Archive for the ‘HomeBuyer Education’ Category

Is homeownership a goal or dream that all people can reach? More than nine years ago two organizations forged a partnership to help make the answer to this question “Yes.” Chet Cooper, the founder of ABILITY Magazine, and Millard Fuller, the founder of Habitat for Humanity, came together for the ABILITY House project. Each ABILITY House is an ... Full story

From having your credit put under a microscope by a mortgage lender to spending all your free time looking at houses, buying a home can be a stressful experience. Much of the stress is avoidable with advance preparation and hiring the right real estate professionals. Here are things you can do to make your home purchase go ... Full story

Federal Law Protects Home Buyers from Excess Charges The Real Estate Settlement Procedures Act (RESPA) was enacted to help protect consumers when they buy and sell real estate, and to teach them to be better shoppers. Enforced by the Department of Housing and Urban Development (HUD), RESPA requires that consumers receive disclosures at various times in the transaction, and prohibits “kickbacks” that increase the cost ... Full story

Let’s face it, moving is no fun, even when your excited about your new home. You can make your move less stressful by planning in advance and staying organized. Purchase clean, sturdy boxes designed specifically for the valuables you are storing.   Don’t forget the other essentials, such as packing tape to seal your boxes, bubble wrap and newsprint, and ... Full story

by Cindy Nemeth  You picked out your house, and it is perfect. It is worth lots of money, and you are willing and ready to pay it, but is your potential lender willing to pay? Not without an appraisal.  Don’t worry, you are not directly involved in this part of the home-buying process adventure. The lender is the one ... Full story

From Be a Smart Consumer http://www.nls.gov/local/me/homeownership/predatorylendingbrochure2.pdf PROTECT YOURSELF FROM PREDATORY LENDERS Predatory lending is another term for loan fraud committed by mortgage lenders, home appraisers, or real estate professionals on consumers who are trying to buy a home, obtain re-financing or make improvements on their home.  A bad loan obtained from a predatory lender may cause homeowners to lose their chance to buy a desired home, lose the ... Full story

As the housing market cools and the refinancing boom dries up, lenders are working hard to win borrowers over with unusual loans. Among these loans are 40- and 50-year mortgages. These extra long-term loans only make up a small fraction of all mortgage originations a year and will probably never become the new standard. However, it is important to understand for whom these loans are ... Full story

When Brandon and Jamie Creamer decided to buy their first home, they weighed several financing options. They chose to take advantage of their military service and apply for a VA loan. Brandon, on active duty in Iraq, and Jamie, a former member of the Army National Guard, met the eligibility requirements for VA and decided it was ... Full story

by Davey Edwards and Eric Kincheloe Part One of this series on mortgage insurance explored several aspects of MI: its evolution, how it works, and some of its benefits. Part Two focuses on the various forms of MI as well as one of the more widely known alternative mortgage programs and the challenges with each. TYPES OF MI AND THE ... Full story

With the prices of homes today, a temporary buydown may be worth considering. Depending on your circumstances, it may be just what you need to ease into homeownership.  What is a buydown? A buydown is a reduction in your monthly mortgage payment in the first two or three years of your loan. What you are essentially doing is paying down your rate for a specific period ... Full story