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: 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 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 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 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 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 accu  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: 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 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 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...