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Many older Americans have difficulty meeting their monthly expenses. A fixed income can’t always cover a senior’s needs, particularly unexpected needs associated with medical problems, home and car repairs, or even an old refrigerator that doesn’t work anymore. Unfortunately, there are few resources to help vulnerable seniors get through these hard times. Affordable small loans are hard to come by. As a result, many seniors end up with very high cost small loans, including payday loans...
A loan is borrowed money which must be repaid in one or more payments. Lenders charge interest on the amount you borrow. This means that you pay back more than you receive. This is how a lender covers the cost of doing business and makes profit. The higher the interest rate, the more you must repay. You should know that the lower the monthly payment, the longer it will take you to repay the loan and the more you will pay to borrow the same amount at the same interest rate.
See the attached guides in English and Spanish for more information.
Providing the information below will allow you to calculate how much you can afford to spend on a home. However, many additional factors play a part in the loan qualification process.
The mortgage settlement process--sometimes called mortgage closing--can be confusing. A settlement may involve several interested parties and a variety of documents and fees. This guide helps you understand the steps involved in the settlement process. Although the focus here is on settlements for home purchases, much of the guidance will also apply if you refinance a mortgage...
This website gives you an overview of ARMs, explains how ARMs work, and discusses some of the issues that you might face as a borrower...
Cuando usted obtiene un préstamo hipotecario, es posible que piense que la entidad de préstamo conservará y administrará su préstamo hasta que termine de pagarlo o hasta que venda su casa. Frecuentemente no es así. En el mercado actual, los préstamos y los derechos de administrarlos se compran y se venden con bastante frecuencia. En muchos casos, la compañía a la cual usted le envía sus pagos no es la compañía dueña del préstamo.
Si usted no paga su hipoteca en fecha o si paga un monto menor a su mensualidad, usted incurre en incumplimiento de pago de su préstamo. Las consecuencias del incumplimiento de pago pueden ser costosas. La Comisión Federal de Comercio (Federal Trade Commission, FTC), la agencia nacional de protección del consumidor, dice que es importante entender los costos que tiene el incumplimiento de pago.
You could lose your home and your money if you borrow from unscrupulous lenders who offer you a high-cost loan based on the equity you have in your home. Certain lenders target homeowners who are elderly or who have low incomes or credit problems — and then try to take advantage of them by using deceptive practices. The Federal Trade Commission, the nation’s consumer protection agency, cautions all homeowners to be on the lookout for.
Owning a home is part of the American dream. But high home prices may make the dream seem out of reach. To make monthly mortgage payments more affordable, many lenders offer home loans that allow you to (1) pay only the interest on the loan during the fi rst few years of the loan term or (2) make only a specifi ed minimum payment that could be less than the monthly interest on the loan...
Refinancing is a process in which you pay off one or more existing debts with a new home loan. If you have perfect credit, refinancing is sometimes a good way to obtain a lower interest rate or to convert a variable rate loan to a fixed rate. However, if you are in the midst of financial difficulties, if you have too much debt, or if you have bad credit, refinancing is loaded with pitfalls. We recommend that you be very careful whenrefinancing debts. Many refinancing loans hurt consumer. Here are twelve things to consider before refinancing...
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