If you are planning to take out a mortgage or refinance, you might want to hear this blunt message from federal officials: Don't fly blind. When you're shopping among competing lenders for the best terms and fees, make sure you know which quotes come with a guarantee and which do not. (Washington Post)

With all the bad news about underwater homeowners and strategic walkaways, you might think that American homeowners' equity holdings are in the tank. But the least-publicized recent statistic on real estate is that, despite these scary reports, home equity is again on the rise. (Washington Post)

Income tax returns are the most imaginative fiction being written today."

-- Herman Wouk

The concept of "principal residence" is critical in our tax laws. To qualify for the first-time-home-buyer tax credit, the house you buy must be your principal residence. If you want to claim the exclusion of up to $500,000 in capital gains ($250,000 if you are not married) when you sell your home, that property must be your principal residence. (Washington Post)