Consumer Handbook on Adjustable Rate Mortgages
This handbook gives you an overview of adjustable-rate mortgages (ARMs), explains how ARMs work, and discusses some of the issues you might face as a borrower. It includes:
Buying a home is an important financial decision that should be considered carefully. This booklet will help you become familiar with the various stages of the home-buying process, including deciding whether you are ready to buy a home, and providing factors to consider in determining how much you can afford to spend. You will learn about the sales agreement, how to use a Good Faith Estimate to shop for the best loan for you, required settlement services to close your loan, and the HUD-1 Settlement 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 mortgage payments.
Freddie Mac's Homebuyer Education
So you've decided to take the leap and purchase a home. Congratulations! You've come to the right place to prepare yourself for what lies ahead.
Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac Site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
Buying a home can be as exciting as it is overwhelming, but the more information you have, the better off you'll be. Our Homebuyer Education Program will help you enter into the home-buying process with your eyes wide open.
Fannie Mae - Home Buying Process
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets. Home Buying Process guide on their website offers valuable information about buying a home. This website also provides important information for home owners.
U.S. Department of Housing and Urban Development - Buying a Home
U. S. Department of Housing and Urban Development website provides extensive information about buying a home including affordability, borrower’s rights, tips and tricks for shopping for a loan, and details about different home buying programs including FHA loan programs and other special programs.
United States Postal Service Official Movers Guide
What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help make the moving process easier.
Mortgage Bankers Association of America Consumer Information
The Mortgage Bankers Association of America is the preeminent association representing the real estate finance industry. Their consumer information site contains several tools and guides to aid in purchasing or refinancing a home.
Federal Reserve Board Consumer Information
The Federal Reserve Board maintains a web page with consumer information, including a section on home mortgages. The section covers topics such as finding the best mortgage and understanding ARMs.