Real Estate Loan

Fremont Investment and Loan - Competitive lender of Commercial Real Estate Loans Commercial Real Estate Lending Loan Programs Key Elements of Service Recent Closings Loan Origination Offices Home A Fremont General Company Commercial Real Estate Lending The Commercial Real Estate Division provides financing on all types of income producing properties, originating loans nationwide through its nine regional offices . The loans we provide include short-term bridge financing for the comprehensive renovation, repositioning and lease-up of existing properties or new construction, as well as more traditional permanent loans . Secondary financing behind a Fremont first mortgage is also offered on qualified projects. As a portfolio lender, Fremont offers a creative and flexible approach to lending, delivered by real estate professionals dedicated to responsive, reliable service . The expertise of our originators and a thorough due diligence process allows us to underwrite even the most complex and difficult to finance properties. Our customers are typically mid-size developers and owners, seeking financing for projects with a total capitalization of $10 million and up. We are a collateral focused lender, and recourse is typically limited to standard carve-out, or completion and debt service guarantees on speculative development projects. Fremont's expertise in structured lending and the flexibility afforded by being a portfolio lender has allowed us to become one of the top lenders in our niche. Click on Recent Closings to see examples of our most recent transactions. Products and Services Privacy Policy Site Map Contact Us Vertical Line Is Here End Vertical Line --

purchase property they might

Ginnie Mae: Your Path to Homeownership -- -- Glossary of Terms Select the first letter of the word from the list below to jump to the appropriate section of the glossary. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z - A - abstract of title A historical summary provided by a title insurance company of all records affecting the title to a property. acceleration clause A clause that allows a lender to declare the entire outstanding balance of a loan immediately due and payable should a borrower violate specific loan provisions or default on the loan. adjustable rate mortgage (ARM) A variable or flexible rate mortgage with an interest rate that varies according to the financial index it is based upon. To limit the borrower's risk, the ARM may have a payment or rate cap. See also: cap . amenities Features of your home that fit your preferences and can increase the value of your property. Some examples include the number of bedrooms, bathrooms, or vicinity to public transportation. amortization The liquidation of a debt by regular, usually monthly, installments of principal and interest. An amortization schedule is a table showing the payment amount, interest, principal and unpaid balance for the entire term of the loan. annual cap See: cap . annual percentage rate (A.P.R.) The actual interest rate, taking into account points and other finance charges, for the projected life of a mortgage. Disclosure of APR is required by the Truth-in-Lending Law and allows borrowers to compare the actual costs of different mortgage loans. appraisal An estimate of a property's value as of a given date, determined by a qualified professional appraiser. The value may be based on replacement cost, the sales of comparable properties or the property's income-producing ability. appreciation A property's increase in value due to inflation or economic factors. A.P.R. See: annual percentage rate . ARM See: adjustable rate mortgage . assessment Charges levied against a property for tax purposes or to pay for municipal or association improvements such as curbs, sewers, or grounds maintenance. assignment The transfer of a contract or a right to buy property at given rates and terms from a mortgagee to another person. assumption An agreement between a buyer and a seller, requiring lender approval, where the buyer takes over the payments for a mortgage and accepts the liability. Assuming a loan can be advantageous for a buyer because there are no closing costs and the loan's interest rate may be lower than current market rates. Depending on what is in the mortgage or deed of trust, the lender may raise the interest rate, require the buyer to qualify for the mortgage, or not permit the buyer to assume the loan at all. Go to Top - B - balloon mortgage Mortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full. biweekly mortgage A loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be. bond A certificate serving as security for payment of a debt. Bonds backed by mortgage loans are pooled together and sold in the secondary market . bridge loan A loan to "bridge" the gap between the termination of one mortgage and the beginning of another, such as when a borrower purchases a new home before receiving cash proceeds from the sale of a prior home. Also known as a swing loan. broker An intermediary between the borrower and the lender. The broker may represent several lending sources and charges a fee or commission for services. buy-down A type of mortgage which requires the buyer to pay additional discount points or make a substantial down payment in return for a below market interest rate. Another form of a buy-down is one in which the seller offers 3-2-1 interest payment plans or pays closing costs such as the origination fee. During times of high interest rates buy-downs may induce buyers to purchase property they might otherwise not have purchased. Go to Top - C - cap A limit in how much an adjustable rate mortgage's monthly payment or interest rate can increase. A cap is meant to protect the borrower from large increases and may be a payment cap, an interest cap, a life-of-loan cap or an annual cap. A payment cap is a limit on the monthly payment. An interest cap is a limit on the amount of the interest rate. A life-of-loan cap restricts the amount the interest rate can increase over the entire term of the loan. An annual cap limits the amount the interest rate can increase over a twelve-month period. certificate of reasonable value (CRV) A Veterans Administration appraisal that establishes the maximum VA mortgage loan amount for a specified property. certificate of title A document rendering an opinion on the status of a property's title based on public records. closed-end mortgage A mortgage principal amount that is fixed and cannot be increased during the life of the loan. See also: open-end mortgage . closing costs Costs payable by both seller and buyer at the time of settlement, when the purchase of a property is finalized. These costs can be up to ten percent of the mortgage amount and usually include but are not limited to the following: Fees Paid to the Lender Fees Paid in Advance Other Charges O rigination fee D iscount points C redit report fee A ppraisal fee A ssumption fee if loan is assumed I nterest from the closing date to the beginning of the 1st payment H azard insurance premium M ortgage insurance premium T itle search and title insurance S ales commissions L egal and recording fees I nspection and survey fees P roperty taxes and other adjustments P rocessing and document preparation fees cloud A claim to the title of a property that, if valid, would prevent a purchaser from obtaining a clear title. collateral Something of value pledged as security for a loan. In mortgage lending the property itself serves as collateral for a mortgage loan. commitment fee A fee charged when a) an agreement is reached between a lender and a borrower for a loan at a specific rate and points and b) the lender guarantees to lock in that rate. co-mortgagor One who is individually and jointly obligated to repay a mortgage loan and shares ownership of the property with one or more borrowers. See also: co-signer . condominium An individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as grounds, parking facilities and tennis courts. conforming loan A loan that conforms to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. See also: non-conforming loan . construction loan A short-term loan financing improvements to real estate, such as the building of a new home. The lender advances funds to the borrower as needed while construction progresses. Upon completion of the construction the borrower must obtain permanent financing or repay the construction loan in full. consumer handbook on adjustable rate mortgages (C.H.A.R.M.) A disclosure required by the federal government to be given to any borrower applying for an adjustable rate mortgage (ARM). conventional loan A mortgage loan that is not insured, guaranteed or funded by the Veterans Administration (VA), the Federal Housing Administration (FHA) or Rural Economic Community Development (RECD) (formerly Farmers Home Administration). convertible mortgage An adjustable rate mortgage (ARM) that allows a borrower to switch to a fixed-rate mortgage at a specified point in the loan term. co-signer A person who is obligated to repay a mortgage loan should the borrower default but who does not share ownership in the property. See also: co-mortgagor . covenants Rules and restrictions governing the use of property. CRV See: certificate of reasonable value . curtailments The borrower's privilege to make payments on a loan's principal before they are due. Paying off a mortgage before it is due may incur a penalty if so specified in the mortgage's prepayment clause. Go to Top - D - debt Money owed to repay someone. debt-to-income ratio The ratio between a borrower's monthly payment obligations divided by his or her net effective income (FHA or VA loans) or gross monthly income (conventional loans). deed The legal document that transfers the ownership of real property from one party to another. deed of trust A document, used in many states in place of a mortgage , held by a trustee pending repayment of the loan. The advantage of a deed of trust is that the trustee does not have to go to court to proceed with foreclosure should the borrower default on the loan. Department of Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs. discount points A percentage of the loan amount paid to the lender to buy down the interest rate. Each point is one percent of the loan amount; for example, two points on a $100,000 mortgage is $2,000. down payment The difference between the purchase price and mortgage amount. The down payment becomes the property equity. Typically it comes from cash savings, but it can also be a gift that is not to be repaid or a borrowed amount secured by assets. due-on-sale A clause in a mortgage or deed of trust allowing a lender to require immediate payment of the balance of the loan if the property is sold (subject to the terms of the security instrument). duplex A dwelling divided into two units. Go to Top - E - earnest money A deposit in the form of cash or a note given to a seller by a buyer as good faith assurance that the buyer intends to go through with the purchase of a property. easement The right one party has in regard to the property of another, such as the right of a public utility company to lay lines. Equal Credit Opportunity Act A federal law prohibiting lenders and other creditors from discrimination based on race, color, sex, religion, national origin, age, marital status, receipt of public assistance or because an applicant has exercised his or her rights under the Consumer Credit Protection Act. equity The value of a property beyond any liens against it. Also referred to as owner's interest. escape clause A provision allowing one party or more to cancel all or part of the contract if certain events fail to happen, such as the ability of the buyer to obtain financing within a specified period. escrow Money placed with a third party for safekeeping either for final closing on a property or for payment of taxes and insurance throughout the year. Go to Top - F - fair market value The price a property can realistically sell for, based upon comparable selling prices of other properties in the same area. Fannie Mae Nickname for Federal National Mortgage Association (FNMA) . Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) A quasi-governmental, federally-sponsored organization that acts as a secondary market investor to buy and sell mortgage loans. FHLMC sets many of the guidelines for conventional mortgage loans, as does FNMA. Federal Housing Administration (FHA) An agency within the Department of Housing and Urban Development that sets underwriting standards and insures residential mortgage loans made by private lenders. One of FHA's objectives is to help make affordable mortgages available to homeowners with low or moderate income. FHA loans may be high loan-to-value, and they are limited by loan amount. FHA mortgage insurance requires a fee of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment. Federal National Mortgage Association (FNMA or Fannie Mae) A private corporation that acts as a secondary market investor to buy and sell mortgage loans. FNMA sets many of the guidelines for conventional mortgage loans, as does FHLMC. The major purpose of this organization is to make mortgage money more affordable and more available. fee simple The maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time. Upon the death of the owner, the property goes to the owner's designated heirs. Also known as fee absolute . FHA See: Federal Housing Administration . fifteen-year mortgage A loan with a term of 15 years. Although the monthly payment on a 15-year mortgage is higher than that of a 30-year mortgage, the amount of interest paid over the life of the loan is substantially less. fixed-rate mortgage A mortgage whose rate remains constant throughout the life of the mortgage. flood insurance A form of insurance that protects the owner of the insured property against losses stemming from flood damage. The Federal Flood Disaster Protection Act of 1973 requires that federally-regulated lenders determine if real estate to be used to secure a loan is located in a Specially Flood Hazard Area (SFHA). If the property is located in a SFHA area, the borrower must obtain and maintain flood insurance on the property. Most insurance agents can assist in obtaining flood insurance. FNMA See: Federal National Mortgage Association . Freddie Mac Nickname for Federal Home Loan Mortgage Corporation (FHLMC) . Go to Top - G - gift A sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid. Ginnie Mae Nickname for Government National Mortgage Association (GNMA) . good faith estimate The estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan. Government National Mortgage Association (GNMA or Ginnie Mae) A government organization that participates in the secondary market , securitizing pools of FHA, VA, and RHS loans. graduated payment mortgage (GPM) A fixed-interest loan with lower payments in the early years than in the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period. Go to Top - H - hazard insurance A form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan. home equity loan A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation. home inspection A thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed. homeowners insurance A form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters. Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs. housing affordability index An index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas. The most well known housing affordability index is published by the National Association of Realtors. housing expenses-to-income ratio See: debt-to-income ratio . HUD See: Housing and Urban Development . Go to Top - I - income approach to value A method used by real estate appraisers to predict a property's anticipated future income. Income property includes shopping centers, hotels, motels, restaurants, apartment buildings, office space, etc. income-to-debt ratio See: debt-to-income ratio . index A published interest rate compiled from other indicators such as U.S. Treasury bills or the monthly average interest rate on loans closed by savings and loan organizations. Mortgage lenders use the index figure to establish rates on adjustable rate mortgages (ARMs). insurance As a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see: homeowners insurance . interest The amount of the entire mortgage loan which does not include the principal. Also, as a part of PITI, the amount of the monthly mortgage payment which does not include the principal, taxes, and insurance. interest cap See: cap interest rate The simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed money. See also: Annual Percentage Rate . Go to Top - J - joint tenancy See: tenancy . jumbo loan A nonconforming loan that is larger than the limits set by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Go to Top - K - key lot Real estate deemed highly valuable because of its location. Go to Top - L - lien A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanic's lien for unpaid debt to a subcontractor. life-of-loan cap See: cap . liquidity The ease with which an asset can be converted into cash. loan discount See: points . loan origination fee See: origination fee . loan-to-value ratio (LTV) The relationship, expressed as a percentage, between the amount of the proposed loan and a property's appraised value. For example, a $75,000 loan on a property appraised at $100,000 is a 75% loan-to-value ratio. lock-in The guaranty of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate. Go to Top - M - maintenance costs The cost of the upkeep of the house. These costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house. margin The amount a lender adds to the index of an adjustable rate mortgage to establish an adjusted interest rate. For example, a margin of 1.50 added to a 7 percent index establishes an adjusted interest rate of 8.50 percent. market value The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area. modification A change in the terms of the mortgage note, such as a reduction in the interest rate or a change in maturity date. mortgage A legal instrument in which property serves as security for the repayment of a loan. In some states, a deed of trust is used rather than a mortgage. mortgage banker A lender that originates, closes, services and sells mortgage loans to the secondary market . mortgage broker An intermediary between a borrower and a lender. A mortgage broker's expertise lies in helping borrowers find financing that they might not otherwise find themselves. mortgage insurance Money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.5 percent of the loan amount to be paid at closing, as well as an annual fee of 0.5 percent of the loan amount added to each monthly payment. mortgage interest The interest rate charge for borrowing the money for the mortgage. It is used to calculate the interest payment on the mortgage each month. mortgage term The length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years. mortgagee The lender. mortgagor The borrower. Go to Top - N - negative amortization A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage. non-assumption clause In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender. non-conforming loan A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming. See also: conforming loan . note A signed document that acknowledges a debt and shows the borrower is obligated to pay it. Go to Top - O - open-end mortgage A mortgage allowing the borrower to receive advances of principal from the lender during the life of the loan. See also: closed-end mortgage . origination fee The amount charged by a lender to originate and close a mortgage loan. Origination fees are usually expressed in points . Go to Top - P - payment cap See: cap . P&I Abbreviation for principal and interest. PITI Abbreviation for p rincipal, i nterest, t axes and i nsurance. PITIO Abbreviation for p rincipal, i nterest, t axes, i nsurance and o ther monthly non-housing costs. points Charges levied by the lender based on the loan amount. Each point equals one percent of the loan amount; for example, two points on a $100,000 mortgage equals $2,000. Discount points are used to buy down the interest rate. Points can also include a loan origination fee, which is usually one point. pre-qualification Tentative establishment of a borrower's qualification for a mortgage loan amount of a specific range, based on the borrower's assets, debts, income, employment status and credit history. prime rate The interest rate commercial banks charge their most creditworthy customers. principal The amount of the entire mortgage loan, not counting interest. Also, as a part of PITI, the amount of the monthly mortgage payment which does not include the interest, insurance, and taxes. private mortgage insurance (PMI) See: mortgage insurance . property appraisal See: appraisal . property tax The amount which the state and/or locality assesses as a tax on a piece of property. prorate To proportionally divide amounts owed by the buyer and the seller at closing. Go to Top - Q - qualification As determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower's credit history, employment status, assets, debts and income. Go to Top - R - rate cap See: cap . RESPA Abbreviation for the Real Estate Settlement Procedures Act. This act allows consumers to review settlement costs at application and once again prior to closing. reverse annuity mortgage A type of mortgage loan in which the lender makes periodic payments to the borrower. The borrower's equity in the home is used as security for the loan. RHCDS Rural Housing and Community Service right of first refusal The right to purchase a property under conditions and terms made by another buyer and accepted by the seller. right of rescission The right to back out of a transaction, given automatically by law to the borrower in a real estate purchase transaction. When a borrower's principal dwelling is going to secure a loan, the borrower has three business days following signing of the loan documents to rescind or cancel the transaction. Any and all money paid by the borrower must be refunded upon rescission. The right to rescind does not apply to loans to purchase real estate or to refinance a loan under the same terms and conditions where no additional funds will be added to the existing loan. rollover The process by which a construction loan becomes a mortgage. At the end of the construction loan period, the borrower's file is delivered to Bank One Mortgage Loan Servicing Dept. Prior to delivery, CLD contacts the borrower and obtains funds for the tax and insurance escrows, a final title policy and homeowner's policy. This process is called a rollover. Rural Housing and Community Development Service A federal agency that administers mortgage loans for buyers in rural areas. Go to Top - S - second mortgage A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term. secondary market A market comprising investors like GNMA, FHLMC and FNMA, who buy large numbers of mortgages from the primary lenders and resell them to other investors. servicing The responsibility of collecting monthly mortgage payments and properly crediting them to the principal, taxes and insurance, as well as keeping the borrower informed of any changes in the status of the loan. settlement costs See: closing costs . survey A physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way, roads, etc. Go to Top - T - tax deed A written document conveying title to property repossessed by the government due to default on tax payments. tax savings The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home. taxes As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance. tenancy joint tenancy - equal ownership of property by two or more parties, each with the right of survivorship. tenancy by the entireties - ownership of property only between husband and wife in which neither can sell without the consent of the other and the property is owned by the survivor in the event of death of either party. tenancy in common - equal ownership of property by two or more parties without the right of survivorship. tenancy in severalty - ownership of property by one legal entity or a sole party. tenancy at will - a license to use or occupy a property at the will of the owner. title A formal document establishing ownership of property. title insurance A policy issued by a title insurance company insuring the purchaser against any losses resulting from errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both. trust deed See: deed of trust . Truth In Lending Act The Truth In Lending Act requires lenders to disclose the Annual Percentage Rate and other associated costs to homebuyers within three working days of the loan application. Go to Top - U - underwriter A professional who approves or denies a loan to a potential homebuyer based on the homebuyer's credit history, employment status, assets, debts and other factors such as loan guidelines. Uniform Settlement Statement A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and seller. utility costs Periodic housing costs for water, electricity, natural gas, heating oil, etc. Go to Top - V - VA loan See: Veterans Administration . variable rate mortgage (VRM) See: adjustable rate mortgage . Veterans Administration (VA) The federal agency responsible for the VA loan guaranty program as well as other services for eligible veterans. In general, qualified veterans can apply for home loans with no down payment and a funding fee of 1 percent of the loan amount. Go to Top - W - walk-through An inspection of a property by the prospective buyer prior to closing on a mortgage. warranty deed A document protecting a homebuyer against any and all claims to the property. Go to Top - X - No entries for "X". Go to Top - Y - yield The rate of earnings from an investment. Go to Top - Z - zoning The ability of local governments to specify the use of private property in order to control development within designated areas of land. For example, some areas of a neighborhood may be designated only for residential use and others for commercial use such as stores, gas stations, etc. Go to Top -- PRIVACY POLICY HOME | ABOUT GINNIE MAE | FOR ISSUERS | FOR INVESTORS HOMEOWNERSHIP GUIDE AND CALCULATORS | HOMEZONE (KIDS' SITE)

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DURANGO REAL ESTATE - REALTY IN SOUTHWEST COLORADO - MOUNTAIN, RANCH, COMMERCIAL & RESIDENTIAL PROPERTY IN FOUR CORNERS AREA OF CO - DON RICEDORFF Residential Listings Multifamily Listings Commercial Listings Land Listings Farm / Ranch Listings Virtual Tours Search Listings Toll Free: 800-955-0259 | Office: 970-259-6680 | E-mail: info@durangorealproperty.com Real Estate In Durango Colorado Putting You First Is Our Promise. Buying or selling a home can be a stressful, time-consuming process. You need an experienced real estate agent whose primary goal is your satisfaction; a dedicated, reliable expert to assist you with all of the details associated with your transaction. Durango Colorado Real Estate is my full time business. Raised in Southwest Colorado, I have a complete knowledge of Durango, Bayfield, Hesperus, Ignacio & Hermosa residential, vacant land, ranches and commercial properties. We have access to all the listings offered in the Durango M.L.S. (Multiple Listing Service). My corporate background coupled with my real estate experience combines to give you the highest professional service. Let Durango Real Property and the Don Ricedorff real estate team help you buy or sell your Colorado home, land or business! Experience Does Make a Difference Wells Group Sales Volume Leader for 1996-2004 Top 2% in Volume, La Plata County Realtors Salesperson of the year from 1996-2004 Education - B.A. Fort Lewis College No other real estate broker has received as many national real estate designations! Realtor, Broker, G.R.I, C.R.S., C.R.B., C.C.I.M. & A.B.R. Featured PropertY Gorgeous Animas Valley location Horse Property Pond & Irrigation Beautiful 5580 sqft home 3.79 acres See More Information and Photos Visitors currently online: 7 Residential Listings | Multifamily Listings | Commercial Listings | Land Listings | Virtual Tours | Search Listings | About Us Durango Information | Durango Weather | Contact Us | Home Page Site Development ©2001-2004 Electric Sage Designs Contact the Webmaster Additional Sites of Interest P7 MenuMagic dwt Control Layer -Do Not Alter

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REALTOR.com: Real estate listings & homes for sale Welcome, Visitor! Sign Up to: Save Searches Save Listings Sign Up Now! Already a member? Sign In Homebuying Tools Find a Lender Find a Mover Market Conditions Neighborhood Tour Real Estate 101 Buyers Sellers For REALTORS® Resource Center News REALTOR.org Search the Web Select a Top Search: Bad Credit Contractors Homeowner's Insurance Debt Consolidation Interior Design Mortgage Rates Loan Types Rates Points 30-yr fixed 5.74% 0.37 15-yr fixed 5.38% 0.28 ARM 3/1, 30Yrs 4.87% 0.26 Updated: 12/29/2005 11:42:43 AM Check Local Rates Search our national directory of mortgage brokers and lenders. Find a Home Over 2.5 million listings for sale! State/Province AB AK AL AR AZ BC CA CO CT DC DE FL GA GU HI IA ID IL IN KS KY LA MA MB MD ME MI MO MN MS MT NC ND NE NH NJ NM NV NY OH OK ON OR PA PR RI SC SD TN TX UT VI VT VA WA WI WV WY - OR - Minimum Price $0 $500 $1,000 $1,400 $2,000 $5,000 $10,000 $20,000 $30,000 $40,000 $45,000 $50,000 $55,000 $60,000 $70,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $6,000,000 $8,000,000 $10,000,000 to Maximum Price $1,000 $1,400 $2,000 $5,000 $10,000 $20,000 $30,000 $40,000 $45,000 $50,000 $55,000 $60,000 $70,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $6,000,000 $8,000,000 $10,000,000 no maximum Beds 1+ Beds 2+ Beds 3+ Beds 4+ Beds 5+ Beds Baths 1+ Baths 1.5+ Baths 2+ Baths 2.5+ Baths 3+ Baths 3.5+ Baths 4+ Baths More Search Options Map Search Hurricane Relief Find or offer immediately available temporary housing to assist Hurricane victims: HurricaneHousing.net Relief.WelcomeWagon.com -- Find a REALTOR State/Province Alabama Alaska Alberta Arizona Arkansas British Columbia California Colorado Connecticut Delaware District Of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Manitoba Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Ontario Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming From the National Association of REALTORS ® Join REALTORS® in supporting hurricane victims Why Use a REALTOR® With a GRI? Make the most of every moment with FamilyTime, an interactive DVD celebrating the family. Visit REALTOR® Magazine Online Read current NAR Press Releases For REALTORS ® REALTORS Relief Effort exceeds $5.2 million for Hurricane victims, donate now... Enter the Business Success Zone at REALTOR.org! Find out how REALTOR.com can help you secure more listings, sell homes for more and promote yourself and your brand NEW name for NAR member benefits offeringsthe REALTOR Benefits(sm) Program. Learn about the practical, everyday solutions for your professional and personal life! Reach new levels of success with NAR partner, The Pacific Institute! About the National Association of REALTORS ® Representing Home Owners State & Local Associations Real Estate Specialty Organizations Find an Appraiser Find a Commercial Property International Real Estate Search in popular metros: Atlanta | Austin | Boston | Chicago | Dallas | Denver | Houston | Las Vegas | Long Island | Los Angeles | Memphis | Miami | New York City | Orange County | Palm Beach | Phoenix | Sacramento | San Diego | Seattle Site Map | Corporate News & Info | Contact Us | Advertise With Us | Join our staff Terms of Use and PrivacyPolicy . 1995- NATIONAL ASSOCIATION OF REALTORS and Homestore, Inc. All rights reserved. Equal Housing Opportunity REALTOR.com is the official site of the National Association of REALTORS and is operated by Homestore, Inc. REALTOR -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR holds membership.

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FRB: Putting Your Home on the Loan Line Is Risky Business ESPAÑOL Are you in need of cash? Do you want to consolidate your debts? Are you receiving home equity loan or refinancing offers that seem too good to be true? Does your home need repairs that contractors tell you can be easily financed? If you are a homeowner who needs money to pay bills or for home repairs, you may think a home equity loan is the answer. But not all loans and lenders are the same--you should shop around. The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders--often called "predatory lenders"--target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay. Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Before you sign on the line, Think about your options Do your homework Think twice before you sign Know that you have rights under the law Think about Your Options If you’re having money problems, consider these options before you put your home on the loan line. Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level. Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs. Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find a center near you. Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions. Remember, if you decide to get a home equity loan and can’t make the payments, the lender could foreclose and you would lose your home. If you decide a loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don’t assume that if you’re on a fixed income or have credit problems, you won’t qualify for a loan from a bank, savings and loan, or credit union--they may have the loan you want! Do Your Homework Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders. If you choose to use a mortgage broker, remember they arrange loans but most do not lend directly. Compare their offers with those of other direct lenders. Be wary of home repair contractors that offer to arrange financing. You should still talk with other lenders to make sure you get the best deal. You may want to have the loan proceeds sent directly to you, not the contractor. Comparison shop. Comparing loan plans can help you get a better deal. Whether you begin your shopping by reading ads in your local newspapers, searching on the Internet, or looking in the phone book, ask lenders to explain the best loan plans they have for you. Beware of loan terms and conditions that may mean higher costs for you. Get answers to these questions and use the worksheet to compare loan plans: Interest Rate and Payments What are the monthly payments? Ask yourself if you can afford them. What is the annual percentage rate (APR) on the loan? The APR is the cost of credit, expressed as a yearly rate. You can use the APR to compare one loan with another. Will the interest rate change during the life of the loan? If so, when, how often, and by how much? Term of Loan How many years will you have to repay the loan? Is this a loan or a line of credit? A loan is for a fixed amount of money for a specific period of time; a line of credit is an amount of money you can draw as you need it. Is there a balloon payment--a large single payment at the end of the loan term after a series of low monthly payments? When the balloon payment is due, you must pay the entire amount. Points and Fees What will you have to pay in points and fees? One point equals 1 percent of the loan amount (1 point on a $10,000 loan is $100). Generally, the higher the points, the lower the interest rate. If points and fees are more than 5 percent of the loan amount, ask why. Traditional financial institutions normally charge between 1 and 3 percent of the loan amount in points and fees. Are any of the application fees refundable if you don’t get the loan? How and how much will the the lender or broker be paid? Lenders and brokers may charge points or fees that you must pay at closing or add on to the cost of your loan, or both. Penalties What is the penalty for late or missed payments? What is the penalty if you pay off or refinance the loan early (that is, is there a pre-payment penalty)? Credit Insurance Does the loan package include optional credit insurance, such as credit life, disability, or unemployment insurance? Depending on the type of policy, credit insurance can cover some or all of your payments if you can't make them. Understand that you don’t have to buy optional credit insurance--that’s why it’s called “optional.” Don’t buy insurance you don’t need. Credit insurance may be a bad deal for you, especially if the premiums are collected up-front at the closing and financed as part of the loan. If you want optional credit insurance, ask if you can pay for it on a monthly basis after the loan is approved and closed. With monthly insurance premiums, you don't pay interest and you can decide to cancel if the premiums are too high or if you believe you no longer want the insurance. After you have answers to these questions, start negotiating with more than one lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know you are shopping for the best deal. Ask each lender to lower the points, fees, or interest rate. And ask each to meet--or beat--the terms of the other lenders. Once You’ve Selected a Lender, Get the Following A “Good Faith Estimate” of all loan charges. The estimate must be sent within 3 days of applying. Blank copies of the forms you’ll sign at closing, when the loan is final. Study them. If you don’t understand something, ask for an explanation. Advance copies of the forms you’ll sign at closing with the terms filled in. A week or two before closing, contact the lender to find out if there have been any changes in the Good Faith Estimate. By law, you can inspect the final settlement statement (also called the HUD-1 or HUD-1A form) one day prior to closing. Study these forms. Write down any questions you want to ask. Think Twice before You Sign Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to. For example, a lender should not promise one APR and then--without good reason--increase it at closing. Refer to the list of questions you’ve written down. Ask where these terms are covered in the loan contract. And ask for an explanation of any dollar amount or term you don’t understand. Don’t let anyone rush you into signing the loan contract. Make sure all promises, oral and otherwise, are put in writing. It’s only what’s in writing that counts. Get a copy of the documents you signed before you leave the closing. Don’t Sign on the Dotted Line if the Lender … Tells you to falsify information on the loan application (for example, suggests that you write down more income than you really have). Pressures you into applying for a loan for more money than you need, or one that has monthly payments larger than you can afford. Promises one set of terms but gives you another with no good reason for the change. Tells you to sign blank forms or forms that aren't completely filled in. If an item is supposed to be blank, draw a line through the space and initial it. Pressures you to sign today. A good deal today should be available tomorrow. Know that You Have Rights under the Law You Have 3 Business Days to Cancel the Loan If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal--for any reason--without penalty. You must cancel in writing. The lender must return any money you have paid to date. Do You Think You've Made a Mistake? Has the 3-day period during which you may cancel passed and you're worried that you've gotten in over your head? Do you think your loan fees were too high? Do you believe you were steered into monthly payments you can't afford? Has your lender repeatedly pressured you to refinance? Is your loan covered by insurance you don't need or want? If you think you've been taken advantage of, state and federal laws may protect you. Also, the following organizations may be able to help: Your local or state bar association--sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help. Your local consumer protection agency, state attorney general’s office, or state office on aging, listed in the Blue Pages of your phone book. Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency. You can learn more about credit and home equity loans by visiting the federal government’s web site for consumers, www.consumer.gov (see the Home and Community section). If you don’t have access to the Internet, ask a friend or relative to get the information for you. Or visit your local library or senior center, which may offer you free access to the Internet on their computers. For More Information State Banks that Are Members of the Federal Reserve System Division of Consumer and Community Affairs Mail Stop 801 Federal Reserve Board Washington, DC 20551 (202) 452-3693 www.federalreserve.gov Federally Insured State Non-Member Banks and Savings Banks Federal Deposit Insurance Corporation Consumer Response Center 2345 Grand Boulevard, Suite 100 Kansas City, Missouri 64108 (877) 275-3342 www.fdic.gov National Banks and National Bank-Owned Mortgage Companies Office of the Comptroller of the Currency Customer Assistance Group 1301 McKinney Street Suite 3450 Houston, TX 77010 (800) 613-6743 www.occ.treas.gov Federally Insured Savings and Loan Institutions and Federally Chartered Savings Banks Office of Thrift Supervision Consumer Programs 1700 G Street, N.W., 6th Floor Washington, DC 20552 (800) 842-6929 www.ots.treas.gov Federal Credit Unions National Credit Union Administration Office of Public and Congressional Affairs 1775 Duke Street Alexandria, VA 22314 (703) 518-6330 www.ncua.gov For state-chartered credit unions, contact your state's regulatory agency. Mortgage Companies and Other Lenders Federal Trade Commission Consumer Response Center 600 Pennsylvania Avenue, N.W. Washington, DC 20580 (877) FTC-HELP (877-382-4357, toll free) www.ftc.gov Other Information Sources U.S. Department of Justice Civil Rights Division 950 Pennsylvania Ave., N.W. Housing and Civil Enforcement Section, NWB Washington, DC 20580 (202) 514-4713 www.usdoj.gov/crt/housing/index.html Federal Housing Finance Board 1777 F Street, N.W. Washington, DC 20006 (202) 408-2500 www.fhfb.gov Department of Housing and Urban Development 451 7th Street, S.W. Washington, DC 20410 800-669-9777 (voice) 800-927-9275 (TTY) www.hud.gov Office of Federal Housing Enterprise Oversight (OFHEO) 1700 G Street, N.W. 4th Floor Washington, DC 20552 (202) 414-6922 www.ofheo.gov Adobe acrobat version of text for printing (119 KB PDF) is formatted for printing on two sides of a 11 x 17" sheet of paper. Fold the paper in half. The PDF contains a fillable area on the back panel for you to provide your own contact information. Worksheet for printing (58 KB PDF) Obtaining the Acrobat Reader from the Adobe Web Site This information was prepared by the following federal agencies: Department of Housing and Urban Development, Department of Justice, Federal Deposit Insurance Corporation, Federal Housing Finance Board, Federal Reserve Board, Federal Trade Commission, National Credit Union Administration, Office of Federal Housing Enterprise Oversight, Office of the Comptroller of the Currency, Office of Thrift Supervision. Home | Brochures Accessibility | Contact us Last update: March 24, 2004