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Figure out how much you can afford:
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate.
- Home economics (http://www.hud.gov/news/homeeconomics.pdf)
- Home Buying programs in California (http://portal.hud.gov/hudportal/HUD?src=/topics/rental_assistance/local)
Know your rights:
- Fair Housing: Equal Opportunity for All– brochure (http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf)
- Real Estate Settlement Procedures Act (RESPA) (http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm)
ATTENTION BORROWERS!
- This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement.
- You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
- You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.
- You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
- You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.
- You have the RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you.
- You have the RIGHT to know how much the mortgage broker is getting paid by you and the lender for your loan.
- You have the RIGHT to ask questions about charges and loan terms that you do not understand.
- You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
- You have the RIGHT to know the reason if your loan was turned down.
Over the last several years, our nation has made enormous progress in expanding access to capital for previously under served borrowers. Despite this progress, however, too many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market. Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.
- Why a Buyer Needs a Home Inspection
A home inspection gives the buyer an in-depth, unbiased look at the prospective new home with trained techniques to examine the property, providing…
…more detailed information than an appraisal
…information about the house that you need to make a wise decision.
…evaluate the physical condition: structure, construction, and mechanical systems identify items that need to be repaired or replaced estimate the remaining useful life of the major systems, equipment, structure, and finishes.
