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 shou  More...

Terms of Use: Closing costs are the fees and taxes associated with purchasing a home. They include searches, clearances, and reports to process the transaction. Depending on where you live and the complexity of your transaction, they can easily add up to thousands of dollars. They're generally around 3% to 6% of the purchase price of the home. Your lender is required to give you a written, good-faith estimate of all your closing costs within three days of your applying for a loan. However, don't  More...

Terms of Use Credit Score A credit score (ranging from 300 to 850) is a measure of your credit worthiness or how likely you are to pay back your debts and do so on time. You want to have a high score. Your credit score is used by lenders, credit card companies, employers, landlords, insurance companies and others in evaluating whether to extend credit to you. The higher your credit score, the lower the assumed risk to lend you money. While no specific definition of “good” is un  More...

Terms of Use: Your mortgage broker and loan officer are there to help you get the best mortgage possible for your specific needs and to make the process as convenient and hassle-free as possible. A good mortgage broker and loan officer should provide the following services: Assist you in selecting the best loan to meet your personal needs. This single decision can save you thousands of dollars throughout the years. Keep you informed of your loan status throughout the entire process. Keep y  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...

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...

Terms of Use Buying a home doesn't have to be an overwhelming experience. Below are some general guidelines to consider when finding a home that's right for you: Do your homework first . Evaluate your tastes, lifestyle, the school district, and preferred commuting distance. Then do a lot of research about the neighborhoods you are considering. Read local papers. Walk and drive around. Determine how much you can afford to spend on your home. As a general rule of thumb, your mortgage  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: 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...

Terms of Use: Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. The FHA requires a single, up-front mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium, paid monthl  More...