Blog

Home Ownership

August 28, 2009 by admin

• Making Home Afforable – The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.
• Buying a Home – Nine steps to buying a home.
• Home Economics
• Home Sweet Home Improvement – Steps to finding a competent and reliable contractor for your home improvement project. Lists tip-offs to potential rip-offs.
• Need a Loan? Think Twice About Using Your Home As Collateral – Includes terms, tips, a checklist, and information to help you find a plan that meet your needs, and protect your interests.
• Utility Credit – Summarizes consumers’ credit rights when securing utility services.
• Help in the Event of a Weather-Related Emergency.

Foreclosure Prevention Resources

Practical Information and resources to help you make your mortgage payments and keep your home.

• Guide to Avoiding Foreclosure
• How to Avoid Foreclosure (82 KB PDF)
• Foreclosure Prevention Information from FDIC
• Foreclosure Rescue Scams Ad – View a 30-second ad from the Federal Reserve Board directing consumers to free foreclusure prevention resources on the agency web site
• You Can Avoid Foreclosure and Keep Your Home
• 5 Tips for Protecting Your Home from Foreclosure
• 5 Tips for Avoiding Foreclosure Scams
• Federal Reserve System Foreclosure Resource Centers
• Foreclosure Rescue Scams: Another Potential Stress for Homeowners – Explains how various foreclosure rescue scams work, and where consumers can find legitimate help.
• Mortgage Payments Sending You Reeling? Here’s What to Do – For consumers who may be having trouble paying their mortgage. Explains options to help save their homes, and how to recognize and avoid foreclosure scams.
• Homeowners Who Lose Homes; Tax Relief Available to Many
• Q&A on Home Foreclosure and Debt Cancellation
• Consumer Tips for Avoiding Foreclosure Rescue Scams

Housing Counceling

• Housing Counseling Agencies
• Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111

Mortgages

• Cancellation of Private Mortgage Insurance: Federal Law May Save you Hundreds of Dollars Each Year – The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of Private Mortgage Insurance on home mortgages. Find out if you qualify.
• Consumer Handbook to Adjustable Rate Mortgages – Find out about the risks and advantages of an adjustable rate mortgage. Use the Mortgage Checklist to help with your decision. Handbook is designed to help consumers understand an important and complex mortgage option available to homebuyers.
• Interest-Only Mortgage Payment and Payment-Option ARMs — Are They for You?
• How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy – Helps consumers evaluate what to expect in today’s mortgage market.
• Looking for the Best Mortgage? Shop, Compare, Negotiate – Comparing costs and rates and negotiating for the best terms can save you thousands of dollars. Includes a mortgage shopping worksheet.
• Mortgage Discrimination. – Explains your rights under Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), and what to do if your loan is rejected.
• Mortgage Servicing: Making Sure Your Payments Count – Explains mortgage servicers’ responsibilities, in particular under the RESPA enforced by HUD; urges consumers to keep records of their payments, insurance coverage, and other information; explains how consumers can file disputes with their loan servicer; and includes sample letters that consumers may use when filing a dispute with their lender/servicer or with a credit bureau.
• Private Mortgage Insurance – If you are a homeowner, you will want to be aware of a law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation
• Publications – Home ownership & mortgage publications available from the Federal Reserve.
• Publication about non-traditional mortgage products.
• Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity – Explains how reverse mortgages (RMs) can help older homeowners who are “house-rich but cash-poor” remain in their homes and still meet their financial obligations. Explains how the three types of RMs work: single-purpose, federally-insured, and proprietary; and how to get a good deal, and where to complain.
• What is the Relationship Between the Discount Rate and Mortgage Rates? – A change in the short-term discount rate may not affect interest rates on long-term mortgages.
• Understanding the Home Mortgage Process – Shop for the mortgage package that best meets your financial needs.

Home Equity

• High-Rate, High-Fee Loans (HOEPA/Section 32 Mortgages) – Explains The Home Ownership and Equity Protection Act of 1994, what loans are covered, what disclosures are required, and what practices are prohibited.
• Home Equity Credit Lines – Lenders offer home equity credit lines in a variety of ways. The questions and answers listed may help you decide if a home equity line of credit is right for you.
• Putting Your Home on the Loan Line is Risky Business – Alerts consumers to potential borrowing pitfalls and provides tips for getting the best financing deal possible. Warns consumers that regardless of whether a home equity loan is for home repair, bill consolidation, or some other purpose, it’s important to shop around.
• Shopping for Home Equity Loan? – Discusses the importance of comparison shopping to help you get a better deal.
• What You Should Know About Home Equity Lines of Credit – Learn if a home equity plan is right for you and how to shop for the best plan.

Calculators

• Home Buying Calculators – Buy vs. rent. Can you afford to buy a home? What size loan might you qualify for?
• Mortgage Comparison Calculator – Compare monthly mortgage payments and the amount of equity you’ll build for up to six types of fixed- and adjustable-rate mortgages.