The old adage of "bigger is better" is completely passé now. If you want to be on the forefront of what's hot in today's world, don't think big; think small! It's all the rage in nearly every industry-mobile phones, music players, fashion (mini skirts and slim jeans!), and cars. And guess what? That trend is also big in real estate. While it used to be empty-nesters and retirees who were most likely to downsize their home, more and more growing families are joining the "smaller is better" revolution when it comes to their choice of home. Why? They want a better quality of life now, while they're young enough to enjoy it.

Though there are many benefits of downsizing a home-decreased utility costs, less expensive home maintenance, and cheaper property taxes, for example-the biggest benefit of downsizing a home is the money saved on mortgage payment. I know what you're thinking: If you buy a smaller home, you'll be cramped. Well, consider this: If you're like most Americans, 45% - 55% of your income is dedicated to your mortgage payment and mortgage-related / homeowner-related expenses. When you consider your other financial responsibilities, that doesn't leave very much disposable income to just enjoy life! Going smaller, however, definitely makes more room in your budget, which means you can spend more time outside of your home exploring the world! Let's look at an example:

The average preferred size home in America today is 2,500 square feet. Now, let's say that the price tag for a home that size is about $240,000. With a 20% mortgage down payment and a mortgage rates of about 5.33%, the mortgage payment would be $1,225.77 / mo. Now, if we compare that to a 1,500 square foot home priced at $175,000 and a 20% mortgage down payment, the mortgage payment would dip to $780.04 / mo. That's a decrease of $445.73 in your mortgage payment. Over the course of one year, that's a mortgage savings of $5,348.76! Plus, you'd save about $40 for every $100 of utilities every month, which is another $480! That's nearly $6,000 annually. How much more living could you do with that kind of savings each year?

Now, for those of you who really want to super-size your mortgage savings by downsizing, you're going to need to hunt for a special kind of home: A Small House. These types of homes, which are designed by specialty builders like Tumbleweed Homes, provide the ultimate in mortgage savings.

Small Houses are cozy cottages that take economizing living space to the extreme; on average, they range from 80 square feet to less than 1,000 square feet! Of course, opting for a small house will take some getting used to for most Americans; there's room for luxuries but not non-necessities. However, if you can make the transition, it will certainly pay off in the long run. The tiniest of Small Houses can be purchased / built for about $25,000 and the larger Small Houses-even those built with top-notch fixtures and building materials-typically have a price tag of less than $70,000! Therefore, a mortgage payment at 5.33% for a 30-year mortgage would be just $390.02 / month! That's an 835.75 monthly savings on your mortgage payment if you downsized from a 2,500 square foot house, which equates to savings of $10,029 per year! Now how's that for a manageable mortgage payment, and an affordable way to live big by thinking small?

"Hogwash!" That's what you should scream out in your mind if you ever come across a mortgage broker who tells you a lender will only offer you a larger mortgage loan is if you make a bigger mortgage loan down payment or improve your credit score. While both tactics will certainly encourage a mortgage lender to reduce your mortgage rate, neither tactic is truly effective in helping you to secure a mortgage loan greater than what you've been offered. However, if your dream home is just slightly out of reach, there is one way that may result in a lender granting you some additional credit: A green mortgage.

While they're not new, green mortgages (aka energy-efficiency mortgages) are gaining popularity today because more Americans are more environmentally conscious. Plus, with rising costs on food, clothing, energy and just about everything else, more homebuyers are looking to cut costs any way they can; that includes agreeing to "green" their soon-to-be new homes. That's exactly what a green mortgage is designed for: To save homeowners money in the long run.

The way green mortgages work is similar to any other mortgage. First, you must apply and qualify for a mortgage loan! That's the biggest hurdle to get over. Once you do, and if your lender offers green mortgages or has a green mortgage product, you follow the firm's specific procedures from there. If you're accepted as a green mortgage candidate, the lender will loan additional monies.

Now, green mortgages are not "name your mortgage amount: type loans; the amount is capped. Typically, lenders will up to 15% of the home price. Though each mortgage lender may state stipulations in various ways, the main stipulation is that the loan amount beyond the home price must be used for energy-efficient improvements or installments on the home. For example, you may decide to use some of the monies to install lighting that uses electricity more efficiently, low-flow water pumps, and a water recycling irrigation system.

Now, I bet you're wondering how taking on a bigger mortgage loan and greening a home saves the homeowner money in the long run. Simple: By installing or improving the home so it's more energy-efficient and environmentally friendly, the homeowner saves money on utility bills-water, electricity, etc. Homeowners can easily save $200 or more each year on utilities. That savings will "reimburse" the homeowner well before the 30-year term of the loan has been reached; the savings on utilities also makes managing the slightly higher mortgage payments manageable. Plus, there's an added benefit for buyers who obtain a green mortgage for a newly constructed home: The homeowner will save on the cost of the building materials used on the home.

If you're interested in a green mortgage, the first step is to do your research into lenders who offer them; the lenders are few and far between so do not be surprised if they are not available in your area. Also, realize that, mortgage lenders are highly selective in those to who they will offer green mortgages. Don't let that stop you from asking though because you never know. Besides, even if you don't get a green mortgage, you'll still have your home...and can green it when you're financially able.

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If a tree falls in the woods, does it make a sound? If a Web site is posted on the Web but no one knows how to find it, is it really there?

I, like many am still undecided about the tree riddle, but when it comes to the Web site riddle, there is no question. If a Web site is posted on the Web but no one knows how to find it, it isn't there! Finding information on the Web is all about someone and something knowing that the Web site is available for accessing. If a search engine doesn't know what your Web address is and the type of content on your Web site, it cannot send Web surfers to your site. Additionally, if Web surfers never have the opportunity to be exposed what your Web site has to offer, they will never know about your wonderful business. That would be bad for business, very bad.

So, what do you do? Simple. You introduce your Web site to search engines and Web surfers via online promoting. Here are some the most common and effective online Web site promotion tactics that you can implement yourself immediately after launching your Web site:

Step 1: Determine who you want to visit your Web site. This should be based on the target audience for your business. Here's what you need to know precisely:

1. Who is your target audience?

2. Are your goods or services directed toward local, national or global audiences?

3. What keywords would they be most likely to search for in order to find the goods / services you sell?

4. What might be some of sites on the Web that your target audience may frequent?

You will not be able to successfully and effectively market your Web site online if you do not know the answers to these questions. You must focus your marketing efforts!

Step 2: Submit your Web site URL to the major search engines and get listed in the major Internet directories. Why? Search engines and search directories call the shots on the World Wide Web. It's a fact. Therefore, it is critical to be in "cahoots" with them. Without submitting your URL to search engines or listing your Web site in the directories, search engines won't know to crawl your Web site and Web surfers will have a hard time finding your Web site without already knowing your Web site address. In North America, the major search engines and directories include the following:

Google                       Open Directory

Yahoo!                       Yahoo! Directory

MSN                           LookSmart

Ask                            Yellow Pages / Super Pages

Keep in mind that those are just the major search engines and directories. There are literally hundreds on the Web to which you could submit your information, but that's not really necessary. However, one thing you will want to consider is researching business-specific directories on which you can further promote your business. In many cases, submitting your Web site the search engines and directories will be free, but some of the companies do charge a fee. Also, if you plan to do business in outside of the United States, or if your target market is not North America, you will need to research to find out what the major search engines and directories for the nation you're targeting are.

Step 3: Seek out beneficial reciprocal linking opportunities. While having your site listed is critical to having search engines acknowledge and Web surfers to find your site, having a number of links to your site is also important. That's because the more links to your site there are, the better your rankings within the search engines will be. Haven't heard of reciprocal links before? Well, reciprocal links are made possible through a simple agreement between you and another Web site owner; you both agree to display a hyperlink on your Web site to the other's site. That's all there is to it but here's one final thought regarding reciprocal links: When choosing partners to exchange reciprocal links with, choose Web sites that complement or are related to the product or service that you offer; it's the best way to get traffic that encompasses your target audience.

Step 4: Invest in online advertising. Pay-per-click (PPC) and pay-per-impression (PPI) ads are the most common forms of online advertising. PPI ads are ideal if you can pinpoint the people who you want to see your advertisement and attract to your Web site. For example, if you're a local restaurant owner, you may choose to purchase PPI advertising on the Web site for the local newspaper in the movies section. Meanwhile, PPC ads may be a better investment if you're planning on advertising to a wide audience. PPC ads are triggered by the keywords that you choose in efforts to attract people who are searching for what you're selling. If a search engine finds your Web site to be relevant, your ad will appear in the ads section of the surfer's search results. PPI and PPC ads can be in the form of image or text ads so you do have some flexibility on how your ads will appear to potential consumers.

Once you've done all of the above, you will be in good position to attract more Web traffic. And though the advice above is solid, tried and true advice, there's one piece of advice that is essential: Be patient! Building steady Web traffic takes time-months or even years, actually. Therefore, don't expect hundreds or thousands of hits overnight. Once you're able to give up the DIY online promoting, consider hiring a firm that specializes in search engine optimization and promotion to help speed up the online process...and free up your time to handle other aspects of your business.

- Find low mortgage rates and compare mortgage lenders at CompareMortgageQuotes.ca

Being a homeowner is a huge undertaking. As a homeowner, you're responsible for mortgage payments, property taxes, maintenance on the home, and the exterior upkeep as well. They're all major responsibilities but the one responsibility that's the most important, and that will affect your ability to handle the responsibilities listed above, is selecting an affordable mortgage loan; the key to that is know what your financing options are and how to use those options to your advantage. Three steps is all it takes.

The first step in using your financing options to your advantage is to shop around for up to three mortgage lenders-whether they're brokerage firms or bank-direct lenders-to foster the financing of your mortgage. Find firms / mortgage consultants that are patient, willing to answer your questions directly and that appear to genuinely care about helping you find a good mortgage loan. Do not move forward with the second step until this is done.

The second step is to order your credit reports from Transunion, Equifax, and Experian. The goal here is simple: To find out your credit standing before you have a mortgage consultant make an official inquiry. Once you have your credit reports, look to see which report has the lowest credit score; use that number as the credit score you give to mortgage consultant to help them determine the types of loans for which you may be eligible. That way, you'll know what your mortgage loan options are in a "worst case" scenario.

The third step after you've chosen a your potential mortgage lenders and have your credit reports in-hand is to look at all of the financial aspects of each mortgage loan your chosen mortgage consultants offer you based on that credit score. More specifically, you should pay attention to the (1) mortgage rates, (2) mortgage points, (3) mortgage down payment requirements, (4) mortgage loan fees, and (5) private mortgage insurance requirements. Here's a look at what you need to know and ask in order to make sure you select the best (aka least costly) mortgage loan:

Mortgage Rates

Mortgage rates are the interest rates at which a lender agrees to loan you money for your mortgage. The rates for a proposed loan can be fixed, variable, or a combination.

» Where can I find a list of the current mortgage rates your firm offers?

» Are the listed rates daily, weekly, or monthly rates?

» How will I know whether the rate is fixed or adjustable?

» For the adjustable mortgage rate loans, how often do the rates change?

Mortgage Down Payment

The mortgage down is like any other initial payment; it's simply a way to show the lender that you're willing to financially invest in your home purchase so they're not taking all the risk. Generally, the larger down payment you can make, the better. With that said, here's what you should ask:

» What is the minimum down payment required for each loan?

» By how much will my mortgage payment decrease if I pay a larger down payment than
    the minimum required? Note: You can also do this online yourself with a mortgage loan
   calculator.

Mortgage Points

Mortgage points can be a fee applied to your loan; they can also be a way to decrease the cost of your loan. Therefore, be sure to ask:

» On which of the loans is purchasing points to decrease my interest rate an option?

» What is the actual dollar cost of each point for X loan?

» By how much will each mortgage point purchase decrease my mortgage loan payment?

Private Mortgage Insurance (PMI)

Private mortgage insurance is an additional cost that some lenders require of homebuyers to protect their investment in case you default on the mortgage loan. Some buyers are required to pay it; others are not. Therefore, anytime you're applying for a mortgage loan, ask:

» Based on the down payment I am able to make and the loan types I'm eligible for, will I
   need to pay for private mortgage insurance?

» How and from where can I get PMI?

» By how much will my private mortgage insurance increase my mortgage payments?

» At what point will I be released from being required to have private mortgage insurance?

» What can I do to not have to pay PMI?

Mortgage Loan Fees

Mortgage lenders often have fees they attach to loans, which means more money out of your pocket. Now, there's no way to get around paying some fees but you can minimize the amount of the fees you do pay. So, be sure to ask:

» Are your fees based on the mortgage loan amount, set fees, or a combination?

» Where can I find a list of your mortgage loan fee schedule?

» Where can I find an explanation (disclosure) of each fee?

Once you have the answers to all of the above, sit down and compare each of the loans. Be sure to consider the up-front expenses as well as the monthly costs and overall costs of the home purchase. Putting the numbers side-by-side in black and white will help you to see which loan(s) are the most fiscally smart. Admittedly, this may not be the fastest or most convenient way to shop for a mortgage but it is the smartest. Therefore, take the time and put in the work. If you do, you're sure to end up with a mortgage that will allow you to enjoy your home and live comfortably with cash to spare!

Home mortgage rates are at record lows; however it is quite likely they will be going up soon due to the current mortgage environment. Because of the subprime mortgage crisis the entire financial system across the globe has been impacted. In fact, the crisis has resulted in many failures of huge companies including government sponsored entities as well as mortgage companies and investment firms not to mention tens of thousands of foreclosures. The crisis has escalated over 2007 and 2008; however it began several years ago quite slowly. This financial crisis has not only affected current home mortgage rates, but will surely change the face of lending forever.

Current mortgage rates
Mortgage rates are currently quite low making this a perfect time to buy a new home. However, buying a new home is more difficult than ever because lenders do not have the money to lend and/or they have such high lending requirements that the vast majority of potential borrowers do not qualify. Unfortunately, this combination will affect the mortgage environment even more because when banks do not lend money not only does the housing market stagnate, but it also affects daily business. In fact, the fact that banks are wary of making loans these days is unlikely to change in the near future as it is predicted billions of dollars in credit card debt will also be defaulted on soon.

How did we get here?
Those wondering how the current housing market arrived at such a state should understand that the subprime and adjustable rate mortgages were at fault for the busting of the US housing bubble. The rate of default on these loans was staggering and looking back it is easy to see where trouble was brewing. However, at the time banks had lax lending standards and were approving practically anyone who applied for a home loan with very easy terms. What happened is many individuals were approved for loans for homes that they could not afford. These individuals, as well as the banks, were confident they could easily refinance into easier terms because housing prices were skyrocketing and everyone simply ignored the fact that defaults were up and too many people were being approved for loans they truly could not afford. All of this works together to create the current mortgage market that is quite unstable.

Where to go from here
The biggest hurdle will be to get the already gun-shy banks and lending institutions to start lending again. They are too worried to loan large sums for homes when so many defaults have occurred. In fact, some major banks have failed and been bought out by other banks due to their inability to make it through this crisis. However, the only hope for banks to survive is to begin lending again. That truly is their bread and butter and without loans more banks will go under. So, what can banks do in this particularly challenging mortgage loan market?

One thing that has been done in the US is a bailout to the tune of $700 billion. This money will go to shore up the banks and allow them to begin lending again. Of course, in order for banks to begin lending again potential borrowers are going to have to offer some form of protection to the bank in the way of a substantial down payment. Those with excellent credit may be able to qualify for better terms; however most borrowers will find they are required to provide a down payment of 5 to 10% of the home's purchase price.

The home mortgage market is changing on a daily basis and most banks and consumers are hoping the worst is behind us. That is not a guarantee on the financial markets will probably be reeling for some time. However, the credit market has certainly been changed by this financial crisis.

Mortgage rates throughout the US and Canada have spiked over the over the past few months; it's a sign of the times but that doesn't mean that you have to scrap your game plan if you were planning to buy a home. A little refining of your "road to homeownership" plan might be in order though.

For instance, what was your goal for your real estate purchase? Did you plan to live in in your home or were you purchasing the real estate for an investment? Knowing this before you actually buy is key because it will affect every other part of your homeownership plan. For instance, now is a great time to get exceptional deals on real estate IF you plan on living in the home but if you don't have enough disposable income, now may not be the best time to flip real estate or to become a landlord.

Another question that you may need to consider is the type of loan that's best for you. What you originally planned for may not be the best type of loan for today's economy. For example, if you once thought that a variable rate non-conventional loan was ideal, that may not be the case anymore. With the volatility of today's economy, it may be smarter to consider a fixed rate mortgage. That way, you'll know exactly what your mortgage payments will be and can budget accordingly. Also, a short-term loan, which will allow you to reevaluate your loan in two to three years and adjust accordingly, may be a better option than a long-term loan.

In addition to knowing what your goal is and re-thinking the type of mortgage loan that is best suited for you in this economy, you should also re-think exactly how you will pay for the real estate; your original plan for accruing the monies needed for the mortgage loan down payment and closing costs may not be as feasible now as it was when you first decided that you were going to buy real estate. Did you plan on using an annual bonus from work? Were you just going to pay for the down payment and closing costs out of your savings? Maybe you thought you could afford to borrow money from a retirement account. If you planned on using equity from a current property or financial assets from previous investment, you'll definitely need to re-think your strategy based on the current and projected economy. The point is that, whatever you had in mind, you MUST re-think that decision to make sure it's still the best option, taking into account how your decision will affect you financially in the long run.

If you have asked all of the above and have reasonable responses, the next question to ask is: What's your plan for staying a homeowner or landlord once you've have successfully purchased a home? If the home will be your primary residence, you'll need to plan where the monies will come from for utilities, interior and exterior maintenance, taxes and mortgage payments. Then, figure out how to lower the costs of each of those as much as possible! If you're going to be a landlord, you'll need to not only estimate costs for maintenance and utilities but also how you'll cover the home mortgage payments if your tenant fails to pay rent. As for you investors who want to flip real estate, you'll need to budget wisely as it may take you longer than expected to sell the property. Also, keep in mind that a flip may not earn the same ROI as it would've a year ago. Therefore, do not take on a larger mortgage loan than you can truly handle. Remember: Investment property or not, the home will still be your property so you will still be responsible for everything related to owning the real estate.

The final part of your plan for home ownership that you should re-think is your contingency plan. This is critical! As stated earlier, the economy is different today than it was six months ago. A year from now, it could be significantly even more different; the economic pendulum could swing either way. Therefore, plan for the worst and expect the best. That way, you won't have anything to worry about once you get approved for your mortgage and buy the real estate you've been wanting!

Just like many things in this world, not all mortgage loans are created equal. In fact, there are numerous loan offers that you might find scouring the Internet or by visiting with multiple mortgage loan consultants. The question is: How do you determine which mortgage loans are great mortgages? Well, as the saying goes, great things come in threes...or in this case, in three steps.

The first step to finding a great mortgage loan is to hire a quality mortgage consultant. In the real estate business, that means having a mortgage loan consultant who operates with transparency so you'll know every fee that you'll be assessed and the amount of each fee. A transparent mortgage loan consultant will also explain everything-even the things you don't ask but need to know-in plain language so that you fully understand everything related to obtaining a mortgage.

The second step to finding a great mortgage loan is to find an appropriate mortgage loan. What does "appropriate" mean? It means that the mortgage consultant you've chosen to work with has located a mortgage loan that has a feasible interest rate for the payments you can afford; the lower the mortgage rate, the better. There is a catch: Mortgage loan consultants in Florida, California, New York, or anywhere else in the US can only offer you the mortgage loans that you are eligible for, which is based on the current  market rates and your credit score. Therefore, be sure to keep tabs on both.

The third step is to put on a pair of mortgage loan blinders. By that, I mean you need to narrow the scope of the types of loans you'll entertain; only consider loans that are 100% buyer-friendly. Ideal buyer-friendly loans give you, not the lender or the mortgage broker the advantage. Buyer-friendly loans have flexible loan terms. For instance, the loan may be available as a one to ten year loan; it may be available as an open, closed, variable, or convertible mortgage. Another key sign of a buyer-friendly mortgage loan is that the mortgage allows you to have some control over the interest rate. If a mortgage loan consultant says that "points" is an option, it's an offer worth considering. Mortgage loan points, in case you don't know, allow you to decrease the interest rate on a given loan. Though buying points will increase your initial mortgage loan costs, it'll save you money in the long run. That's why it's a great option to have, regardless of whether you utilize it.

If you follow the steps above as you begin hunting for your perfect mortgage loan, you won't have any problems finding a loan that you can live with. Keep in mind that finding such a loan does take time. Be patient, plan ahead, and most importantly, find the right mortgage consultant or firm to help you along the way first!

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With everything that has been taking place in the past few months with mortgage giants Fannie Mae and Freddie Mac, there is no doubt that families and individuals are feeling anxious about their finances and home's futures.

            The trigger of the real-estate boom that the country had been going through mostly throughout the last four to five years was due in large part to low-mortgage rates. 30-year mortgage rates went down as much as 6.32% in 2005 which made the possibility to buy property much more accessible to those who were unable to before, especially those earning low-incomes.

Ultimately however, people's finances began to spiral out of control and although home- buyers were reveling in low-mortgage rates, the real estate reality was very different.

The government take-over of Fannie Mae and Freddie Mac during the summer of 2008 was distressing at best. Neither had sufficient capital to sustain themselves throughout the crisis, consequently making a government take-over necessary. Both Fannie Mae and Freddie Mac control ½ of United States mortgages and the take-over consequently drove rates down a staggering 6.2%.  The real estate bubble burst and people were seen dealing with sudden and unexpected foreclosures.

            The question now is: How does the housing market look now? Will low mortgage rates continue and for how long? As of last week (the week of September 15), home mortgage rates had fallen to 5.78% down from the previous week's 5.93% which motivated a significant amount of buyers to apply for loans. The 15-year fixed mortgage rates are now at 5.35% while one year adjustable rates are at 5.03% (source: iht), making low-mortgage rates likely to continue.  

            Despite these low-mortgage rates, the housing market is not likely to look much better in the near future. According to the National Association of Realtors, the median national home price went down 9.5% to $203,100 indicating that people are now more reluctant to apply for loans because of the current financial crisis the country is facing.

            The U.S. government is now seeking to pass a $700 billion financial package that would bail out financial institutions in peril, but if passed, that does not mean that the housing crisis is going to fix itself over time. Though low-mortgage rates exist now, rates continue to fluctuate and can by no means be considered "stable." As long as investors continue purchasing bonds, investors will be less reluctant to keep interest rates down.

            As long as you, or anyone else wishing to apply for mortgages has a good credit history and a record of paying on time, then the eligibility to obtain loans will be more likely. Due to the current economic crisis though, banks will be much more careful in handing out loans. Obtaining credit will require a much more careful examination of records which in turn will affect the housing industry despite the low-mortgage rates being offered. People affected may include younger individuals wishing to purchase property or those in general who have never bought a home before. In the end, the better credit report, the more favorable rates for your home will be given.

            Low mortgage rates are not only an American issue though. They are seen overseas in places such as England where approval rates are increasingly more difficult to obtain as banks there have seen the crisis in the United States and are now more cautious in how they themselves handle their housing market which has also been seen in the world's second largest economy, Japan.

            Despite the rates maintaining themselves relatively low, some prefer to wait for rates to dip even lower as is the case in Hawaii where even though mortgage and interest rates are low now, the fluctuation in rates cause people to believe that better rates are yet to come . These cases are not only seen in Hawaii though, but throughout the rest of the country as well.

            Wherever home buyers may be, the outlook for mortgage rates remains uncertain because of the changing regulations banks are now going through as a result of the problems the home markets have gone through as well as the rise in foreclosures people are now seeing in their own communities. It is ultimately up to the buyer along with the sound advice of their banker that a decision on buying a home should be taken. Only then should a choice be made because the long-term consequences may not only be damaging to the individual, but as seen by today's current crisis, everyone else who may own a home as well.