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.