Mortgage Guides
With subprime mortgages making headlines over the past few
weeks, buyers can be ambivalent about their lending options. New online
guides and free brochures can help to clear up any confusion and help
consumers find a loan that suits them. The NATIONAL ASSOCIATION OF
REALTORS®, the Center for Responsible Lending, and the Federal Housing
Administration offer online resources for consumers. Here are links to the
latest guides:
Bankrate.com: Understanding Mortgages
Information on the different types of mortgages available, choosing the
right mortgage according to lifestyle, the importance of credit scores,
mistakes to avoid, a real-life mortgage makeover and self-help tools and
calculators. The guide is the third installment in the company's yearlong
Financial Literacy Project.
Specialty
Mortgages: What Are the Risks and Advantages?
Produced jointly by NAR and the Center for Responsible Lending, this
brochure can help prospective buyers assess the risks and advantages of
interest-only, negative amortization, payment option ARM, and 40-year
mortgages. Available in English and Spanish.
Traditional
Mortgages: Understanding Your Options
While specialty mortgages may help make homeownership more affordable, they
generate more risk and consumers should understand these risks before they
choose a mortgage. This brochure, also produced jointly by NAR and the
Center for Responsible Lending, explains that for most consumers,
traditional fixed-rate mortgages and adjustable-rate mortgages continue to
be excellent options.
How to Avoid
Predatory Lending
Home buyers need to be aware that some lenders offer predatory loans that
take advantage of consumers. This brochure, produced jointly by NAR and the
Center for Responsible Lending, identifies the warning signs of predatory
loans. It also gives consumers tips on how to avoid them, including
questions they should ask when shopping for a loan.
Learn About FHA
Mortgages
The Federal Housing Administration has made significant improvements to its
mortgage insurance programs. Many aspects of the FHA application process
have been streamlined to make it more user-friendly and efficient. This
brochure outlines the changes and how to qualify for an FHA mortgage, plus
other resources available from FHA, HUD, and NAR.
|
