Ever since the financial bailout following the 2007 housing crash, it’s been public knowledge that the federal government has a vested interest in a stable and healthy housing market. Of course, the U.S. government’s involvement in mortgages extends back for decades.
In addition to more overt and obvious roles the federal government plays in mortgage loans and housing markets, the federal government also plays a role in educating mortgage consumers.
So, here are some of the best resources the federal government provides to help educate the public on mortgages, which may be of help to you.
“A Consumer’s Guide to Mortgage Refinancing”
Mortgage refinancing is the practice of taking out a new mortgage to satisfy an old one.
By refinancing a mortgage, you can lower your monthly payment and/or shorten the term of the loan, if interest rates have dropped, or if your financial situation has changed resulting in qualifying for a lower-rate mortgage.
In this resource, the Federal Reserve Board shares everything consumers need to know to start the refinancing process and secure a better mortgage. The guide provides ample examples to help explain how refinancing can be beneficial, and when it may be a good time to refinance an existing mortgage.
“Buying Your Home: Settlement Costs and Information”
Provided by the Department of Housing and Urban Development, this guide provides a holistic look at homebuying, sharing information about shopping for a loan, selecting a settlement agent, and securing title services.
Though buying a house seems simple enough, there are numerous nuances that can trip up homebuyers and make the experience complicated. This guide does a good job of breaking down some of the most complicated parts of buying a home and getting a mortgage.
“Interest Rate Reduction Refinancing Loans (IRRRL)”
IRRRL loans are offered specifically to veterans to help refinance VA home mortgages. This guide, provided by the Department of Veteran Affairs, explains the benefits of IRRRL home loans, along with eligibility requirements.
This resource explains when it’s a good idea to pursue refinancing a VA mortgage, and what veterans can do to be sure they get the best possible IRRRL.
If you are a veteran with a VA home mortgage, you could pay quite a bit less every month if refinancing results in a lower interest rate.
“Mortgage Servicing: Making Sure Your Payments Count”
In this consumer guide, the Federal Trade Commission shares lesser-known information about mortgage servicing, and how mortgage debt can affect homeowners. Specifically, this guide has some great tips on consumer rights to help ensure that borrowers are aware of reputable lending practices. Additionally, this guide contains a lot of good information about special servicing agreements, and what borrowers should do to stay informed.
“Don’t Be A Victim Of Loan Fraud”
This consumer resource, provided by the Department of Housing and Urban Development’s Office of Housing Counseling, provides a lot of useful warnings about avoiding loan fraud and predatory lending.
The guide emphasizes what it means to be a “smart consumer” in mortgage markets, and what consumers should look for when getting a mortgage. The HUD emphasizes the old “if it’s too good to be true, it probably is” axiom, but goes beyond catchy slogans to provide insightful tips for identifying predatory lending.
Reverse mortgages have become a trending financial choice among seniors, but general knowledge usually only extends as far as buzzwords and late night T.V. ads.
This guide by the Federal Trade Commission provides all of the right information to change that, with in depth explanations of reverse mortgages. It breaks down the different types of reverse mortgages, and explains fees that go along with this type of mortgage.
Consult a Mortgage Expert
Information from government websites is a great way to learn the basics about home mortgages, but most everyone has questions that can only be answered by a mortgage expert.
Marimark Mortgage is a Tampa, Florida mortgage company, providing home mortgages in Florida, Virginia, and Pennsylvania.
If you have questions about a mortgage, need to be pre-qualified, you’re ready to buy a home, or you can benefit from refinancing your mortgage, please contact us at your earliest convenience.
The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.
We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.
