Cutting Debt: Tips from the Pros

Was one of your resolutions this year to pay off some debt? Finding it harder and harder to pay down debt today? Money Stacy Johnson has a few tips for secrets to paying down that debt. (Video runs 1:32)

What about you? Any ideas you have for cutting down on the debt that wasn't mentioned in this video? We'd love to hear them. Just use the comment link below to tell us your thoughts.

What is Happening to Mortgage Brokers?

What a difference a burst bubble can make. Only two years ago, mortgage brokers originated more than two-thirds of new loans, according to Wholesale Access, a mortgage research firm. Now their share of the mortgage pie has dropped to 45%.

That's a shocking loss of market share when you consider that brokers were supposedly a boon to borrowers. Because they don't work for any one bank, they can (supposedly) shop dozens of lenders on your behalf to get the best loan at the lowest price.

But they seldom did. Instead, many of these mortgage brokers pocketed kickbacks from banks in return for selling borrowers unnecessarily costly loans.

An April study by the Center for Responsible Lending, a nonprofit organization working to eliminate abusive lending practices, found that among borrowers with credit scores of 640 or less, those who used brokers paid an average of $5,222 more in the first four years of their mortgage than those who borrowed directly from a bank. Borrowers with credit scores of 640 to 720 paid $1,316 more.

If shopping for a mortgage, and you want to use a mortgage broker instead of going directly to a bank, demand that your lending middleman set his fee in advance - not just what you will pay but also what he will get from the bank, which affects your rate. His or her total fees should not exceed 2% of the loan.

Have you used a mortgage broker before? Do you feel you were treated fairly? We'd love to hear your experiences, or if you have never used a mortgage broker before but know of someone who has, leave us your comment or thought on this matter below by clicking on the "commment link". We'd love to hear from you on this subject.

House Swapping

With summer vacations just over the horizon, here's an idea you may not have thought of to increase the value of your next vacation.

One of the most expensive parts of travel is a hotel. But what if you could stay in a full-sized home for no money at all? Thousands of people do it every year. It's called house-swapping.

Stacy Johnson explains in this video, which runs only 1:30…

Have you ever "house swapped" before? If you have.. please share your experience with us. Was it a good idea? Did you get what you were expecting? Was your house in tact when you got back home? Tell us about any experience you've had with house swapping. Just use the comment link below to sound off about this.

Johnson CO Kansas Real Estate Investing: The Time May be Right

Listen to all the bad news reports. It's the worst time since the Great Depression to buy real estate, right?

Not so, according to some individual investors, who think the market slump has made selected areas more desirable than they've been in years.

While many buyers, whether potential residents or investors, are staying on the sidelines, largely from fear that prices will continue to plummet, some private investors think there's no time like the present to take advantage of a market in freefall.

Overall, homes sales have plunged to record lows. However, the percentage of investors in the market is edging up, according to DataQuick Information Systems, a real estate information service.

Real estate investors should not expect a return to the no-money-down days, which means they already have cash on the line as soon as they buy. But remember what Warren Buffett says, "the fact that a market is not turning around in the next year isn't significant. If you wait long enough, the market has always gone up since the days of the caveman."

What do you think? Is now the right time to invest in real estate? We'd love to get your opinion on that. Go ahead and click the "comment" link below and sound off.

Taxes: Your Odds for an Audit

If you've already filed your taxes this year, and are now relaxing for another year, don't get too comfortable just yet. Seems the IRS is now auditing more taxes than ever, and the number is only expected to get larger in the future.

Being rich has some fairly obvious advantages. But there are also drawbacks. For example, this time of year when a big income may mean bigger odds of an audit.

Money Editor Stacy Johnson takes a look at your odds of an audit in this short video. (Clip runs 1:16)

Do you worry about an audit on your taxes? Do you use an accountant thinking that might save you from getting that dreaded audit letter? We'd love to hear your opinion on this. Use the comment link below to tell us what you think.