Protect yourself from predatory lenders

Laws That Protect Consumers Various federal laws help protect consumers from particular predatory lending practices. The Truth in Lending Act, for example, requires lenders to provide timely information about loan terms and costs. The law gives consumers the right to cancel a home equity loan and certain other loans secured by a home up to […]

Predatory Lending

What is Predatory Lending A predatory home loan is typically a home equity loan or mortgage refinancing at a steep cost with no consideration to the homeowner’s ability to repay. There is no precise definition of a predatory loan, although many experts agree that it is the result of a company misleading and sometimes coercing […]

10 questions to ask your mortgage lender

Once you have selected your lender, you need to ask him/her these 10 important questions: 1. What is the interest rate on this mortgage? 2. How many discount and origination points will I pay? 3. What are the closing costs? 4. When can I lock the interest rate and what will it cost me to […]

First-time homebuyers

First-time Homebuyers – where to begin Becoming familiar with the varied steps and requirements of the home-buying process will help you feel much more confident with your big decision. Get your finances in order By this point you should already have a spending plan in place, if not, you’ll need one to see if a […]

Is home ownership right for you?

Is home ownership right for you? Home ownership is a common goal among most American consumers. It is the biggest financial decision that most people will ever make, and could turn out to be the biggest mistake if the timing and conditions are not right. Is purchasing a home right for you? The following are […]

Minimum Credit Score Needed to Buy a House

There are many factors that determine whether or not you’ll get a loan. Your credit score is only one the factors. Depending on which lender you use and what type of loan you are applying for, there may be different minimum requirements. Conventional loans If you are going for a conventional loan, the lender will […]

Can I buy a house with bad credit?

  If you have bad credit, qualifying for a mortgage is going to be difficult. In fact, lenders won’t even consider you if your score is below 620. Most lenders are looking for a score above 650, some closer to 680. People who have a 650-660 score are considered low risk, meaning they tend not […]

Pre-qualified vs. pre approved 

Getting pre-qualified is not the same as getting pre-approved. Pre-qualification is simply a review of your finances where pre-approval is based on your actual income, debt and credit history. Often lending institutions will pre-qualify you for a mortgage that is much more than you can realistically and comfortably afford. Many people make the mistake of […]

Mortgage Terms You Should Know

Agent: A person acting on behalf of another, called the principal. Agreement of Sale: Known by various names, such as “contract of purchase,” “purchase agreement,” “sales agreement” or “binder,” according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions […]

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