"The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers" said Freddie Mac vice president and chief economist Frank Nothaft in a statement in March 2008. Pent up with excitement,
many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application. But, they should realize that there's a whole new set of expenses that must be covered before actually closing on the sale.