According to Trulia’s Summer 2012 Rent vs. Buy Report, buying became cheaper than renting in all of the 100 largest U.S. metropolitan areas. To determine this, Trulia used several factors that will not apply in all instances: a 3.5 percent mortgage, itemized deductions at the 25 percent federal tax bracket and a seven-year time horizon. The Trulia report ranked home-ownership affordability highest in Detroit, where the cost savings of owning over renting amounted to 70 percent. In Los Angeles, the difference dropped to 32 percent—still, home-ownership represents a savings over renting. “If buying a home is cheaper than renting in every major metro and makes financial sense in most situations, then why aren't more people buying? The reason is because many people can’t take advantage of today’s affordability,” said Jed Kolko, Trulia’s chief economist. “It takes years to save enough for a down payment, ...

Winning clients is about establishing yourself as an expert by playing part business manager and part counselor. No matter what role you’re in, you need to offer the real estate information that matters most.  That means understanding their worries and woes and being ready to give the answers that motivate them to purchase a home and use you as their expert guide for the process. Here are the 5 top questions that plague buyers today and ways you can answer them to win more transaction-ready clients: 1.  How do I boost my credit rating? 2. How much home can I afford? 3. What neighborhoods are best for me? 4.  Is now really the best time to buy? 5.  Which agent should I use? To read the answers to these question, CLICK HERE !  What worries would you add to the list? What’s the biggest worry of buyers and buyer prospects in your area?

Getting a mortgage loan has become challenging in recent years. Don't expect that to change anytime soon. Lending standards will remain tight in 2012, but that doesn't mean you won't be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare will improve their chances of success. These tips will help you stay on top of your game as you try to secure a mortgage in 2012. Study your credit Good credit is the key to snagging a mortgage in this tight lending environment. Get copies of your credit scores and credit history from the three main credit-reporting bureaus. Study the reports carefully to make sure there are no errors or issues to resolve before applying. Most lenders require a minimum credit score of 680 to comply with Fannie Mae and Freddie Mac’s guidelines. Federal Housing Administration loans — which are guaranteed by the FHA — allow for lower scores, but most lenders want to stay away from scores lower than 620. Prepare...

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability. Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.” In contrast to a low of 74 percent reached in mid-2010, banks are now lending...