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Learn some of the basics about mortgages.

, the  or forbearance. 

If you're having trouble making payments because of the coronavirus pandemic, your loan servicer must:

  • Defer or reduce your payments for six months if you contact your loan servicer to make arrangements

  • Đang chơi bàiGive you another six months of mortgage relief at your request

  • Offer options for how you can make up the deferred or reduced payments. They will discuss these options with you at the end of your forbearance period.

Đang chơi bàiMake sure you know your rights before you contact your loan servicer. Read this . 

If you don't know whether your mortgage is federally-backed, . You can also check the and the to see if either one owns or backs your mortgage. Together, Fannie Mae and Freddie Mac own nearly half of all mortgages in the U.S. 

is your first place to look for an introduction to mortgage refinancing, including useful worksheets, a glossary of terms used in the industry, and more to help you decide if mortgage refinancing is right for you.
  • What type of mortgage should you choose? Get information about mortgage types and the settlement process in .  
  • Veterans may be eligible for refinancing their VA mortgage using .
  • Making Home Affordable Program

    • The offered opportunities to modify or refinance your mortgages, but as of December 30, 2016, no new requests for assistance under any MHA program will be accepted.
    • However, the MHA program still offers free counseling and help for homeowners who are having difficulty communicating with mortgage companies or lenders about their needs for mortgage relief. or call 888-995-HOPE (4673).
    • The (HAFA) is an alternative solution for homeowners who are interested in a short sale or deed-in-lieu to avoid foreclosure.

    Mortgage Company Transferring Your Loan to Another Company

    • Đang chơi bàiFederal Reserve rules require mortgage companies to notify homeowners when their loans are transferred to another company. The company that takes over your loan must send you a notice within 30 days of acquiring it. Even with a new loan owner, the company that "services" or handles your loan might not change and you might continue to send your payments to the same address. If that loan servicer changes, you will receive a separate notice.

    • Đang chơi bàiFor more information about servicing companies, read the Federal Trade Commission's publication

    Predatory Loans

    Mortgage professionals can help you buy or refinance your home.  Most are trustworthy and provide a valuable service. But dishonest or "predatory" lenders do exist. They engage in practices that can put you at risk of losing your home to foreclosure. Learn how to protect yourself from and report predatory lending and loan fraud.

    Report Predatory Loans

    Learn how to file a complaint about mortgages and lendersĐang chơi bài, and who to send your complaint to.  

    How to Protect Yourself from Predatory Loans

    To protect yourself from predatory loans, get counseling or learn about the types of scams that dishonest lenders may use to trick you. 

    Đang chơi bàiThe Department of Housing and Urban Development (HUD) has . These counselors can help you:

    • Navigate mortgage professionals

    • Look out for scams

    • Assist you with choosing the right type of loan

    Đang chơi bàiYou can also protect yourself by learning the warning signs of predatory lending practices. Predatory lenders may try to:

    • Sell properties for much more than they are worth using false appraisals

    • Encourage borrowers to lie about their income, expenses, or cash available for down payments in order to get a loan

    • Knowingly lend more money than a borrower can afford to repay

    • Đang chơi bàiCharge high interest rates to borrowers based on their race or national origin and not on their credit history

    • Charge fees for unnecessary or nonexistent products and services


    • Đang chơi bàiBefore you buy a home, attend a homeownership education course. Non-profit counseling agencies offer courses which give advice about mortgages and foreclosures. Find out which are approved by the U.S. Department of Housing and Urban Development (HUD).  

    • Before selecting a realtor to help you buy or sell a home, ask for and check their references. 

    • Đang chơi bàiGet information about the current values and recent sale prices of other homes in the neighborhood.

    • Hire a qualified and licensed home inspector to carefully inspect the property before you are obligated to buy.

    • Determine whether you or the seller will be responsible for paying for the repairs.

    • Đang chơi bàiShop for a lender and compare costs.

    • Be suspicious if anyone tries to steer you to just one lender. Learn more about how to .

    • Đang chơi bàiBecome an educated consumer and .


    • Đang chơi bàiDon’t lie about your income, age, or anything else on a home loan application.

    • Don’t give anyone your personal or financial information through email or messaging. This includes your Social Security number.

    • Don’t use a lender, real estate professional, or contractor who cannot provide you with a license number and recommendations.

    • Đang chơi bàiDon’t fall for loans or offers that seem too good to be true.

    • Don’t take out a loan offered to you by telemarketers, flyers, or door-to-door sales.

    • Don’t feel obligated or pressured to sign up for a loan or service “today.”


    Types of Reverse Mortgages

    Đang chơi bàiTypes of reverse mortgages include:

    • Federally insured Reverse Mortgages - Known as
    • Proprietary Reverse Mortgages
    • Single Purpose Reverse Mortgages

    Đang chơi bàiBe sure to watch for aggressive lending practices, advertisements that refer to the loan as "free money," or those that fail to disclose fees or terms of the loan. To be a savvy consumer and help protect yourself, remember:

    • Do not respond to unsolicited advertisements
    • Be suspicious of anyone claiming that you can own a home with no down payment
    • Seek out your own reverse mortgage counselor
    • Never sign anything you do not fully understand
    • Make sure the loan is federally insured

    Reporting Fraud or Abuse

    If you suspect fraud or abuse, let the counselor, lender, or loan servicer know. You may also file a complaint:

    If you have questions, contact for advice. 

    . This may be a good mortgage choice if you’re a first-time buyer because the requirements are not as strict as other loans. 

    Am I eligible? 

    Đang chơi bàiDetermine your down payment, closing costs and credit score before applying: 

    • Đang chơi bàiCash down payment can be as low as 3.5% of the purchase price. 

    • Your  doesn't need to be high. 

    • Đang chơi bàiClosing costs may be partly covered or lower than other loans.

    Make sure the price of the home is within the . 

    How Do I Apply? 

    Đang chơi bàiThe FHA doesn't lend money to people. It insures mortgage loans from FHA-approved lenders against default. To apply for an FHA-insured loan, you will need to use an FHA-approved lender. 

    How do I complain? 

    If you have a complaint about an FHA loan program, . 

    HUD Homes 

    When homeowners default on their FHA loan, HUD takes ownership of the property, because HUD oversees the FHA loan program. These properties are called either HUD homes or HUD real estate owned (REO) property. 

    Am I eligible? 

    Your qualifications to buy a HUD home depend on your credit score, ability to get a mortgage, and the amount of your cash down payment. You can also use an FHA-insured mortgage to buy a HUD home.  

    How do I apply? 

    Use the  to find listings of HUD real estate owned (REO) properties for sale. Click on the agent tab to find contact information to learn more about the property. 

    Where do I call for extra help?

    If you have a question or need more information about FHA loans or HUD homes, you can:

    • Đang chơi bài the FHA Resource Center

    • Đang chơi bàiCheck their list of


    Loan Options and Choosing a Lender

    Đang chơi bàiYou can choose from depending on the amount of your down payment, your personal preferences, and if you qualify for special loan programs. Get information about the length of the loan (typically 15- or 30-year), interest rate (fixed or adjustable rate) and loan program types (conventional, FHA or VA).

    After doing your homework about loans options, start looking for a potential lender. As you consider different lenders for your mortgage, ask questions about the interest rate for each option. These rates can fluctuate week to week. on your monthly payment.

    Đang chơi bàiAt this point, you can get a preapproval or prequalification letter from a lender. As a future homebuyer, this letter shows you’re a good candidate for getting a mortgage. It’s based on your preliminary documents and credit score and shows how much they’re willing to lend you.

    Closing the Deal

    Đang chơi bàiWhen you’ve found a home and that has been accepted by the seller, it’s time to get from multiple lenders. that outlines the loan terms the lender expects to offer you for a mortgage.

    You’re now in the . You will need to get the home inspected and look for homeowners insurance. After the inspection, your lender will order a home appraisal to make sure the property is worth the amount you’re borrowing. Your lender will also set a date for the closing meeting.

    Once the mortgage is approved, you’ll get a from the lender, detailing all the final costs. Finally, you’ll go to the closing meeting to sign the last of the paperwork and get the keys to your new home.

    How to File a Complaint

    Getting a home loan can be stressful. If you feel you’ve been discriminated against or are the victim of unfair business practices, you can file a complaint against a lender.

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    Đang chơi bàiLast Updated: November 23, 2020