Home Loan

Home Equity Scams: Borrowers Beware! Home Equity Loans : Borrowers Beware! D o you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk. Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home. The Practices Equity Stripping You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved. This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home. Hidden Loan Terms: The Balloon Payment You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home. Loan Flipping Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home. The "Home Improvement" Loan A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction. Credit Insurance Packing You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need. Mortgage Servicing Abuses After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe. Signing Over Your Deed If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home. Protecting Yourself You can protect yourself against losing your home to inappropriate lending practices. Here's how: Don't: Agree to a home equity loan if you don't have enough income to make the monthly payments. Sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Let anyone pressure you into signing any document. Agree to a loan that includes credit insurance or extra products you don't want. Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. Do: Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Check contractors' references when it is time to have work done in your home. Get more than one estimate. Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov April 1998

Real Estate Broker

Atlanta Real Estate: Metro Brokers/GMAC Atlanta real estate, Georgia, brokers, agent, buckhead, atlanta mortgage, cobb, midtown, homes for sale -- Atlanta Real Estate & Atlanta Homes for Sale Metro Brokers/GMAC Real Estate Community Search Builders/Developers New Home Services for Agents Order relocation kit Who's who in relocation GM Family First Quote Form Claims Dictionary FAQ's Privacy notice Services offered Businesses for sale Commercial division info Property search Agent roster Who wants to be a millionaire? Comprehensive sales training Broker support Coaching Agent Testimonials Contact us A little history Marketing Communications Technology Office locations/directions Market share comps Company News Premier Service Have a question? Ask your online guide. E-mail Metro Mike. Learn how to schedule appointments online to see properties. Order our FREE 250+ page home guide with thousands of area homes for sale. Click here to learn how to get a Georgia real estate license for free! Click here to view your shopping cart or create a new account. Metro Brokers Financial offers competitive rates on a variety of mortgage products. Click here to prequalify! Search the largest database of Atlanta homes for sale 72,310 HOMES more than any other website! Database last updated Dec 29 2005 6:58AM Market Share Comps Metro Brokers/GMAC Real Estate grew its Atlanta real estate market share by one percent in 2004, while every other local residential realty company with at least 2,000 closings lost market share – one company by 15 percent. Over the last four years, Metro Brokers has increased its metro area market share by 3.4 percent – far better than any other local company. In fact, Atlanta’s other top 10 residential real estate companies experienced market share declines over that same period by an average of 23.5 percent. Metro Brokers did even better in specific real estate submarkets of Atlanta. The company saw double-digit market share gains in Butts, Cherokee, Coweta, Dawson, Douglas, East Cobb, Forsyth, Gilmer, Gwinnett, Henry, Intown Atlanta, Newton, North Fulton, Paulding, Rockdale, Walton and West Cobb. The company remains the Atlanta market share leader south of I-20, with nearly 1 out of every 4 homebuyers represented by a Metro Brokers sales associate. According to Metro Brokers President and CEO Kevin Levent, the primary reason for the company's market-leading growth is the increased productivity of its sales associates. "Our associates sold more homes in Atlanta than any other year in the history of our company," Levent said. "Our training programs are invigorating experienced real estate sales associates and helping new real estate licensees hit the ground running." Metro Brokers is also the largest license holder in the state of Georgia. The market share study was completed by Smart Numbers, an independent, Atlanta-based company that provides residential real estate information. Smart Numbers used closing data from MLS and FMLS to compile its report. Company News ATLANTA - Once again, the Greater Atlanta Home Builders Association (HBA) has selected metrobrokers.com Best Realtor Website in the Atlanta area for the fourth consecutive year. MetroBrokers.com was chosen by HBA’s judges for its functionality, ease-of-use and overall design. The only organization recognizing Atlanta companies for excellence in website design, the HBA has been promoting, protecting and preserving homeownership in the greater area since its inception in 1945. HBA is an affiliate of the National Association of Home Builders (NAHB), headquartered in Washington, D.C. During the last year, Metro Brokers became the first local company to successfully launch an appointment setting tool that allows homebuyers to schedule a showing while viewing a listing online. As a result, Metro Brokers has generated more than 2,000 real estate showing requests – a figure that’s 30 percent higher than the national average of other metro realty companies. REALTORS RESPOND TO METRO BROKERS’ NEW BILLBOARDS Joyce Hay of the Gwinnett office: “Awesome! Awesome! Awesome! I love the billboards. My clients think the boards are cool, too. They say it’s better than any other billboard they’ve ever seen and that Metro Brokers is far and above any other company.” Salim Lokhandwalla of the Tucker office: “It’s very eye-catching. The locations are excellent especially the one on I-85 south. If my 11 year old daughter notices it, I’m sure others will too.“ Jamie Hook of the East Cobb office: “It’s really impressive, especially when you have clients in the car and drive by it.” Radley Reiff of the Buckhead office: “I love it. I think it’s great for brand recognition…A perfect ‘10’.” Serrie Fields of the Stone Mountain office: “The billboard can’t be beat. It’s bold, easy to read in traffic and very visible. It makes our name well known in the community and reinforces our large market presence. I envision the billboards helping me on listing presentations when I mention them to customers.” Bo Krejci of the North Fulton office: “I think the billboard is great. It really pops out at you when you drive down GA-400. I can only imagine the impact on morning commuters as the traffic crawls by the billboard.” Real Estate Atlanta, Georgia

home mortgage tools ,

Maine Home Mortgage Home Page. Welcome to Maine Home Mortgage Choose Experience and the Lowest Mortgage Rates in Maine . Serving Maine for over 15 years . Now is the perfect time to take advantage of low interest ratesto purchase real estate in Maine or refinance a mortgage in Maine. Use our web site to applyfor a mortgage online , use our home mortgage tools , view our home loan programs , contactus , or learn more aboutus ! It only takes 10 minutes to apply for a Maine Home Mortgage by phone or online! Local: 1-800-LOW-RATE / Out of State: 1-800-471-5730 Free Credit Report with Mortgage Application! We offer a variety of loan application options , including a Quick Application, a Standard Application, and a 5 Step Application that allows you to log in and complete your mortgage application later. To see how easy it is to apply for a mortgage online with Maine Home Mortgage, click here . Whatever your Maine mortgage residential financing needs, we will tailor a home loan that's right for you: Purchase Refinance Construction Home Improvement Home Equity Loans Investment Properties 100% Financing Debt Consolidation Loans Stated Income Loans Damaged Credit Loans! VA/FHA Seasonal Properties And more ! Distressed Credit? Get Answers Here! SELECTED RATES. CHECK MENU FOR MORE Rate APR Disc. Points 30 Year Fixed 6.125% 6.182% 0.000 20 Year Fixed 6.000% 6.076% 0.000 15 Year Fixed 5.875% 5.970% 0.000 30 Year Fixed Jumbo 6.375% 6.384% 0.000 15 Year Fixed Jumbo 6.000% 6.015% 0.000 3/1 ARM 5.750% 7.224% 0.000 5/1 Year ARM 5.875% 8.336% 0.000 Assumptions Apply Now! Portland Lewiston Bangor Augusta Maine Home Mortgage, your experienced, statewide mortgage lender and mortgage broker, offering the lowest rates for all kinds of home loans, whether for purchase or refinance. Check rates and apply on-line, or call 1-800-471-5730. It only takes a five minutes, so apply now. Equal Housing Lender. © 2005 Maine Home Mortgage. Trade/service marks are the property of Maine Home Mortgage and/or its subsidiaries. Back to Top | Apply Now | Contact Us | Home | Privacy | Licensing DESIGNED AND POWERED BY ETRAFFICERS, LLC .

Land Loans Lending Area

Real Estate Loan main page Home | Search | Sitemap | Contact Us | Your Privacy | Reorder Checks Credit Cards | Account Aggregation | Mortgages | Buy Stocks | Online Banking About Us Join Us Save with Us Borrow from Us Invest/Insure with Us Your Rates Your Tools Your Business Borrow from Us Auto Loans Consumer Loans Credit Cards Real Estate Loans Apply now Rates 80/10/10 Mortgages Adjustable Rate Mortgages Construction Mortgages Fixed Rate Mortgages Flexible Mortgages Home Equity Line Of Credit Land Loans Lending Area Refinancing Zero Down Mortgages Payment Protection Whether you are buying a new home or you've decided to remodel, as a member of Redstone Federal Credit Union, you have access to many different low annual percentage rate loans and refinancing options. At RFCU, we provide you with the financial resources you'll need and the personal service you've come to expect. Take a look and please feel free to contact our Real Estate Department for more information. We'll be happy to help you decide what type of loan will work best for your particular needs. Real Estate Lending Area Click here to locate the geographic area that our real estate lending area covers. 80/10/10 Mortgages A great way to finance your new real estate purchase and have cash on hand to make improvements, renovations, or add that personal touch. Learn more.. Adjustable Rate Mortgages With our Adjustable Rate Mortgages, you can reap the benefits of our low interest rates. Learn more... Apply Now Construction Mortgages Ready to build on your dream property? Here's the best way to make it happen. Learn more... Fixed Rate Mortgages Sometimes change is good. When interest rates go up, well, let's just say you'll wish you had a Fixed Rate Mortgage with RFCU. Learn more... Apply Now Flexible Mortgages When a low down payment is what you need, we offer two types of Flexible Mortgages. Learn more... Home Equity Line Of Credit (HELOC) Hey, it's your money, put it to good use with a HELOC. Learn more... Land Loans It's a buyers market and we provide you with options of how to acquire the perfect land to call your very own. Learn more... Refinancing Are rates lower today than when you first purchased? If so, you may consider refinancing. Learn more... Apply Now Zero Down Payment Mortgages Need your cash for something other than a down payment? With our Zero Down Payment Mortgage, it's possible! Learn more..

Home Equity Loans &

Wachovia Home Equity Loans and Lines Home | Customer Service | Contact Us | Locations Search Tips Personal Finance Wealth Management Small Business Corporate & Institutional Home Personal Finance Lending Center Home Equity Loans & Lines Online Services Center Banking Center Investing Center Retirement Center Lending Center Mortgage Loans Home Equity Loans & Lines Education Loans Credit Cards Vehicle Loans Secured Personal Loans Insurance Center Planning Guides Customer Service H OME E QUITY L OANS AND L INES Check Current Home Equity Rates   You can put the value of your home to work with a Home Equity Loan or a Prime Equity Line of Credit. Home equity products typically offer lower interest rates than many other types of loans and, just like your mortgage, the interest you pay may be 100% tax deductible. (Consult a tax advisor concerning interest deductibility.) Home Equity Loans Home Equity Loans (Apply Now) Borrow a specific dollar amount against the equity in your home, with a fixed rate. Home Equity Lines of Credit Prime Equity Lines of Credit (Apply Now) A flexible line of credit against the equity in your home that you can draw from when you need it. Not sure which product is right for you? Home Equity Comparison Charts Email This Page Printer Friendly Version All loans and lines of credit are subject to credit approval, verification, and collateral evaluation. Initial decision is subject to your meeting specific underwriting requirements and final approval will be based upon your satisfying those requirements. Loans originated by Wachovia Mortgage Corporation, Wachovia Bank, National Association, or Wachovia Bank of Delaware, National Association. Products not available in all states and are subject to change without notice. Member FDIC Personal Finance Login Home Equity Application Contact Us Home Equity Loans Locations ATM/Branch Locations Related Links Loan Amount Estimator Loan Payment Calculator Financial Checkup Debt Consolidation Email Series Customer Satisfaction Rating Personal Finance Customer Service Personal Finance Contacts Home Equity FAQs Personal Finance FAQs Site Map Glossary Search Text Only About Wachovia | Privacy | Security | Legal | Merger © 2005 Wachovia Corporation. All rights reserved.