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Shopping for a Loan

Shopping for a Loan

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U.S. Department of Housing and Urban Development - Shopping For Your Home Loan Revised 2009
U.S. Department of Housing and Urban Development - Shopping For Your Home Loan Revised 2009

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Published by: David Schmid, REALTOR, CCIM, CPM, CRS on Jul 19, 2011
Copyright:Attribution Non-commercial

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07/25/2011

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2
Table of ContentsI.
 
IntroductionPurchasing Time-lineII. Before You BuyAre You Ready to be a Homeowner?III. Determining What You Can AffordIV. Shopping for a HouseRole of the Real Estate BrokerRole of an AttorneyTerms of the Sales AgreementAffiliated BusinessesBuildersV. Shopping for a LoanLoan OriginatorTypes of Loans and ProgramsVI. Good Faith Estimate (GFE)Page 1Page 2Page 3VII. Shopping for Other Settlement ServicesVIII. Your Settlement and HUD-1Page 1Page 2Page 3IX. Your Loan after SettlementX. Home Equity and RefinancesXI. AppendixAdditional InformationContact InformationGlossary of TermsTypes of Mortgage Loan ProductsHUD-1 Settlement StatementThe Do List/The Don’t List
 
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I.
 
Introduction
The
Real Estate Settlement Procedures Act (RESPA)
requires lenders andmortgage brokers to give you this booklet within three days of applying for amortgage loan. RESPA is a federal law that helps protect consumers from unfairpractices by settlement service providers during the home-buying and loan process.Buying a home is an important financial decision that should be consideredcarefully. This booklet will help you become familiar with the various stages of thehome-buying process, including deciding whether you are ready to buy a home, andproviding factors to consider in determining how much you can afford to spend. Youwill learn about the sales agreement, how to use a
Good Faith Estimate
to shop forthe best loan for you, required settlement services to close your loan, and the
HUD-1Settlement Statement
that you will receive at closing.This booklet will help you become familiar with how interest rates, points,balloon payments, and prepayment penalties can affect your monthly mortgagepayments. In addition, there is important information about your loan aftersettlement, including how to resolve loan servicing problems with your lender, andsteps you can take to avoid foreclosure. After you have purchased your home, thisbooklet will help you identify issues to consider before getting a home equity loan orrefinancing your mortgage. Finally, contact information is provided to answer anyquestions you may have after reading this booklet. There is also a Glossary of Termsin the booklet’s Appendix.Using this booklet as your guide will help you avoid the pitfalls and help youachieve the joys of home ownership.

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