Real Estate Market:
Good News and Bad News
(Realty Times, 6/8/09) Housing sales and pending sales contracts are up and a rebounding real estate sector could soon start stimulating the broader economy. According to Ben Bernanke, the worst is over. The housing market is stabilizing, and we're heading out of recession in the second half of the year.
Here's the bad news: Low mortgage rates are not going to be around forever. Average thirty year fixed rates took their biggest jump in half a year last week.
So, if you are seriously considering getting off the sidelines, now that prices are back to pre-boom levels in some markets and sales are on the upswing, jump in sooner rather than later--if you want the lowest mortgage rates.
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How to Spot a Bad Mortgage Lender
 Be wary of any lender who begins by telling you everything that you want to hear. When your lender starts telling you about rates that seem radically lower than other lenders have quoted, you can bet something fishy is going on. Once a fishy lender gets you roped in by the lower rate, the home mortgage lender commences work on how the numbers can be massaged to get the most money out of you, the borrower. This may be the single most important thing a borrower needs to understand. Make sure you run, not walk, out of this type of lender's office.
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10 Ways to Come up
with a Down Payment
 1) Pay off your plastic
2) Borrow from your 401K
3) Use special programs
4) Tap your IRA
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