It’s simple: You want to own a home. But we know the finances can be much more complicated than that. From adjustable rate mortgages to home equity lines of credit, ask CFPB your questions about mortgages. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
A subprime mortgage carries an interest rate higher than the rates of prime mortgages. Prime mortgage interest rates are the rates at which banks and other mortgage lenders may lend money to customers with the best credit histories. Prime mortgages ...
If anyone tells you to stop making mortgage loan payments, they may be trying to scam you. Not making your mortgage loan payments could hurt your credit score and limit your options. Report individuals giving you this advice by file ...
A reverse mortgage is a special type of loan that allows homeowners 62 and older to borrow against the equity in their homes. It is called “reverse” because you receive money from the lender, instead of making payments to the ...
The Federal Housing Administration (FHA) administers a program of loan insurance to expand homeownership opportunities. FHA provides mortgage insurance to FHA-approved lenders to protect these lenders against losses if the homeowner defaults on the loan. The cost of the mortgage ...
The Rural Housing Service (RHS) offers mortgage programs that can help low- to moderate-income rural residents purchase, construct, and repair homes. The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved ...
Generally, closing costs are fees and costs associated with obtaining the mortgage loan. You pay most of these expenses when signing the final loan documents, or when you close the deal. Some common closing costs include: Underwriting and/or processing fees ...
After you have considered your options and selected a loan, you may want to obtain a written rate lock or lock-in agreement from the lender or broker. A rate lock or lock-in agreement is a written agreement that guarantees you ...
Your lender has to disclose your final interest rate again only if it changes. After you applied for a mortgage, you should receive a Good Faith Estimate (GFE) that indicated the interest rate the GFE was based on. If you locked your ...
Carefully review all documents that you receive at or before the closing to make sure that the terms of your mortgage have not changed. For example, compare the closing cost items listed on your Good Faith Estimate (GFE) to those ...
You do not have to sign anything unless you are satisfied with the terms. You should never sign anything if you do not understand the terms or if you cannot pay back the loan.If you are borrowing money to buy ...