Terms of Use: The U.S. Department of Housing and Urban Development (HUD) was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws. HUD helps people by administering a variety of programs that develop and support affordable housing. Specifically, HUD plays a large role in h  More...

Terms of Use Credit reports contain a wealth of information about your credit history. Consumers now can get a free copy of their credit report. It's important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud. A study by U.S. Public Interest Research Group found that one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or or even a job. Some of   More...

Terms of Use Points, also known as discount points, allow you to lower your interest rate by prepaying some of the interest. So instead of repaying the interest on the loan over the loan's life, you can prepay some of the interest up front by paying points. Each point you pay for equals 1% of the total loan amount and reduces the interest rate charged on the loan. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid  More...

Terms of Use: A monthly mortgage payment consists of : Principal Interest Real estate taxes Homeowner's insurance Private Mortgage Insurance (if applicable) In some instances your lender will let you pay your property taxes and homeowner's insurance directly, which is generally beneficial since these payments are only made a couple times a year, allowing you rather than the lender to earn the interest on the money each month prior to payment. However, this tactic requires that you are disc  More...

Terms of Use Act quickly. Call or write to your lender immediately. Be prepared to explain your situation and provide detailed financial documentation. Contact a HUD-approved counseling agency for free expert guidance: 1-800-569-4287 | TDD: 1-800-877-8339 For FHA Loans To qualify for FHA assistance, you must continue living in the home. Available Loss Mitigation programs include: Special Forbearance: A revised repayment plan that temporarily reduces or suspends payments due to involuntary in  More...

Terms of Use RESPA stands for Real Estate Settlement Procedures Act . It requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction. For more information visit HUD&#  More...

Terms of Use There are mortgage options now available that only require a down payment of 5% or less of the purchase price. Mortgages with less than a 20% down payment generally require a private mortgage insurance (PMI) policy to secure the loan. For example, if you pay 10% down on a $100,000 loan, PMI might cost you about $40/month or $480/year. However, the actual rate is based on various factors including the size of the loan, the amount of the down payment, and your individual lendi  More...

Terms of Use: It is generally a good idea to start by asking family and friends if they can recommend an agent. Compile a list of several brokers in your area and talk to each before choosing one. Look for an agent who listens well, understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that you feel comfortable with, and one that can provide all the knowle  More...

Terms of Use: A mortgage is a loan that is used to buy a home. In return for the loan, you pay interest on the amount loaned. The lender also has first rights on your house in case you neglect to pay back the loan. A mortgage has three components: Amount (how many dollars you need to borrow) Interest Rate (the percentage rate you pay on the loan) Term (how long it will take to pay off the loan, generally 15 or 30 years) All of these components impact how much your mortgage payment will be  More...

Terms of Use There are three major credit reporting companies: Equifax , Experian , and TransUnion . Obtaining your credit report is as easy as calling or going to the internet and requesting one. It's a good idea to get copies from all three companies to ensure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, may be charged to issue credit reports but some states permit citizens to acquire a free one (see related links). ?On  More...