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Mortgage Basics: What You Need to Buy, Refinance

San Diego-Union Tribune -- The U.S. mortgage-lending landscape has changed drastically from the boom years when, in many cases, lenders were generous with zero-interest terms and no-down payments.

Now, the scene is much different: Requirements are more stringent, potential homebuyers are going through more hoops and lending rules have changed.

The Union-Tribune spoke to several local and national mortgage experts to help consumers navigate the current market. It’s easily explained with a series of “thens” (during the local market’s peak in 2005-2006) and “nows.”

Now: Though rates have risen steadily in the past few months, they’re still historically low, hovering around 5 percent, said Mark Riedy, executive director of University of San Diego’s Burnham-Moores Center for Real Estate. (Full Story)