|Real Estate Information|
Mortgage Consumer Bill of Rights
This bill of rights was laid out by Franklin Raines, president of Fannie Mae on January 15, 2000. The Mortgage Consumer Bill of Rights is a pledge fof $2 trillion over 10 years to help consumers gain access to home ownership. It also includes an “Open Book” approach to underwriting where customers can see all of the factors that go into evaluating their creditworthiness and the process of applying for a home loan.
One of the most ambitious parts of this plan is to bring more technology to the Mortgage Industry and reduce their paperwork by over 17%. Less reliance on paper, equals more automated evaluations and quicker loan approvals. This means customers who look for lenders and apply online are definitely at the forefront of the Mortgage industry.
The basic tenets of the Mortgage Consumer Bill of Rights
All Americans Have A Right to Access to Mortgage Credit
Fannie Mae hopes to decrease the gap in home ownership between whites and blacks, low income earners and middle class families, and other underserved populations. There are more procedures and practices in place to prevent predatory lending, fraud and discrimination. You can be assured that you can usually find a lender that will approve and finance your loan even if you are not extremely wealthy or you don’t have perfect credit.
Consumers have a right to the lowest-cost mortgage for which they qualify.
Fannie Mae is chartered as a private company to hold down the costs of mortgages. Their strategy is to offer mortgage products that allow lenders to qualify more home buyers for low cost conventional financing. There are mortgage programs to allow lenders to serve the needs of first time home buyers, women, minorities, rural and inner city residents, singles and more. One of their most popular packages is the Timely Rewards Program. If you have less than ideal credit, you can qualify for mortgage rates that are up to 2% lower than the sub-prime market, and the rate can be reduced another 1% if you make all of your loan payments on time for the first 24 months.
Homeowners have a right to know the true cost of a mortgage
Customers have a right know the true cost of their mortgage. There are many components that make up a mortgage package, each with its own variable cost. Make sure that you know what is in your package and the exact dollar amounts before you close on your home loan. Some of the items are down payments, interest rates, points, closing fee, appraisal costs and insurance payment for the first month.
To encourage this open practice nationwide, Fannie Mae has created a True Cost Calculator. Customers can enter their information and see what the true total cost will be for their mortgage, and their options for saving some money.
Homeowners have right to be free of regulatory burden
You have the right to get new homes and mortgage financing without too much intrusion from the government as far as regulatory fees, paperwork and time are concerned. This does not free your or your builder from abiding by local laws and zoning ordinances. Instead, this type interference will be reduced and not hamper your ability to qualify for a mortgage, or leave you open to huge fees when you try to close.
Homeowners have a right to know about mortgage decisions
There will be more transparency among lenders and brokers so that customers know what goes into a mortgage package, who makes the decisions, when are decisions being made, and what you can do if the outcome is not what you intended, or what you would like to happen. It should always be clear, or feel free to ask your Broker, Banker or Lender: what else can you do to make the application process smooth and efficient
And what are your rights as far as making changes later on and if there are any fees attached to changing your mind.
Every banker or lender in the industry should be familiar with your Mortgage Bill of Rights. You can find out more at the Fannie Mae Website.
Maintaining Small Town Charm In An Ever-Changing World
Virtually any state in the country has the appeal of multiple small towns. Ask almost anyone who lives in small town why they are here and they’ll tell you they enjoy the small town feeling while being close to all the conveniences of a larger city. One of the greatest joys of living in a small town is how familiar people are with one another. When you walk into a store or restaurant you are welcomed by name. As an area grows, you risk losing the “down home” charm.
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Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs
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Product Review of Carelton Sheets No Money Down Course
Real estate continues to be a very important part of any financial wealth building strategy.Most wealthy individuals have real estate investments as a portion of their overall net worth.Carleton Sheets has been in real estate since the 1970s and has taken his experience to build a complete real estate course.
Psychological Tricks in Selling
In this article, Im revealing six powerful secret psychological tricks that you can use to increase the effectiveness of your advertising and marketing. What if you dont sell anything Should you ignore this information
Does Your Business Need An Attitude Adjustment
First you need to: Change your attitude.I know you feel you have a good reason for feeling bad.However, instead of moaning and groaning about why me, ask yourself how you can turn the situation around. It’s better than feeling sorry for yourself, and a lot more productive.You may not have all the answers you need immediately. It is important, though, that you are asking questions. Eventually you will ask the right questions, and move forward.
A home business is by far the best way to support yourself if you just cannot stand working for others for less money than you need to survive.It’s also the best way to get out of a good paying job that just takes up too much of your precious short life working for someone else.
A Singles Game of Real Estate
This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, “Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own” Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency.
Optimizing for Visitors not Search Engines
Most people feel that optimizing is to target the search engines alone. In my opinion, this is not the only case. Optimization requires a balance of traffic enhancements and a user friendly atmosphere that provides clear navigation. Most will agree it would be much better to have people accept offerings from a Site, rather than masses of people who do nothing. Here are some general tips and thought to make pages user-friendly.
How to Sell Your E-book - or other information product - Through Quickie Seminars
Ive been selling my own self-published information products mainly e-books online for the past 3 years. Is it profitable Definitely.
Finding A Capable Agent To Meet Your Real Estate Needs
Whether you’re a first-time buyer, selling your current home or relocating to a different part of the country, the support of a qualified, knowledgeable real estate agent can alleviate many of your concerns and ensure a smooth transaction.A professional agent can market your present residence, help you locate the home of your dreams and assist in making your transfer to an unfamiliar area easier.
Marketing Your Automated Testing Team
It won’t matter how effective your WinRunner Team is if no-one outside your immediate organization knows about your accomplishments. For this reason, marketing your WinRunner Team is vital to your success. When times get tough, executives look for cost-cutting measures. The QA group is often the first on the chopping block. If these high level executives don’t fully understand and appreciate the value of your service, they will see the cost of WinRunner licenses and maintenance as well as the highly skilled, but also more expensive WinRunner engineers as a nice place to start trimming the budget. They will not have the time or luxury to launch an investigation to see if these services are really necessary.
Top Ten Suggestions for Selecting a Real Estate Agent
In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you:
Creating A Winning Mindset by Clinical Hypnotherapist Steve G. Jones
Do you know anyone who always wins Sure you know that person, everything just works out for them. They go into business and they are an instant success. They enter the dating scene and their phone rings off the hook. If they were in the Olympics, you just know they wouldnt settle for anything less than the gold. It seems as though they always win.
How to Become a Successful Entrepreneur on the Web
Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work.
The Five Feng Shui Elements and Their Characteristics
Feng shui handles five main elements in order to achieve harmony and balance in any space. These five feng shui elements are: wood, fire, earth, metal and water. Each one of them has its own characteristics and properties, and we will detail them in the following lines.
Feed me - Satisfy the Search Engines and Your Sites Visitors With Keyword-Rich Content
Search engines love content. Graphics may make your site look great, but a nice picture does not attract a search engine. Or a searcher for that matter. Good, relevant content does.
10 Tips for Writing Effective Web Copy
On the Internet programmers and designers rule, not the writer. Yet words drive targeted traffic to your site, carry content, make the sale, convey marketing messages, persuade people to buy and make the difference between your site’s success or failure.
Top 7 Reasons Why FSBOs Fail To Sell Their Home On Their Own!
In the United States, less than 10% of all For Sale by Owners FSBOs, are successful in selling their home by themselves. That*s because most people just give up because they don*t realize from the beginning the difficulty and complexity of the job ahead. But that*s not the only reason. Here are the seven most common mistakes FSBOs make when selling their home.
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