showing is a hindrance to selling the house," cautions Little. He adds, "There are so many properties out there for sale that if you've got special pet instructions and there are 10 properties, that on paper are
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Credit Scores Remain Misunderstood
 Too many consumers still don't get it when it comes to credit scores.
And what you don't know about credit scores can hurt you when it's time to buy a home -- especially in a tight credit market.
Only 28 percent of consumers are aware they need at least a 700 credit score to qualify for a low-rate mortgage.
Three of every four consumers incorrectly believe that credit scores are influenced by income.
And even more, 79 percent, erroneously believe that credit scores can be obtained for free once a year. (They're probably thinking about their credit report, instead.)
Those are among the findings of a new report, "Consumer Understanding Of Credit Scores Improves But Remains Poor" commissioned by the Consumer Federation of America (CFA) and Washington Mutual Bank (WaMu).
First, your credit score is a number assigned to your creditworthiness.
Your credit score indicates how well or how poorly you'll repay a debt. The higher the number, the more likely you'll repay on time.
Your bill paying information on credit reports provides the basis for your credit score. Consumers who take the time to obtain their credit score, for only about
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What's Hot & What's Not in Bathroom Redesign
 While real estate markets are cyclical, features a potential home buyer looks for in her home almost always seems to start in the bathroom, according to the National Association of REALTORS' (NAR) annual "Cost vs. Value Report," published each year in conjunction with Remodeling magazine. In fact, in NAR's 2007 report, it showed an upscale bathroom remodel recouped 93.2 percent of the costs and a bathroom addition, midrange stood at 86.4 percent and an upscale remodel 85.8 percent.
"Knowing what's in and what's out in bathroom design is important for homeowners deciding just where to spend their makeover dollars," explained Celebrity Interior Designer Will Smith.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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