Self-help information through various links, documents, publications, etc. Check the Community Directory Channel for more resources.
There are 59 resources
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Credit
Credit
(Separate Website)
The use of credit is a way of life in the United States. At any one time, about three-fourths of American households have some form of debt, including credit purchases of cars, appliances, clothing, vacation trips and other goods and services. Just over two-fifths of households have loans secured by their homes—in other words, mortgages. This web site will help you understand the rules, regulations, and laws about consumer installment credit, designed to protect you, the consumer.
By: American Bar Association
Credit - An FTC Consumer Law Web Site
(Separate Website)
This web site contains over 100 documents that deal with credit issues, including credit scams, privacy issues, identity theft, electronic banking and credit cards. The web site also contains information for businesses. The documents may be viewed and printed from the screen or printed in PDF format.
By: Federal Trade Commission
Affordability Calculator: How Much Can You Spend to Buy a House?
(Separate Website)
This web site allows you to calculate how much you can afford to spend on a home.
By: Ginnie Mae
Applying for a Loan
(Separate Website)
Once you have negotiated a final purchase offer with the seller, you are ready to finalize the loan application process. Under RESPA (Real Estate Settlement Procedures Act), lenders are legally required to provide you with a good faith estimate within three days after receiving your application. The information gives you an estimate of your closing costs and monthly payments. This good faith estimate does not require lenders to provide a detailed breakdown of the closing cost items or to identify the persons responsible for the payments. Therefore, it is important for you to work with your real estate agent or attorney to understand all the closing cost fees. This will ensure that there are no significant surprises related to your final closing costs.
By: Ginnie Mae
Consumer Handbook on Adjustable Rate Mortgages
(Separate Website)
With a fixed-rate mortgage, the interest stays the same during the life of the loan. But with an Adjustable Rate Mortgage, the interest rate changes periodically, and your payments may go up or down. This brochure helps you to understand Adjustable Rate Mortgages.
By: Federal Reserve Board
South Carolina High Cost Mortgage and Consumer Home Act of 2003
(Separate Website)
Slide presentation. PDF document (may load slowly).
By: South Carolina Appleseed Legal Justice Center
Federal Mortgage Programs
(Separate Website)
This document contains information about federal programs to help you purchase your own home with a low-cost mortgage.
HUD's Federal Housing Authority (FHA) has mortgage insurance to help you become a homeowner. FHA doesn't actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. You may be able to get an FHA loan 3% down, or even less! Talk to an FHA-approved lender about itto see if an FHA loan might be right for you.
By: U.S. Department of Housing and Urban Development (HUD)
Home Loan Guaranty Services for Veterans and the Military
(Separate Website)
This website contains information about: (1) the VA Home Loan program, (2) the Loan Guaranty Services, (3) Specially Adapted Housing for Disabled Veterans, (4) VA - Approved Lenders, (5) Refinancing Opportunities, and much more.
By: Department of Veterans' Affairs
Looking for the Best Mortgage
(Separate Website)
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. Skip to
By: Federal Reserve Board
HUD's Good Neighbor Next Door Sales Program
(Separate Website)
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
By: U.S. Department of Housing and Urban Development
SC High Cost Mortgage and Consumer Home Act of 2003
(Separate Website)
Report on high cost mortgage loans and laws protecting consumers, presented in a slideshow format. PDF document (may load slowly).
By: South Carolina Appleseed Legal Justice Center
A Quick Guide on Reverse Mortgages for Senior Advocates
(Separate Website)
A reverse mortgage is a type of loan that allows senior homeowners to convert the equity in their homes into a source of income, without having to sell the home. For many seniors, the accumulated equity in their home is their primary or only financial asset. Such seniors are on a fixed or limited income and do not have enough money saved to pay for uninsured medical expenses, home improvement, or to meet other pressing needs. For these financially strapped seniors, reverse mortgages are an attractive option. A reverse mortgage, however, must be carefully evaluated as it is more complex than most home equity loans. A senior, for example, must not only understand complicated budget projections, but also make predictions as to his or her future financial needs. To assist seniors with this assessment, counseling is a required part of the application process for most reverse mortgages.
By: National Consumer Law Center
Tips for Consumers on Reverse Mortgages
(Separate Website)
A reverse mortgage is a complex home loan for senior homeowners who have built up substantial equity in their property. In a reverse mortgage the lender loans you money based on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The lender pays you the money either in a lump sum, in monthly installments, or as a line-of-credit. Unlike a traditional home equity loan or second mortgage, repayment is not required until you sell your home, move out permanently, or die. The amount of money you owe increases over time because you do not make payments. If you sell your home, you can keep any proceeds from the sale of your home in excess of what you owe the lender.
By: National Consumer Law Center
Abusive Lending Website of the Federal Trade Commission
(Separate Website)
This web site contains documents relating to: (1) home equity loans, home equity credit lines and common home equity scams, (2) high rate, high fee mortgages, (3) reverse mortgages, (4) payday loans, and (5) mortgage discrimination. You may view the documents on-line and print them out or print them in PDF format.
By: Federal Trade Commission
Avoid Dangerous Loans - Bank on Your Future
(Separate Website)
Questions to Ask About Loans: Does the interest rate change over time? Are there fees for this service? What is the cost of the interest that I will have paid by the end of the loan period? Are the loan documents available in my primary language?
By: Appleseed Foundation
Fast Facts - Predatory Lending (The South Carolina High Cost and Consumer Home Loan Act)
(Separate Website)
PDF document (may load slowly).
By: SC Department of Consumer Affairs
Fraud - Frauds, Schemes and Rip-offs
(Separate Website)
By: SC Department of Consumer Affairs
Helping Elderly Homeowners Victimized by Predatory Mortgage Loans
(Separate Website)
Equity-rich, cash poor elderly homeowners are an attractive target for unscrupulous mortgage lenders. Many elderly homeowners are on fixed or limited incomes, yet need access to credit to pay for home repairs, medical care, property or municipal taxes, and other expenses. The equity they have amassed in their home may be their primary or only financial asset. Predatory lenders seek to capitalize on elders' need for cash by offering "easy" credit and loans packed with high interest rates, excessive fees and costs, credit insurance, balloon payments and other outrageous terms.
By: National Consumer Law Center
High-Cost Home Loans: Don't Be a Target
(Separate Website)
Homeowners Beware! You may be a target for abusive lenders trying to sell you a loan you can't afford. If this happens, you may unable to make the high payments and lose your home at a foreclosure sale or spend all of your spare cash paying off a loan you didn't need or want.
By: National Consumer Law Center
Read this in:
Korean / 한국어
,
Russian / Pусский
,
Vietnamese / Tiếng Việt
Overview of Predatory Lending Law
(Separate Website)
Report on current laws regarding predatory mortgage lending. PDF document (may load slowly).
By: South Carolina Appleseed Legal Justice Center
Adobe Acrobat Reader required. (If you are using a screen reader that does not support PDF format, copy the PDF link, and use the Access Adobe online form to convert this file to HMTL text.)
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