Self-help information through various links, documents, publications, etc. Check the Community Directory Channel for more resources.
There are 43 resources
Page 1 of 3
Mortgages and Loans
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
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
Officer Next Door Homeownership Opportunity
(Separate Website)
The U. S. Department of Housing and Urban Development (HUD) wants to make American
communities stronger and to build a safer nation. Public safety improves when police
officers live in a neighborhood. The Officer Next Door (OND) program helps make this goal
a reality by making homeownership faster and more affordable for Law Enforcement
Officers.
By: U.S. Department of Housing and Urban Development
Spending the House: A Quick Guide for Advocates on Reverse Mortgages
(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
Teacher Next Door Homeownership Opportunity
(Separate Website)
The U. S. Department of Housing and Urban Development (HUD) wants to make American
communities stronger. The Teacher Next Door (TND) program is designed to further this goal
by encouraging teachers to buy homes in low and moderate-income neighborhoods.
By: U. S. Department of Housing and Urban Development (HUD)
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
What You Should Know About Refinancing
(Separate Website)
Refinancing is a process in which you pay off one or more existing debts with a new home loan. If you have perfect credit, refinancing is sometimes a good way to obtain a lower interest rate or to convert a variable rate loan to a fixed rate. However, if you are in the midst of financial difficulties, if you have too much debt, or if you have bad credit, refinancing is loaded with pitfalls. We recommend that you be very careful when refinancing debts. Many refinancing loans hurt consumer. Here are twelve things to consider before refinancing.
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
Definitions and Terms used in the 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
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
Fraud - Rules for Health Skepticism
(Separate Website)
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.)
Page 1 of 3
Information Not Legal Advice. This web site has been prepared for general information purposes only. The information on this web site is not legal advice. Legal advice is dependent upon the specific circumstances of each situation. Also, the law may vary from State to State, so that some information in this web site may not be correct for your jurisdiction. Finally, the information contained in this web site is not guaranteed to be up to date. Therefore, the information contained in this web site cannot replace the advice of competent legal counsel licensed in your state.
Lawyer Advertising. In some jurisdictions this web site may be considered lawyer advertising. The hiring of a lawyer is an important decision that should not be based solely upon advertisements.
Any listing of an attorney does not constitute a recommendation of the attorney. Before hiring any attorney, you should investigate the attorney's reputation and qualifications.
Links. This web site contains links to other resources on the Internet. Those links are provided as citations and aids to help you identify and locate other Internet resources that may be of interest, and are not intended to state or imply that we sponsor or are affiliated or associated with the persons or entities who created such site, nor are the links intended to state or imply that we are legally authorized to use any trade name, registered trademark, logo, legal or official seal, or copyrighted symbol that may be reflected in the links.
E-mail. Viewing this Web site , or transmitting an e-mail message through this Web site, does not create an attorney-client relationship. Sending e-mail to an attorney mentioned in this site does NOT create an attorney-client relationship between you and the attorney. Unless you are already a client of the attorney, your e-mail may NOT be protected by the attorney-client privilege. Moreover, unless it is encrypted, e-mail can be intercepted by persons other than the recipient. Deadlines are extremely important in most legal matters. You may lose important legal rights if you do not hire an attorney immediately to advise you. Many people do not check their e-mail daily, and some attorneys do not respond to unsolicited e-mail from non-clients.
(Separate Website)
