Home Loans, Home Loan Scams

Legal Information

• Affordability Calculator: How Much Can You Spend to Buy a House?

  This web site allows you to calculate how much you can afford to spend on a home. Content Detail

  By:

  Ginnie Mae

• Applying for a Loan

  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. Content Detail

  By:

  Ginnie Mae

• A Quick Guide on Reverse Mortgages for Senior Advocates

  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. Content Detail

  By:

  National Consumer Law Center

• Consumer Handbook on Adjustable Rate Mortgages

  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. Content Detail

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  Federal Reserve Board

• Credit

  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. Content Detail

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  American Bar Association

• Credit - An FTC Consumer Law Web Site

  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. Content Detail

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  Federal Trade Commission

• Federal Mortgage Programs

  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. Content Detail

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  U.S. Department of Housing and Urban Development (HUD)

• HUD's Good Neighbor Next Door Sales Program

  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. Content Detail

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  U.S. Department of Housing and Urban Development

• 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. Skip to Content Detail

  By:

  Federal Reserve Board

• SC High Cost Mortgage and Consumer Home Act of 2003

  Report on high cost mortgage loans and laws protecting consumers, presented in a slideshow format. PDF document (may load slowly). Content Detail

  By:

  South Carolina Appleseed Legal Justice Center

• South Carolina High Cost Mortgage and Consumer Home Act of 2003

  Slide presentation. PDF document (may load slowly). Content Detail

  By:

  South Carolina Appleseed Legal Justice Center

• Abusive Lending Website of the Federal Trade Commission

  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. Content Detail

  By:

  Federal Trade Commission

• Avoid Dangerous Loans - Bank on Your Future

  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? Content Detail

  By:

  Appleseed Foundation

• Buying a Home

  This document describes the basic process for buying a home, answering the following questions: What kind of property should you buy? How do you look for a house? What are the steps you must go through before you buy a house? What are the usual terms you find in a real estate contract? How do you pay for your new house? How do you check the title for the property you are buying? What happens if you can't repay the loan? The document is an excerpt from An Introduction to Law in Georgia, Fourth Edition, published by the Carl Vinson Institute of Government, 1998 (updated 2004). Read More

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  Carl Vinson Institute of Government, University of Georgia

• Buying and Selling Real Estate

  Lawline FAQ: This information emphasizes the buying and selling of residential real estate. Many would be home buyers use the services of a real estate agent. Although the use of a real estate agent is not required, he or she can help by handling some of the details involved. Content Detail

  By:

  South Carolina Bar Association