Mortgage Buying Preparations

Mortgage Hunting Tip Guide - It's imperative to know your rights. - In the past 2 years, state legislators have passed several laws aimed at helping homeowners. Some highlights:

New Yorks Landlord One Loan Programs NY

New York's Landlord One Loan Program, sponsored by the New York State Housing Finance Agency and administered by the Neighborhood Housing Services of New York City, offers low interest rate loans to owners of properties consisting of 5 thru 20 units. The loans are used to repair and/or renovate apartments to keep properties in habitable condition.

Cancel Home Equity Loans

Home Equity Loans: The Three-Day Cancellation Rule - If you’re considering applying for a personal loan and using your home to guarantee repayment, you should know that a federal credit law gives you three days to reconsider a signed credit agreement and cancel the deal without penalty. Your "right to rescind" or "right to cancel" is guaranteed by the Truth In Lending Act. You can rescind for any reason but only if you are using your principal residence whether it is a condominium, mobile home, or house boat—as collateral, not a vacation or second home.

Mortgage Rates Points Fees

Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker:

Bankrupt Mortgage Lender

How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy
When a mortgage company closes or files for bankruptcy, its customers may be left wondering about the impact on their own loans. The Federal Trade Commission (FTC) says consumers should continue to make their mortgage payments as usual. The nation’s consumer protection agency has several situation-based tips for consumers who need to know what to expect in today’s mortgage market:

Mortgage Credit Counseling

About Housing and Credit Counseling - You don’t have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.

Avoid Default Foreclosure

Avoiding Default and Foreclosure - If you have fallen behind on your payments, consider discussing the following foreclosure prevention options with your loan servicer:

Behind On Mortgage Payments

Behind On Mortgage Payments - If you are having trouble making your payments, contact your loan servicer to discuss your options as early as you can. The longer you wait to call, the fewer options you will have.

Points Mortgage Home Loans

Points Mortgage Home LoansPoints Mortgage Home Loans - "Mortgage Points” are upfront fees that you pay in order to lower your mortgage interest rate. One point is equal to 1% of the loan amount. In the past, it didn't make sense to pay points when refinancing your mortgage. However, enormous changes have taken place in the mortgage securitization process.

Higher upfront fees are being demanded for borrowers with credit scores below 740, and mortgage lenders don’t have as much flexibility when pricing loans. This means that the interest rate savings can be very significant when you pay upfront points.

When buying home, negotiate into your purchase contract for the seller to pay points on your behalf. In addition to the significant interest and payment savings you will enjoy, you will also receive a tax deduction this year for points paid by the seller on your behalf. If you are selling a home, offer to pay points for potential buyers as part of your marketing plan. This will make your home more affordable for potential buyers and help your listing stand out from others today’s real estate market.

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