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Borrowers can monitor home-lending rates. Every Thursday, Freddie Mac officials calculate average mortgage rates by compiling rates from lenders across the U.S. on Monday through Wednesday. Rates can be found at www.freddiemac.com/pmms

Even if your home purchase is months or years away, having good credit history is essential. A few points on a FICO score can mean the difference between a higher or lower interest rate offered on a mortgage loan. Go to www.creditscore.com to monitor your score. If you need help cleaning up your credit, the professionals at www.fixmyscore.org can help.

As soon as you’re even thinking about contacting a mortgage broker, be sure you’ve organized all the necessary documents most lenders require, such as those that prove employment and income. Typically, lenders want two recent pay stubs, two years of tax returns, bank statements, proof of assets, such as 401(k) and trusts, and debts, such as credit card statements. Documents are especially important for borrowers who are self-employed. Having documents ready will speed up the loan process. And take note…in this market, you cannot make an offer without a loan approval letter, so don’t let that dream house slip away. Do your homework and be prepared.

Are you still paying rent? According to Trulia, Over 72% of  the largest U.S. cities have starter homes, condos and apartments  that are becoming more affordable as “owned” rather than “leased.” My suggestion is to find a good lender and see what you qualify for and then compare that with local rents in the areas you like to see if renting is cheaper or not! Go to www.zilpy.com for the cool tool tab to find estimated rents to compare. If you don’t have a lender, contact Dave Trillo at www.PlatinumMortgageNetwork.com and tell him I referred you. They run a top notch lending group.

The IRS is sending a letter to taxpayers who claimed the credit that explains if, when, and how the buyer has to repay the credit. There are different IRS letters for different situations, including a purchase of a home in 2008, 2009, or 2010; a sale of a main home; or a change in the use of the main home.

The IRS website at www.irs.gov contains detailed information about repayment requirements for the federal home buyer tax credit. This is a great resource to help sort out any confusion.

Holiday time brings fun, excitement, cold weather, and usually a few overnight house guests!  Household appliances take on more wear and tear than usual. If your water heater is more than a few years old, it’s a good idea to wrap it w/ a blanket to help save energy and money wasted in re-heating freezing cold water coming from those undergrown outside pipes. House guests or not, this tip just makes good sense!  How to do:  http://www.greenlivingtips.com/articles/139/1/Hot-water-heater-blankets.html