The House of Representatives approved legislation by Reps. Waters (D-CA) and Frank (D-MA) to extend authority under the National Flood Insurance Program until March 31, 2010. Without this authority, the program could not issue policies effectively preventing property buyers from legally obtaining mortgage loans in federal designated floodplains. The extension is needed to give Congress more time to consider long-term reforms to the program. Next the Senate must approve the legislation before the program’s current expiration date, which is September 30th.

On July 29, 2009, the Federal Reserve Board issued a new publication, “5 Tips for Shopping for a Mortgage,” to help consumers find the mortgage that is best for them. The 5 tips, including advice and helpful links, are:

1. Know what you can afford.
2. Shop around—compare loans from lenders and brokers.
3. Understand loan prices and fees.
4. Know the risks and benefits of loan options.
5. Get advice from trusted sources.