NEED TO KNOW - MORTGAGE INFORMATION

Home Owners:



Additional Information:

Looking for the Best Mortgage?

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage-whether it's a home purchase, a refinancing, or a home equity loan-is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

Don't be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal.

MORTGAGE SECTIONS:

Obtain Information from Several Lenders
Obtain Cost Information and Rates
Check your local newspaper for information
Down Payments and Private Mortgage Insurance

ARMs Adjustable Rate Mortgages

Avoiding Scams and Predatory Lenders

The Loan Application Common mistakes people make

Fair Lending Is Required by Law
The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant's income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.

Credit Problems? Still Shop, Compare, and Negotiate
Don't assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.

If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don't assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can.

Whether you have credit problems or not, it's a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact:

Equifax: (800) 685-1111
TransUnion: (800) 916-8800
Experian: (800) 682-7654