Shopping for a mortgage package is not that easy without understanding the process to apply and get approved for a mortgage loan and your right to fair lending.
Anyone who applies for a mortgage loan may not qualify for several reasons that do not match credit standards that rule some lenders. However, a strict criterion does not regulate many others so there is always an option to qualify for a loan even if the applicant has a bad credit history or has filed bankruptcy.
Help From the Government
There are also agencies sponsored by the government that make it possible for affordable housing in America, providing people with financial instruments that meet their mortgage needs for buying a house or remodeling their actual real estate. Such agencies include Fannie Mae, Freddie Mac, and Ginnie Mae providing mortgage services and mortgage insurance.
If It’s Your First Time…
For first time buyers, making an informed decision is the first point to take into consideration. Before buying a mortgage, doing exhaustive research is the best way to familiarize yourself with mortgages and find the best deals paying low-interest rates within a reasonable term, instead of taking whatever mortgage loan that eventually will need refinancing.
Your Legal Rights
Most people searching for a mortgage or paying a mortgage loan to ignore that they have also legal rights, so it is not just the lender who holds all the privileges over your loan. First, any borrower has the right to fair treatment so lenders should not discriminate against you based on your sex, race, color, or national origin.
In the United States, the Equal Credit Opportunity Act and the Fair Housing Act make these acts unlawful and other factors such as disability or family status to determine who can qualify for a mortgage loan or who will be not getting his/her application approved.
Not only banks and lending institutions are regulated by these Acts, but also mortgage insurers, municipalities, real estate companies, landlords, and other direct housing providers. If you are a victim of discrimination after applying for a mortgage loan or home improvement loan, the Department may file suit under both Acts and ensure you are given your rights.
Choosing the Right Lender
Finding your new home or property is easier than finding your lender, so keep in mind the payment terms and interest rates every time that you find a good deal because a mortgage loan must fit your budget, regardless if one or another size can cover your expectations.
The Internet is your best ally for both finding the right lender and further details on the procedure involved before, during, and after you buy your mortgage package. You can also find the instructions online to file a complaint with the Department of Housing and Urban Development [HUD] if you believe you are a victim of discrimination.
Your first stopover in the quest of the best mortgage deal can be your bank if you have a checking or savings account. Many of them offer special packages to old-time customers so try this before going elsewhere. Even then, find offers from other financial institutions and compare them to determine which is the most advantageous for you.
Commercial banks, loans and savings associations, mutual savings banks, and mortgages companies are just a few options to shop. If you decide on an online solution, dig deeper into every site to find its trustworthiness. Unluckily, the Internet is also the favorite playground for Ponzi schemes and scams that you should be aware of.
Every time that you find an online mortgage deal that is attractively priced, try to find if there is any hidden “small print” that makes you pay more than you can imagine and also verify the company’s credentials locating a real address and contact phone number.
Wherever you look for a mortgage loan, remember that most institutions and private lenders offer more than a mortgage package. Analyze each loan to find if it is private, federally insured, or a guaranteed loan, such as mortgage loans backed by the Department of Veterans Affairs or the Federal Housing Administration (FHA).
Whether you are an experienced homeowner or a first-time buyer, it is always best to keep at hand the directory of federal agencies related to the Department of Housing and Urban Development (HUD) in case you have questions. This office will help you to find assistance in every aspect of researching, applying, and getting a mortgage loan, or for further information on the Fair Housing Act call at 1-800-424-8590.
New Builds from a Reliable Source
The real estate market has gone through some difficult times of late, but there are signs that the US economy is starting to grow while unemployment rates are slowly falling. The purchase of a property is the single biggest decision that a family makes and in those circumstances, the wise choice is to look for builders that have a track record of quality over a sustained period.
There are many reasons for moving home. A change in employment is one such reason. Even if the relocation is to an unfamiliar State, there is no reason why a buyer cannot look at builders that operate in many areas; the quality of their build is the first step in finding something that may be of quality and design that fits the bill.
Anyone looking to find a newly built home can expect to have several features included which take account of the modern concern for the environment. That concern should be reflected in the materials used in construction and energy-saving features that have become increasingly important in recent years.
Many Americans seem to have changed their preferences in recent years; the demand for homes close to work has certainly increased. Fewer people seem willing to commute long distances to work as their leisure time has become increasingly important. It has meant that builders have needed to increase the range of designs that they offer.
Buyers expect to be able to buy real estate off-plan and reserve a plot and a design with a deposit. Major builders are now heavily involved in the financial aspects of the purchase with funding an option at the very early stages.
While no one will ever forget the problems that subprime mortgage lending created on Wall Street and beyond, the lessons have very much been learned. The builders that currently offer new homes in various parts of the country have come through the economic problems that the USA and others have faced. There may not be a regular increase in real estate value at the rate of the early part of the 21st century, but real estate remains a sound investment.
There are real estate experts happy to advise anyone on the purchase of a new home. The successful builders offer a comprehensive service to buyers that make what can be a nervous time into a smooth passage from the drawing board to the receipt of the keys to a new home.
While no one can dismiss the recent economic problems, they represent just a short period in an adult’s life. Those housing companies that are building property for many years and their value over the long term have shown solid growth. That factor should always be remembered when it comes to buying a new home.