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  • 1. What are some things that I should consider when shopping for a mortgage? Views: 62
    Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you sh  More...
  • 2. What information should I be looking for on my credit report and how do I correct any errors? Views: 49
    Terms of Use: Your credit report is an important piece of your credit history and should be reviewed in detail. It's especially important to check your credit report (which details how well you pay your loans, bills and credit card purchases) before applying for a loan or other credit, to know where you stand. Check the accuracy of the following information on your credit report: Name. Ensure the spelling of your name is accurate. Address. Ensure your current and previous addresses are accurat  More...
  • 3. Why might I consider getting an FHA loan rather than a conventional mortgage? Views: 38
    Terms of Use: The major reason to consider getting an FHA loan is because an FHA loan has less stringent criteria than those used by banks and credit unions for qualifying you for a conventional mortgage. As such, an FHA loan may provide an ideal choice for first-time home owners or individuals rebuilding their credit. For instance, the FHA allows you to use 31% of your income towards housing costs and 43% towards housing expenses and other long-term debt. With a conventional loan, this qualifyi  More...
  • 4. Tell me more about FHA loans Views: 35
    Terms of Use What are FHA loans? The Federal Housing Administration (FHA) works to make home ownership a possibility for more Americans. The FHA is not a lender but rather an insurer of loans. The FHA issues guidelines to banks and credit unions to follow so that as long as a loan meets those terms, it agrees to insure against loss. FHA loans are attractive for first-time homebuyers who might not have saved enough for a down payment of 5% or more for a conventional loan or whose debt-to-income r  More...
  • 5. What are steps I should take before making an offer to buy a home? Views: 35
    Terms of Use Buying a home is a big decision! By considering the items below, you can help ensure that you make the best decision possible: Determine what you need from your home From its location and schools to the number of bedrooms and square footage, create a prioritized checklist of what is important to you. This checklist should be shared with your real estate agent and used to evaluate homes when viewing them. Your focus here is to make sure that the home is right for you. The eva  More...
  • 6. What is RESPA and how does it protect me so that I am fully informed and treated fairly when going through the mortgage process? Views: 34
    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 the RESPA  More...
  • 7. How can I find out about schools around a home I am thinking about buying? Views: 34
    Terms of Use: You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area. Other sources to get various information about schools is the the National Center for Education Statistics Web site at http://nces.ed.gov and the G reatSchools website at www.greatschools.net .
  • 8. Can I get a credit report for free? Views: 33
    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. The   More...
  • 9. What is generally included in a monthly mortgage payment? Views: 33
    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...
  • 10. How do I select a home that is best for me and my family? Views: 32
    Terms of Use It often helps to define what is important to you and your family before you even begin looking for a home. The checklist below can be used to help narrow in on homes and to evaluate them once you find something that appears to meet your needs. Address: Da  More...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.


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