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Mortgage Tutorial 2007 Edition

©2005-2007 RefiAdvisor.com. All Rights Reserved. You may not alter, post, or transmit this document. 2

Table of Contents Five Things You Need To Know Before Refinancing a Mortgage

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First: Should You Refinance?

I. Introduction…………………………………………………………………..3 II. Should You Refinance?.............................................................4

Second: What Does Your Credit Look Like?

III. Your Credit Rating…………………………………………………………6 IV. What is a Credit Score?............................................................7

Third: What Will Refinancing Cost? V. Costs & Fees..…………………………………………..………….…………7 VI. Fee Chart………………………………………………………………………8 VII. 30 Year vs. 15 Year…………………………………………………………9 VIII. Rates & Points……………………………………………………………….11

Fourth: Shop Around for the Best Deal

IX. Lenders & Brokers….……………………………………………………13 X. Shop Compare & Negotiate…………………………………..………15 XI. Make The Lenders Compete………………………………..………..15 XII. Mortgage Shopping Worksheet……………………………..………17

Fifth: Common Pitfalls to Avoid

XIII. Fair Lending Laws……………………………………………………...19 XIV. Protect Yourself From Predatory Lending…………….…....…19 XV. What Tactics do Predatory Lenders Use?………………………20 XVI. Options If Your Loan is Not Approved…………….……..…..….21 Online Resources………………………………………………………….………23 Glossary of Terms…………………………………………………………………25 End User Agreement……………………………………………………………..43

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Number One: Should you Refinance? If you are a mortgage holder who was fortunate enough to finance with a low

interest rate, you may not want to refinance your present mortgage. Maybe you

financed your home when mortgage rates were higher. Or perhaps you have an

adjustable rate mortgage and would like to refinance under better terms. Consider

also that if you lower your interest rate by refinancing you would also lower your

monthly mortgage payment. By refinancing you could potentially shorten the term

of your loan and pay less interest for your home. You could also borrow money

against your home to pay off other higher interest debt. Should you refinance your

mortgage? This book will answer some questions that may help you decide. If you

do refinance your mortgage, the process will remind you of what you went through

financing the original mortgage. That is because refinancing is simply taking out a

new mortgage. You will have many of the same procedures, as well as the same

expenses, during the refinance.

Will refinancing be worth your while? Refinancing can be

worthwhile, but it does not make sense for every mortgage

holder. A general rule is that refinancing becomes worth it to

you if the current interest rate on your loan is at least 2

percentage points higher than the current mortgage interest rate.

This rule is broadly accepted as the safe rule of thumb when juggling the costs of

refinancing a mortgage against your potential savings. There are other

considerations, too, such as how long you plan to stay in your house. Most sources

say that it takes at least three years to realize fully the savings from a lower interest

rate, given the costs of the mortgage refinancing. (Depending on your loan

amount and the particular circumstances you might choose to refinance a loan that

is only 1.5 percentage points higher than the current rate. You may discover that

you are able to recoup the costs in a shorter time.) If you want to shorten the term

of your home loan it may not be necessary to refinance the mortgage. If you

financed on a 30 year note when you purchased your home and have the cash on


hand to pay an additional amount each month, you can pay down the principal on

the loan faster by making additional payments.

If you are considering borrowing against the equity in your home to pay off other

bills or make a purchase, the interest rate may not be the most significant factor

for you to consider. If you are planning on paying off high interest rate credit

cards it may be worth your while to refinance even if the rate is slightly higher than

your current mortgage rate.

Consider the Loan to Value of your home when making your decision to refinance.

The Loan to Value is the ratio of the mortgage loan amount to the value of your

home. For instance, if your home is worth $200,000 and the loan amount is

$150,000, then your Loan to Value is 75%. ($150,000 divided by $200,000

multiplied by 100 = the percentage) Your lender will consider this value when

approving your loan as there is a maximum Loan to Value ratio they will loan to.

Keep in mind that the interest rate you receive can be tied to the Loan to Value

amount of your property. Generally, the higher the Loan to Value, the higher your

interest rate will be. Your credit score may also be tied to the Loan to Value ratio

that you are able to qualify for when the lender approves your loan. We will

discuss how credit scores affect your mortgage in a later section of this book. To

Summarize, refinancing a mortgage can be a good idea for any homeowner who:

• Wants to get out of a high interest rate loan to take advantage of lower mortgage rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.

• May have originally purchased their home on a Real Estate contract and want to have the

property and the mortgage in their own name.

• Have an adjustable rate mortgage and want a fixed rate mortgage to have the certainty of a fixed mortgage payment for the duration of the loan.

• Wants to convert to an ARM (adjustable rate mortgage) with a lower interest rate or

more protective features (such as a better rate and payment caps) than the mortgage they currently have.


• Wants to build up the equity in their home more quickly by converting to a loan with a shorter term.

• Wants to draw on the equity remodel their home or to get cash for a major purchase or

for their children's college expenses. If you decide that refinancing is not worth the expense, ask your mortgage lender

whether you may be able to obtain all or some of the new terms you want by

agreeing to a modification of your existing mortgage.

Number Two: What does your credit look like?

Your credit rating is one of the main considerations lenders use when deciding

whether or not to approve your loan. This will also help determine your interest

rate. Credit ratings have become much less restrictive when applying for loans

today; however, excellent credit will guarantee a better interest rate. The first

thing you must do is ensure your credit reports are accurate. To do this you’ll need

to request a copy of your credit report from each of the three

credit reporting agencies: Equifax, Experian,

and TransUnion. Be careful when obtaining

your credit reports as many companies

providing these reports will almost always

try and sell you services that you do not

want or need. Recent legislation requires

reporting agencies to provide one free

copy of their credit history per year. You

can sign up for this at

AnnualCreditReport.com (click the link to visit

the website). This site will allow you to receive one report for each of the reporting

agencies every twelve months. If you are unable to use this service or need

additional reports you will need to pay for them.

An excellent resource for additional credit reports is “Online Credit Info”:

http://OnlineCreditInfo.Refiadvisor.com (click the link to visit the website) You


will need to carefully review each of these reports for errors. If you discover errors

you can dispute items on your credit report by contacting the individual credit

agency. Contact information for each credit agency is listed below:

Equifax http://www.equifax.com (800) 685-1111

Experian http://www.experian.com (888) 397-3742

TransUnion http://www.transunion.com (800) 916-8800

The credit agencies use the information on your credit history to calculate your

credit score. A credit score is a complex mathematical model that evaluates many

types of information in a credit file. A credit score is used by a lender to help

determine whether a person qualifies for a particular credit card, loan, or service.

Most credit scores estimate the risk a company incurs by lending a person money

or providing them with a service –– specifically, the likelihood that the person will

make payments on time in the next two to three years. Generally, the higher the

score, the less risk the person represents. The free credit reports you receive

online typically do not show your credit score. An excellent resource to view your

credit score online is “Free Credit Score”: http://CreditScore.Refiadvisor.com

(click the link to visit the website). If you are concerned about a poor credit rating

remember this: It is much easier to secure financing today with poor credit than it

was ten years ago. You may pay a higher interest rate for your financing; however,

you should not have a problem locating lenders that will work with you.

Number Three: What Will Refinancing Cost?

There are many costs associated with refinancing your mortgage. Some can be

avoided. The fees described below are the charges that you are most likely to

encounter in a refinancing.

• Application Fee. This expense is imposed by your lender and covers the initial cost of processing your loan request and checking your credit history.


• Title Search & Title Insurance. This charge will cover the cost of examining the public records to confirm ownership of the property. It also covers the cost of a policy, usually issued by a title insurance company, which insures the policy holder in a specific amount for any loss caused by discrepancies in the title to the property. Be sure to ask the company carrying the present policy if it can re-issue your policy at a re-issue rate. You could save up to 70 percent of what it would cost you for a new policy.

Because costs may vary significantly from area to area and from lender to lender, the following are estimates only. You may be able to avoid many of these fees by using documents from your previous closing. The appraisal, survey, and title search from your previous closing may still be valid for your second closing. Make sure you have all of your closing papers in a safe place. Your actual closing costs may be higher or lower than the ranges indicated below:

Application Fee $75 to $300

Appraisal Fee $150 to $400

Survey Costs $125 to $300

Homeowner’s Hazard Insurance $300 to $600

Lender’s Attorney’s Review Fees $75 to $200

Title Search and Title Insurance $450 to $600

Home Inspection Fees $175 to $350

Loan Origination Fees 1% of loan

Mortgage Insurance 0.5% to 1.0%

Points 1% to 3% • Lender’s Attorney’s Review Fees. The lender will usually charge you for fees paid to the

lawyer or company that conducts the closing for the lender. Settlements are conducted by lending institutions, title insurance companies, escrow companies, real estate brokers, and attorneys for the buyer and seller. In most situations, the person conducting the settlement is providing a service to the lender. You may also be required to pay for other legal services relating to your loan which are provided to the lender. You may want to retain your own attorney to represent you at all stages of the transaction including settlement.

• Loan Origination Fees and Points. The origination fee is charged for the lenders work in

evaluating and preparing your mortgage loan. Points are prepaid finance charges imposed by the lender at closing to increase the lender’s yield beyond the stated interest rate on the mortgage note. One point equals one percent of the loan amount. For example, one point on a $75,000 loan would be $750. In some cases, the points you pay can be financed by adding them to the loan amount. The total number of points a lender charges will depend on market conditions and the interest rate to be charged.

• Appraisal Fee. This fee pays for an appraisal which is a supportable and defensible estimate

or opinion of the value of the property. An excellent online resource for an appraisal is: Electronic Appraiser at http://eappraiser.refiadvisor.com (click to visit)

• Prepayment Penalty. A prepayment penalty on your present mortgage could be the greatest

deterrent to refinancing. The practice of charging money for an early pay-off of the existing


mortgage loan varies by state, type of lender, and type of loan. Prepayment penalties are forbidden on various loans including loans from federally chartered credit unions, FHA and VA loans, and some other home-purchase loans. The mortgage documents for your existing loan will state if there is a penalty for prepayment. In some loans, you may be charged interest for the full month in which you prepay your loan.

• Miscellaneous. Depending on the type of loan you have and other factors, another major

expense you might face is the fee for a VA loan guarantee, FHA mortgage insurance, or private mortgage insurance. There are a few other closing costs in addition to these.

To summarize costs: A homeowner should plan on paying an average of 3 to 6

percent of the outstanding principal in refinancing costs, plus any prepayment

penalties and the costs of paying off any second

mortgages that may exist.

One way of saving on these costs is to check first

with the lender who holds your current mortgage.

The lender may be willing to waive some of them,

especially if the work relating to the mortgage

closing is still current. This could include the fees

for the title search, surveys, inspections, and so on.

30 Year vs. 15 Year Mortgage Terms

Another thing to consider is the term of your loan.

Typically, a 30 year loan will have lower monthly payments than a 15 year

mortgage loan. If you decide on a 15 year mortgage, you will pay significantly less

in total interest over the life of the loan, but your monthly mortgage payments will

be higher. As a homebuyer, you will need to consider the implications of having

higher monthly payments when accepting a 15 year loan. Can you consistently

meet those monthly payments over time? See the table below:


Advantages Considerations

15 Year

Lower Overall Mortgage Cost Higher Monthly Payment

Builds Equity Faster Must Qualify for Higher Monthly Payment

You have Debt for Only 15 Years You have Less Cash for Other Expenses

Lower Interest Rate Less Money goes toward Tax Deductions

30 Year

Lower Monthly Payment Higher Overall Mortgage Cost

Qualifying is Easier You Pay More in Overall Interest

You have More Cash for Other Expenses You have Debt for 30 Years

More Money goes toward Tax Deductions Higher Interest Rate

In addition to considering a 15 year vs. 30 year mortgage you should decide on

fixed rate vs. adjustable rate mortgages. The decision to finance with a fixed or

adjustable interest rate comes down of several questions. First, how long do you

plan to keep your home? If you know that you will be selling the house within 3 to

5 years then the clear choice is an adjustable rate mortgage. The most common

adjustable rate loans have fixed rates for the first 3 to 5 years of the loan. These 3

and 5 year adjustable rate mortgages will offer better interest rates than a 30 year

fixed mortgage. The same principal holds if you know you will be refinancing your

mortgage in 3 to 5 years, for example to buy a vacation home.

If you’re not planning on moving or refinancing again with next 5 to 7 years, the

question becomes: How comfortable are you with risks? If you are, choosing an

adjustable rate mortgage will get you a lower interest rate; however, you’re

gambling that your rate won’t go up significantly during that time period and take

your payments with it. If you’re a conservative person choose a 30 year fixed rate


mortgage. You might pay a slightly higher interest rate but your payments will not

go up due to interest rate hikes.

Rates and Points

There are a number of factors that determine the mortgage interest rates for any

given borrower. These factors include: the type of loan you are applying for, (fixed

vs. adjustable) your credit score, the Loan to Value ratio of your home, your

documentation, the type of property, and the points you pay. If you opt for a fixed

rate mortgage your interest rate will be higher than an adjustable rate mortgage.

Fifteen-year mortgage interest rates are also typically lower than 30 year interest

rates. As mentioned earlier, generally speaking, the higher your Loan to Value

ratio, the higher your interest rate will be. Your documentation can also affect the

interest rate of your mortgage. Some programs require very little documentation

of your assets or income; these programs serve a purpose, but typically charge

much higher interest rates. The more documentation of your pay stubs, tax

returns, and bank statements you can provide, the easier it will be for you to

quality for a low interest rate mortgage. The type of property you are refinancing

can also affect your mortgage interest rate. Interest rates are typically lower for

your primary residence vs. second homes or investment properties.

Points act to lower the interest rate you qualify for by pre-paying a portion of the

interest before the loan. A "point" or "discount point" is equivalent to 1% of the

loan and usually reduces or "discounts" the loan rate by an eighth of a percentage

point. For example: You want to get a loan for $100,000 to buy a home. Each

"point" would cost you 1% of $100,000 or $1,000 but would reduce your loan's

interest rate by .125%. The lender might offer you an 8.0% loan with zero points, a

7.875% loan with one point, or a 7.75% loan with 2 points.

Points, like the down payment, are paid at closing. In some cases, lenders will

allow borrowers to finance the points over the term of the loan. Lenders sometimes


use points to make their interest rates appear lower. Be aware that lower interest

rate offered by a lender may translate into higher points requirements.

Will You Have to Pay a Penalty?

Be sure and check if your current mortgage has a pre-payment penalty. Many

mortgage lenders do include pre-payment penalties in their offerings. Most pre-

payment penalties only last for the first three years of the loan, so if you have one

and have been in your house for a while you may not have to pay it. There are two

types of pre-payment penalties: hard and soft. The hard pre-payment penalty goes

into effect whether you sell your house or refinance the mortgage. A soft penalty

only applies if you refinance the mortgage; not when you sell the house. If you

think you might have to move within the first three years of owning the home,

make sure you let the broker know you require a soft pre-payment penalty only.

Obtain All Important Cost Information

Closing costs can vary from a few hundred dollars to several thousand dollars.

Mortgages advertised as “No Closing Cost Loans” can still require considerable out

of pocket expenses to cement the deal. Pay careful attention to the Hud-1

statement from your original mortgage as it will outline all of your closing costs.

You will see “pre-paid expenses” on this statement. Pre-paid expenses include pre-

paid interest, pre-paid taxes, and insurance. Even if you are rolling these expenses

up into the mortgage amount, settlement charges can take you by surprise at the

closing table. Other expenses such as origination points and title insurance are

based on the amount of the mortgage loan you are borrowing. Title insurance

offers no benefit to you as the homeowner and can be quite expensive. Title

insurance only protects the lender from losses due to a defective title; and you have

to pay for this insurance. Even though your title has been checked and re-checked

and you’ve already paid for title insurance on your first mortgage, you’ll have to

pay for it again when you refinance.


You will often be able to roll your closing costs and pre-paid items into the loan

amount of your mortgage, so you won’t have to come up with all the cash at closing.

Be sure to get information about mortgages from several lenders or brokers. Know

how much of a down payment you can afford, and find out all the costs involved in

the loan. Knowing just the amount of the monthly payment or the interest rate is

not enough. Ask for information about the same loan amount, loan term, and type

of loan so that you can compare the information.

Number Four: Shop Around For the Best Deal

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.

Obtain information from several lenders. Home loans are available from several

types of lenders—thrift institutions, commercial banks, mortgage companies, and

credit unions. Different lenders may quote you different prices, so you should

contact several lenders to make sure you’re getting the best price. You can also get

a home loan through a mortgage broker. Brokers arrange transactions rather than

lending money directly; in other words, they find a lender for you. A broker’s

access to several lenders can mean a wider selection of loan products and terms

from which you can choose. Brokers will generally contact several lenders

regarding your application, but they are not obligated to find the best deal for you

unless they have contracted with you to act as your agent. Consequently, you


should consider contacting more than one broker, just as you should with banks or

thrift institutions.

Whether you are dealing with a lender or a broker may not always be clear. Some

financial institutions operate as both lenders and brokers. And most brokers’

advertisements do not use the word “broker.” Therefore, be sure to ask whether a

broker is involved. This information is important because brokers are usually paid

a fee for their services that may be separate from and in addition to the lender’s

origination or other fees. A broker’s compensation may be in the form of “points”

paid at closing or as an add-on to your interest rate, or both. You should ask each

broker you work with how he or she will be compensated so that you can compare

the different fees. Be prepared to negotiate with the brokers as well as the lenders.

Obtain the best deal that you can. Once you know what each lender has to offer,

negotiate for the best deal that you can. On any given day, lenders and brokers may

offer different prices for the same loan terms to different consumers, even if those

consumers have the same loan qualifications. The most likely reason for this

difference in price is that loan officers and brokers are often allowed to keep some

or all of this difference as extra compensation. Generally, the difference between

the lowest available price for a loan product and any higher price that the borrower

agrees to pay is an overage. When overages occur, they are built into the prices

quoted to consumers. They can occur in both fixed and variable-rate loans and can

be in the form of points, fees, or the interest rate. Whether quoted to you by a loan

officer or a broker, the price of any loan may contain overages. Have the lender or

broker write down all the costs associated with the loan. Then ask if the lender or

broker will waive or reduce one or more of its fees or agree to a lower rate or fewer

points. You’ll want to make sure that the lender or broker is not agreeing to lower

one fee while raising another or to lower the rate while raising points.


There’s no harm in asking lenders or brokers if they can give better terms than the

original ones they quoted or than those you have found elsewhere. Once you are

satisfied with the terms you have negotiated, you may want to obtain a written

lock-in from the lender or broker. The lock-in should include the rate that you

have agreed upon, the period the lock-in lasts, and the number of points to be paid.

A fee may be charged for locking in the loan rate. This fee may be refundable at

closing. Lock-ins can protect you from rate increases while your loan is being

processed; if rates fall, however, you could end up with a less favorable rate.

Should that happen, try to negotiate a compromise with the lender or broker.

Remember: Shop, Compare, and Negotiate. When searching for a loan, it is

important to shop around, compare costs and terms, and to negotiate for the best

deal. Your local newspaper and the Internet are good places to start shopping for a

loan. You can usually find information both on interest rates and on points for

several lenders. Since rates and points can change daily, you’ll want to check your

newspaper often when shopping for a home loan. But the newspaper does not list

the fees, so be sure to ask the lenders about them.

Use the Internet to get lenders to compete for your business. There are several

sites on the web you can use to do this. RefiAdvisor has an excellent mortgage tool

for comparing loan offers. (See the link below) Be careful using sites that ask for

your Social Security Number. Make sure the sites use Secure Socket Layer (SSL)

when entering your information. The Mortgage Tool only asks for your contact

information and does not require a Social Security Number. Fill out one short

form to receive multiple competitive quotes from a vast network of screened

lenders and mortgage brokers. It’s a simple, one page, no-obligation request form

requires no sensitive information.

Click here to access the Mortgage Tool:

http://www.refiadvisor.com/refinance.php


Other resources include:

http://LowCostLending.Refiadvisor.com http://LendersBlock.Refiadvisor.com

http://LowRateSource.Refiadvisor.com http://ALP.Refiadvisor.com

http://Ameriquest.Refiadvisor.com http://PlanetLoan.Refiadvisor.com

There is a complete list of direct lenders and brokers available in the Resources

Section. You should fill out the contact forms located on each of these sites to

receive as much information and as many offers for your loan as possible.

Credit Problems? Still Shop, Compare, and Negotiate. Don’t assume that minor

credit problems or difficulties stemming from unique circumstances, such as

illness or temporary loss of income, will limit your loan choices to only high-cost

lenders. If your credit report contains negative information that is accurate, but

there are good reasons for trusting you to repay a loan, be sure to explain your

institution to the lender or broker. If your credit problems cannot be explained,

you will probably have to pay more than borrowers who have good credit histories.

But don’t assume that the only way to get credit is to pay a high price. Ask how

your past credit history affects the price of your loan and what you would need to

do to get a better price. Take the time to shop around and negotiate the best deal

that you can. Whether you have credit problems or not, it’s a good idea to review

your credit report for accuracy and completeness before you apply for a loan. See

item number three for more information on your credit rating. Use the Mortgage

Shopping Worksheet on the next page when negotiating with lenders.


Mortgage Shopping Worksheet2

Name of Lender: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Name of Contact: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date of Contact: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mortgage Amount: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . mortgage 1 mortgage 2 mortgage 1 mortgage 2 Basic Information on the Loans Type of Mortgage: fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below . . . . . . . . . . . . . . . Minimum down payment required . . . . . . . . . . . . . . . . . . . . Loan term (length of loan) . . . . . . . . . . . . . . . . . . . . . . . . . . Contract interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual percentage rate (APR) . . . . . . . . . . . . . . . . . . . . . . Points (may be called loan discount points) . . . . . . . . . . . . Monthly Private Mortgage Insurance (PMI) premiums . . . . How long must you keep PMI? . . . . . . . . . . . . . . . . . . . . . . Estimated monthly escrow for taxes and hazard insurance Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fees Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents. Application fee or Loan processing fee . . . . . . . . . . . . . . . . Origination fee or Underwriting fee . . . . . . . . . . . . . . . . . . . Lender fee or Funding fee . . . . . . . . . . . . . . . . . . . . . . . . . . Appraisal fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Attorney fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Document preparation and recording fees . . . . . . . . . . . . . Broker fees (may be quoted as points, origination fees, or interest rate add-on) . . . . . . . . . . . . . . . . . . . . . . . . . . Credit report fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Costs at Closing/Settlement Title search/Title insurance For lender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For you . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estimated prepaid amounts for interest, taxes, hazard insurance, payments to escrow . . . . . . . . . . . . . State and local taxes, stamp taxes, transfer taxes . . . . . . . Flood determination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prepaid Private Mortgage Insurance (PMI) . . . . . . . . . . . . . Surveys and home inspections . . . . . . . . . . . . . . . . . . . . . . Total Fees and Other Closing/Settlement Cost Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Mortgage Shopping Worksheet—Page 2 Lender 1 Lender 2 Name of Lender: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . mortgage 1 mortgage 2 mortgage 1 mortgage 2 Other Questions and Considerations about the Loan Are any of the fees or costs waivable? . . . . . . . . . . . . . . . . Prepayment penalties Is there a prepayment penalty? . . . . . . . . . . . . . . . . . . . . . If so, how much is it? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . How long does the penalty period last? (for example, 3 years? 5 years?) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Are extra principal payments allowed? . . . . . . . . . . . . . . . . Lock-ins Is the lock-in agreement in writing? . . . . . . . . . . . . . . . . . . Is there a fee to lock-in? . . . . . . . . . . . . . . . . . . . . . . . . . . . When does the lock-in occur—at application, approval, or another time? . . . . . . . . . . . . . . . . . . . . . . . How long will the lock-in last? . . . . . . . . . . . . . . . . . . . . . . . If the rate drops before closing, can you lock-in at a lower rate? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If the loan is an adjustable rate mortgage: What is the initial rate? . . . . . . . . . . . . . . . . . . . . . . . . . . . . What is the maximum the rate could be next year? . . . . . . What are the rate and payment caps each year and over the life of the loan? . . . . . . . . . . . . . . . . . . . . . . . . . What is the frequency of rate change and of any changes to the monthly payment? . . . . . . . . . . . . . . . . . What is the index that the lender will use? . . . . . . . . . . . . . What margin will the lender add to the index? . . . . . . . . . . Credit life insurance Does the monthly amount quoted to you include a charge for credit life insurance? . . . . . . . . . . . . . . . . . If so, does the lender require credit life insurance as a condition of the loan? . . . . . . . . . . . . . . . . . . . . . . . How much does the credit life insurance cost? . . . . . . . . . . How much lower would your monthly payment be without the credit life insurance? . . . . . . . . . . . . . . . . . . If the lender does not require credit life insurance, and you still want to buy it, what rates can you get from other insurance providers? . . . . . . . . . . . . . . . . . .


Number Five: Common Pitfalls to Avoid Fair Lending Is Required by Law. The Equal Credit Opportunity Act prohibits

lenders from discriminating against credit applicants in any aspect of a credit

transaction on the basis of race, color, religion, national origin, sex, marital status,

age, whether all or part of the applicant’s income comes from a public assistance

program, or whether the applicant has in good faith exercised a right under the

Consumer Credit Protection Act. The Fair Housing Act prohibits discrimination in

residential real estate transactions on the basis of race, color, religion, sex,

handicap, familial status, or national origin. Under these laws, a consumer cannot

be refused a loan based on these characteristics nor be

charged more for a loan or offered less favorable terms

based on such characteristics.

Protect Yourself from Predatory Lenders

Buying or refinancing your home may be one of the most

important and complex financial decisions you'll ever make.

Many lenders, appraisers, and real estate professionals stand ready to help you get

a nice home and a great loan. However, you need to understand the home buying

process to be a smart consumer. Every year, misinformed homebuyers, often first-

time purchasers or seniors, become victims of predatory lending or loan fraud.

What is Predatory Lending?

In communities across America, people are losing their homes and their

investments because of predatory lenders, appraisers, mortgage brokers and home

improvement contractors who:

• 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.


• Charge 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. • Pressure borrowers to accept higher-risk loans such as balloon loans, interest only

payments, and steep pre-payment penalties. • Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in

need of cash due to medical, unemployment or debt problems. • "Strip" homeowners' equity from their homes by convincing them to refinance again and

again when there is no benefit to the borrower. • Use high pressure sales tactics to sell home improvements and then finance them at high

interest rates.

What Tactics Do Predatory Lenders Use?

• A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.

• The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.

• You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.

• You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.

• The cost or loan terms at closing are not what you agreed to. • You are told that refinancing can solve your credit or money problems. • You are told that you can only get a good deal on a home improvement if you finance it with

a particular lender.

Remember:

If a deal to buy, repair or refinance a house sounds too good to be true, it usually is!

Reasons a Loan May Not Be Approved

There are several common reasons why lenders deny a loan application.

• Poor credit report - A negative credit report generally indicates that the homebuyer has not established a good credit history. Your first step should be to verify that the credit information issued to the lender is accurate. Ask to see a copy of your credit report that the lender received, or obtain a copy of your credit report yourself from your local credit bureau. In addition, consult with a local HUD Housing counseling agency to determine what steps you can take to restore your credit to an acceptable level. Depending on your situation, rebuilding your credit may only delay your home purchase for a short time.


• Not enough income - Your ability to pay off a loan is reflected in your current earnings and your future income potential. Lenders may decline a loan if the homebuyer does not meet the income requirements or cannot show proof of stable income. It is to your advantage to establish a consistent and stable income.

• Too much debt - If your existing debts (credit cards, car loans, student loans) exceed the debt-to-income ratio for the loan, determine if you can pay off some of your debts before you apply for a mortgage. If you have credit cards you don't use, cancel them. Inactive credit cards are still considered potential debt. For more assistance with debt consolidation or other credit needs, contact a HUD Housing counseling agency.

Options If Your Loan Is Not Approved

A lender is required by law to explain in writing the reasons why your loan was not approved. An important thing to remember is that if the lender declines your loan application it does not necessarily mean that the purchase of a home is not in your future.

You still have some options available:

• Consider another lender - You may want to research other lenders in your area. Fees and loan options vary by lender. You may be able to find another lender that offers more suitable loan packages or charges lower fees.

• Increase your equity - If you can increase the equity in your home, you will reduce the amount of money you have to borrow. This might help you qualify for the loan.

• Contact local HUD Office - Check with your local HUD office about additional programs and resources available to you, or Click here for a list of HUD programs available nationwide.

• Consumer Credit Protection Act (1960) - Guarantees confidentiality of credit reports and allows consumers to correct inaccurate information in their reports.

• Equal Credit Opportunity Act of 1975- Prohibits the discrimination in any credit action based on race, sex, marital status, color, religion, age, handicap, or national origin.


• Equal Housing Opportunity - Prohibits housing discrimination based on race, sex, marital status, color, religion, age, handicap, family status or national origin.

• Fair Housing Act - Prohibits the discrimination based on race, sex, marital status, handicap, or national origin in any real estate transaction.

• Federal Consumer Credit Protection Act (commonly known as the Truth in Lending Act) (1969) - Requires that lenders disclose the actual terms and conditions of a loan before an applicant commits to the loan.

• Home Mortgage Disclosure Act (1975) - Provides information to help determine whether public institutions are assisting the housing needs of their communities and neighborhoods.

• Real Estate Settlement Procedures Act of 1974 (RESPA) - Encouraging homeownership through consumer protection, this act regulates certain lending actions related to closing/settlement. Some of its provisions are:

- RESPA requires lenders to provide buyers a good faith estimate of the cost of the loan, including disclosure of the Annual Percentage Rate (APR). - RESPA requires lenders to provide buyers with general information about settlement costs. - Lenders must provide buyers a copy of the Mortgage Servicing Disclosure Statement, regarding loan servicing and transfer. - Within three days after receiving the loan application, lenders must provide the buyer with an estimate of closing costs and monthly payments. - RESPA provides the borrower the opportunity to see the HUD-1 Settlement Statement one day before the actual settlement. - Prohibits kickbacks between Real Estate professionals for referrals and prohibits fee-splitting and receiving unearned fees for services not rendered.

• Regulation B of the Consumer Credit Protection Act - Requires lenders to inform potential borrowers of any adverse actions taken on their loan applications.


Online ResourcesFill out the contact forms at each of the links below to receive information

and offers from the maximum number of lenders and brokers.

Credit Resources

Annual Credit Report Request a free copy of your credit history

from each reporting agency. Available once

every 12 months. Does not provide your

credit score.

http://www.AnnualCreditReport.com

Online Credit Info

(Top Rated)

Receive a free copy of your credit history

and a free 30-day trial membership in the

Credit Monitoring Program. This service

provides important information about

understanding and maintaining your credit

history.

http://OnlineCreditInfo.Refiadvisor.com

Free Credit Score Get your credit score free and receive a free

trial of the “Privacy Matters” service.

http://CreditScore.Refiadvisor.com

Make The Lenders Compete

America’s Lending Partners

(Top Rated)

Whether your Credit is Perfect or Less than

Perfect, you can find the best deal on your

home loan. It's personal, convenient, and

secure. The Service is free and there is no

obligation. Complete one form and lending

partners will call you directly. You compare

the loan offers and decide which offer is best

for you.

http://ALP.Refiadvisor.com

Planet Loan Country-Wide Lender - Regardless of credit

issues, Full Spectrum Lending will work

with you to find the best loan for your

situation.

http://PlanetLoan.Refiadvisor.com


Online Resources

(Page Two)

RefiAdvisor Mortgage Tool

(Top Rated)

Fill out one short form to receive multiple

competitive quotes from a vast network of

screened lenders and mortgage brokers. It’s

a simple, one-page, no-obligation form that

requires no sensitive information.

http://www.refiadvisor.com/refinance.php

Lender’s Block Get up to four free quotes in minutes. Fast

and easy application. Requires no sensitive

information. No obligation.

http://LendersBlock.Refiadvisor.com

Low Cost Lending Free rate checks. No obligation, No Credit

Check.

http://LowCostLending.Refiadvisor.com

Low Rate Source Search rates for a variety of different

lenders.

http://LowRateSource.Refiadvisor.com

National Lenders

ING Direct

(Top Rated)

Great Rates, No Points, Guaranteed low closing costs. Save thousands with ING’s Orange Mortgage.

http://ING.Refiadvisoro.com

Ameriquest Mortgage Ameriquest is the nation’s leader in sub-

prime mortgages with over 250 branches

nationwide.

http://ameriquest.refiadvisor.com

Miscellaneous Resources

Electronic Appraiser With Electronic Appraiser anyone can

instantly determine the value of any home.

It’s quick & easy.

http://EAppraiser.Refiadvisor.com

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28

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29

FHA or

an. The

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ative or a grant

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ortgage paymen

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property and seted heirs. Also

nt on a 15-year

f the loan is sub

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requires that fe

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HLMC).

t from the borro

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NMA).

nts provided by

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at a payment s

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ell it to a buyer known as fee

mortgage is h

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HA). If the prope

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mount of the pa

y off the loan ov

31

pon the

of a

termine

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surance

ity, non-

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ayment

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©2005-

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hazard insuA fo

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arehousing exp

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income appA m

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urance

orm of insuranc

fire and tornad

property that iy loan

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require a borro

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nce, usually for

condition of a

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the insured pro

FHA, GNMA a

mebuyers can a

ity index is pub

Go to Top

edict a property

post, or transmit

operty against

ower to maintai

age loan.

r the purpose o

home by a pro

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fford to buy an

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y's anticipated

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losses from ph

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of making home

ofessional home

ges can be com

loss from theft,

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average-price

National Assoc

future income.

hysical damage

of hazard insura

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mpleted before

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ed home in spe

ciation of Realto

Income prope

32

e such

ance on

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his

the

most

cified

ors.

rty

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inclincome-to-d

See index

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joint tenancSee

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mits set by the

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post, or transmit

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as U.S. Treas

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33

age

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est, and

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ed

NMA) or

©2005-

- K -

key lot Rea

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est rate and/or p

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Go to Top

a debt. A mortg

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on a property a

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post, or transmit

gage is a lien; o

n for unpaid deb

mount of the pr

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other types of li

bt to a subcont

roposed loan a

100,000 is a 75

time. Some le

iens a property

tractor.

nd a property's

5% loan-to-valu

nders will char

34

y might

s

ue ratio.

ge a


- M -

maintenance costs

The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the

faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or

exterior of the house. margin

The amount a lender adds to the index of an adjustable rate mortgage to establish an adjusted interest rate. For

example, a margin of 1.50 added to a 7 percent index establishes an adjusted interest rate of 8.50 percent. market value

The price a property can realistically sell for, based upon comparable selling prices of other properties in the

same geographical area. modification

A change in the terms of the mortgage note, such as a reduction in the interest rate or a change in maturity

date. mortgage

A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of

trust is used rather than a mortgage. mortgage banker

A lender that originates, closes, services and sells mortgage loans to the secondary market. mortgage broker

An intermediary between a borrower and a lender. A mortgage broker's expertise lies in helping borrowers find

financing that they might not otherwise find themselves. mortgage insurance

Money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required

on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment

of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan

amount added to each monthly payment. mortgage interest

The interest rate charge for borrowing the money for the mortgage. It is used to calculate the interest payment

on the mortgage each month. mortgage term

The length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years. mortgagee

The lender. mortgagor

The borrower.

Go to Top

©2005-

- N -

negative amA s

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er to receive ad

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cipal. The borro

bits a new buye

nal Mortgage A

mbo loans are

and shows the

Go to Top

dvances of prin

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Go to Top

post, or transmit

hat is actually b

ower may end

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nonconformin

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NMA) or Federa

g.

bligated to pay

lender during

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e than the origin

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al Home Loan

it.

the life of the lo

are usually exp

36

e loan.

nal

he

oan.

pressed

©2005-

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payment caSee

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37

unt; for

nterest

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qualificationAs

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the RHCDS

Rurright of first

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the rollover

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Go to Top

post, or transmit

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in rural areas.

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38

credit

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tax deed

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rtgage

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repossessed b

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39

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42

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