Record-low mortgage rates draw refinancing households away from 30-year fixed-rate mortgages into shorter-term products such as the 15-year fixed-rate mortgage.

Most people know that low FICO scores influence the mortgage rates for which they're eligible. For the past 3 years, though, they've raised closing costs, too.

The company behind the FICO scoring model published a "What If?" series for common, specific credit missteps. See how your scores can change with a foreclosure, missed payment, maxed credit card, and more.

The 2011 Refi Boom's Second Wave has started. 5-Year ARMs are leading the charge. Assuming discount points are paid, ARMs are now below 3 percent.

In some states, more than half of home sales are for homes in foreclosure. Where does your state rank?

It appears that lower mortgage rates come with a price. Closing costs rising in most states. Look zero-cost instead.

The FHA insures 25% of the mortgage purchase market these days, up from 5 percent in 2006. Is it because FHA mortgages are cheaper than conforming ones?

Zero-cost mortgages are terrific in a falling interest rate environment, like the one we're in now. They eliminate sunk costs completely and offer an immediate refinance payback.

FHA mortgage insurance rates are increasing. Beat the increase by having your FHA Case Number assigned. All you have to do is give a mortgage application. I'll handle the rest for you.

To lower costs, newspaper editors are replacing beat writers with "article syndication". Syndication can be a good strategy, but it requires care. The syndicated article highlighted here is 11 months -- and 2 FHA guideline changes -- behind-the-times. It's patently incorrect.

In Winter 2011, Fannie Mae changed its mortgage guidelines to favor personal income over personal assets. Check the "Cheat Sheet" to see how you'll be affected.

In 2011 -- for the 6th consecutive year -- the single-family conforming mortgage loan limit will be $417,000. The "high-cost" area program is extended, too.

As compared to the day *after* the expiration of the $8,000 home buyer tax credit, today's cost of carrying a 30-year fixed rate mortgage to term is lower by $51,000. Mortgage rates are on a 6-month rally.

According to Google, "deflation" chatter is growing. It's extending the Refi Boom for another few weeks.

For the second time in 4 months, the FHA is changing the way it charges mortgage insurance.

Ride the mortgage rate roller coaster. Literally.

For the second time in 10 weeks, Fannie Mae is toughening its mortgage guidelines again. Again. According to an internal Fannie Mae document, a review of the group's current "risk appetite, eligibility requirements, mortgage insurance options, and pricing" spawned changes spanning credit scoring, income requirements, loan-level pricing adjustments.

It doesn't take an elephant's memory to remember that Prime Rate was 8 percent-plus just 2 years ago. A few years before that, Prime Rate neared 10 percent. These are the facts that the banks aren't selling. Instead, banks and credit unions are dangling low "start rates" as bait and looking for homeowners to bite.

Mortgage approvals are getting more difficult. Again. After reviewing recent unemployment data and market fluctuations, plus patterns of mortgage fraud, Fannie Mae is making major mortgage guideline changes for the first time in more than 6 months. The changes are broad, impacting 15 separate areas of the mortgage approval process. The most impactful change may be Fannie Mae's new restrictions on mortgages for 2-unit properties.

The settlement statement Prepaid Items section confuses people. A "prepaid item" is exactly what its name implies -- a payment related to the mortgage, collected before the payment's actual due date.