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 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: With current mortgage rates nearing all-time lows and home prices continuing to climb, you want to "get while the gettin's good!" But accumulating enough for a down payment on your first home can be one of the toughest financial challenges you'll face. The traditional down payment requirement used to be 20 percent of your home's purchase price. However, lending rules have changed recently, so you may be able to put down less (5 or 10 percent) to qualify for a mortgage. But keep in   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 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 The Energy Efficient Mortgage allows a homebuyer to save future money on utility bills. This is done by financing the cost of adding energy-efficiency features to a new or existing home as part of an FHA-insured home purchase. Basic guidelines for EEMs are as follows: The cost of improvements must be determined by a Home Energy Rating System or by an energy consultant. This cost must be less than the anticipated savings from the improvements. One- and two-unit new or existing home  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...

Terms of Use The Whys: To save money when market rates are lower than what you are paying. To pay off non-deductible consumer debt using some of the equity built up in your home. To change your present adjustable mortgage to a fixed rate or vice versa. To get cash for home improvements, college education, second home purchases and personal investments. The Whens: If you are refinancing your mortgage for the reasons defined in 2-4 above, then it really comes down to understanding how much you w  More...