If you or someone you know is shopping for a mortgage you will first want to read this FREE brochure, "Shopping for a Mortgage? Do your Homework First. How to Avoid Predatory Lending". This publication by the Illinois Association of Realtors includes information on . . .
- High Interest Rates and Fees
- Broken Promises . . . Bait and Switch
- Loans that Start Low and Go High
- Loan "Flipping"
- Steering
In addition, this resource will provide you with the following tips:
- Shopping for a Low-cost loan
- What to ask if the mortgage is an Adjustable Rate Mortgage (ARM)
- Other solutions home buyers can use to avoid predatory lenders
Also, if you need more resources then what is included in this brochure, you will find additional helpful resources like:
- The Center for Responsible Lending (CRL)
- The National Association of Realtors (NAR)
- Fannie Mae "For Homebuyers and Homeowners"
- Freddie Mac "Buying and Owning a Home"
- Ginnie Mae "How Much Home Can You Afford?"
- HUD Housing Counselors
If you would like this FREE brochure emailed to you, please forward me your contact information, including email address, and I'll send it right out.
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