NEW YORK (CNN/Money) - Once again we are dipping into our five tips mailbox to answer some of your great questions. Here are today's five tips...

"I am still having trouble deciding whether to continue renting or to buy. I live in La Jolla, California where prices are ridiculous. I live on the beach paying $800 a month in a small one bedroom. I can afford to buy if I choose but my standard of living would be much different. Please give me your opinion."

-- Greg, La Jolla, CA

You are certainly correct about home prices in your area. Home prices in the San Diego area were up 16.1 percent year over year in the first quarter, according to the Office of Federal Housing Enterprise Oversight's index.

Even scarier, prices are up more than 95 percent over the past five years!

But high prices alone shouldn't keep you from enjoying the benefits of owning real estate.

One of the biggest benefits is the mortgage deduction. Mortgage interest on your primary home is -- with exceptions -- deductible from your federal taxes.

If you can't afford to buy close to where you work, think about buying a smaller, cheaper home or condo in a less popular area, where prices are lower. This way you can have a second home and still get the mortgage deduction. Then once prices begin to stabilize in your area you can sell the other property and buy something else.

If you continue to rent you want to make sure you are saving money elsewhere at a serious rate. If you can't afford a second home, at least think about setting additional money aside in savings.

One of the benefits of real estate is that homeowners are forced to set aside money each month for their mortgage - an enforced savings that ultimately builds up as equity. Rent to a landlord has no such advantage.

Log onto www.Quickenloans.com for a calculator to help you sort out if you are better off renting or buying. And, CNN/Money's new real estate section also has several real estate calculators including one to help you figure out how much house you can afford.

"My husband and I got married this past September. We would like to save for a house (and rainy day). Where would be the best place to put the money so that it's building interest?"

-- Maura, Hartsdale, NY

First of all, congratulations on saving as a couple early on. Hopefully you have been open with one another: Big problems can arise when couples get married and don't understand each other's spending and saving styles.

You'll also want to discuss how much debt you are each carrying. Before you even begin saving you may want to start paying down some of your high-interest debt.

Now, if you are saving for a house, financial planner Gary Schatsky suggests putting some money into a money market fund, short-term CD or better yet a short-term bond fund.

The Vanguard short-term corporate bond fund (VFSTX) is among his favorites. It yields about 3 percent, has limited volatility and an average maturity of two to three years. You can get access to the funds whenever you want and there is no penalty for withdrawals.

Buying yourself peace of mind in a rainy day fund is also a smart idea since most of us think "it will never happen to me." So, how much should you sock away? Ideally three to six months of your living expenses. But, of course, the amount you are able to save depends on your personal financial circumstances and obligations.

Treat the emergency fund as a monthly bill that you must pay. You'll also want to make sure to put the money in a fairly liquid vehicle, such as a savings account, which will allow you to withdraw the money when you need it.

"I'm about $70,000 in debt, all student loans. The majority are private and I am not eligible to consolidate them. Thankfully, I've never defaulted. I'd like to pay more than the bare minimum per month. Would that save me money in the long run?" -- 2000 Graduate, Philadelphia, PA

First of all, you want to consider consolidating all your loans that were not privately issued, according to Mark Brenner of College Loan Corporation. This will save you at least some money on repayments and the interest you pay over the life of your loans.

Some lenders also offer consolidation for private loans. But be careful -- check to see that you are getting a lower fixed rate on these programs before signing up.

Meanwhile, private loan terms vary greatly depending on the lender. In general paying more than the monthly minimum should save you interest over the life of the loan.

But there are some exceptions. If you signed up for a fixed repayment length, you'll end up paying a set amount of interest regardless. In that case paying more in monthly payments will not actually save you money over time.

Also, since private loans vary by institution, you should work with your lender to investigate what plan works for you. Ask them if paying more now will save you interest in the long run.

For the majority of you with federally backed student loans, it is smart to pay more than the bare minimum since there is no pre-payment penalty. Pay a little bit more each month and see if you can financially handle it. It is also wise to take out all of the federal loans you can first before you to turn to the option of private.

Federal loans have both better terms and better interest rates. If you are struggling to make payments, ask your lender what options they can offer you. The College Loan Corporation offers free student advice at 1-800-2-COLLEGE.

"I recently went through a bankruptcy. I know it will be very difficult to get financing for a new home. But I was wondering if there are different requirements for a condo or if it is the same as obtaining approval for a detached home?"

-- Jason, Phoenix, AZ

It is much harder to get a mortgage for a home if you have filed for bankruptcy. It can also be on the pricey side since you would most likely fit into the category of sub-prime credit and be expected to pay a higher interest rate.

But, this isn't to say you shouldn't try to get financing.

Keith Gumbinger of HSH Associates says it is important to let potential lenders know what conditions led to your bankruptcy. Were you delinquent in paying your bills? Or was there a family tragedy that caused your problem?

Gumbinger also advises homebuyers to speak to several mortgage lenders since terms and conditions among them can vary widely.

Although borrowers in this situation may feel desperate, they still need to approach this methodically and logically. Do not feel pressured to sign the first proposal put in front of you even if it seems too good to be true.

Now, as far as whether there are different requirements for a condo? Not really. Most lenders will not look any differently at you depending on the type of real estate you want to purchase.

Condos are also not necessarily less expensive than a single-family home. In fact, in the fourth quarter last year the typical condo cost more than a detached home for the first time.

The median existing price for a condo was $174,000, up 14.9 percent from a year ago, according to the National Association of Realtors.

The bottom line is that because of your situation you may be limited to the amount of money you can borrow and therefore to the types of properties you can buy.

One other point, most lenders will not consider you for a mortgage until two years after you are relieved of the bankruptcy, according to Alfred King, spokesman for Fannie Mae. Nonetheless, get out there, speak to lenders and get a full understanding of what your best options are.

"Can you explain how to determine one's credit score? How do the different credit analysts determine whether I'm a 680 or 750?"

-- Cris, Okeechobee, FL

Now more than ever you'll want to be aware of the information in your credit report. A recent survey by the national lobbying office for state Public Interest Research Groups shows that one in four credit reports contain errors serious enough to cause consumers to be denied credit, a loan or even a job.

So how are credit scores determined? The days of the loan officer carefully calculating just how much money to lend you are over.

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Simply put, a credit score is a mathematical equation that puts together all types of information from your credit history and determines your level of risk in paying back loans. Most of your score boils down to just how conscientious you are in paying your bills regularly and on time, especially credit card debt.

Most consumers score between a 300 and 850. Scores in the range of 620 to 650 indicate basically good credit. And a score above 680 will most likely qualify you for the best rate your lender has to offer.

The three major credit bureaus, Experian, Equifax and TransUnion calculate your score. And, the scores can vary based on the information that these companies collect. In fact, TransUnion says the average person's credit score varies as much as 40 points between the three agencies.

Unfortunately, you can't force bankers to look at only one credit report. Chances are, they will see all three. So, if there is a noticeable difference or you spot some discrepancies you'll want to investigate.

When you find inaccurate information on one of the reports, try to work with the credit agency to clear up the problem. Start by writing a letter to the agency detailing how the report is wrong and provide information, receipts and cancelled checks, to back up your claims. Make sure to send the letter via certified mail; this way you know the agency received it.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.