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Please click on a menu item on the left or try our search to locate the appropriate information. Copyright © 2008 Mortgage Bankers Association. All Rights Reserved. ...

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Disaster Relief

It is important that homeowners be prepared for the unexpected, such as the ... Having a checklist of legal and financial documents to carry with you is key. ...

http://www.homeloanlearningcenter.com/ConsumerHelpDesk/DisasterRelief.htm

Credit Score

The most common credit score used by lenders is the FICO® score, which ranges ... The FICO score is generated by a mathematical formula (called a scoring model) ...

http://www.homeloanlearningcenter.com/YourFinances/CreditScore.htm

Borrowers Bill of Rights

Before you begin the mortgage lending process, take a look at the Borrower's Bill Rights. The Mortgage Bankers Association (MBA) developed these guidelines to clarify ...

http://www.homeloanlearningcenter.com/ConsumerHelpDesk/BorrowersBillofRights.htm

Your Situation

Homeownership is not age dependent, but the purchase of a home, whether it is a ... Because your home is an integral part of your life, it's important to manage ...

http://www.homeloanlearningcenter.com/YourSituation

IRS New Section on Foreclosure Tax Relief

WASHINGTON â€" The Internal Revenue Service unveiled a special new section today ... The IRS also reassured homeowners that, although mortgage workouts and ...

http://www.homeloanlearningcenter.com/IRSNewSectiononForeclosureTaxRelief.htm

About Interest Rates

Lenders provide a great deal of guidance, but you make the final decision about ... Part of taking that responsibility involves comparing interest rates. ...

http://www.homeloanlearningcenter.com/MortgageBasics/AboutInterestRates.htm

Calculators

This calculator will help you compare monthly payments and interest costs of ... Enter the mortgage principal amount and the length of the mortgage in years. ...

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Consumer Help Desk

The process of getting a mortgage loan can be complicated, and understanding the ... Predatory lending and mortgage fraud do happen, and MBA strongly opposes and ...

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Step 7: Being a Homeowner

Receiving the keys is just the first step in owning a home. When you sign the closing statement, you take on responsibilities that may be new to you. ...

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Step 4: What do you need or want in a home?

When you're looking at many houses, it can be easy to forget which ones ... Before you begin looking, make a list of what you think you need and what you want. ...

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Bankruptcy

Credit counseling should be the first step taken when a person encounters ... Provisions adopted as a part the Bankruptcy Abuse Prevention and Consumer ...

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Related Links

While HomeLoanLearningCenter contains a great deal of information, other ... This page contains links to useful sites covering various aspects of financial ...

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Teen Money Links and Resources

JumpStart Coalition for Personal Financial Literacy -- education curriculum, ... The National Endowment for Financial Education's (NEFE) Teen Resource Bureau ...

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Foreclosure Prevention Contact Information

Is your lender or servicer here? The lenders listed below have provided contact information for their clients who ... To download a pdf of this list, click ...

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12 Things You Should Know When You Call Your Lender

Contact your servicer immediately if you are unable to make your mortgage payments. ... ( Your servicer is the company that sends you statements and the people ...

http://www.homeloanlearningcenter.com/12things.htm

Disaster Relief

It is important that homeowners be prepared for the unexpected, such as the ... Having a checklist of legal and financial documents to carry with you is key. ...

http://www.homeloanlearningcenter.com/ConsumerHelpDesk/DisasterRelief.htm

Your Finances

Understanding how to manage finances is the foundation to help individuals ... Without the basic knowledge of how to create a household budget, how to initiate ...

http://www.homeloanlearningcenter.com/YourFinances.htm

a guide to mortgages

Like everything on this site, The Simple Facts guide is meant to help make the ... With it, you can make better decisions about the biggest purchase of your life. ...

http://www.homeloanlearningcenter.com/MortgageBasics/TheSimpleFacts.htm

What's in a Mortgage Payment?

For most homeowners, however, there is also a third part ... This is the element of the monthly payment that can go up or down even in a fixed-rate mortgage. ...

http://www.homeloanlearningcenter.com/MortgageBasics/WhatsinaMortgagePayment.htm

IRS New Section on Foreclosure Tax Relief

WASHINGTON â€" The Internal Revenue Service unveiled a special new section today ... The IRS also reassured homeowners that, although mortgage workouts and ...

http://www.homeloanlearningcenter.com/IRSNewSectiononForeclosureTaxRelief.htm

Calculators

This calculator will help you compare monthly payments and interest costs of ... Enter the mortgage principal amount and the length of the mortgage in years. ...

http://www.homeloanlearningcenter.com/Calculators/WhatDifferenceWillInterestRateMake.htm

Step 5: Submit the Loan Application

It may seem as though applying for your mortgage is the most complicated ... If you know what to expect and what your lender is looking for, you'll find ...

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Buy a Home

Lots of people don't consider buying a home because they think they ... Often homeownership can be as affordable as rentingâ€"in some cases more affordable. ...

http://www.homeloanlearningcenter.com/Howdoyou/BuyaHome.htm

Owning vs. Renting

If you think you can't afford to buy a home consider this: The homeownership ... In fact, it can be as affordable as renting, and in some regions of the United ...

http://www.homeloanlearningcenter.com/YourFinances/OwningversesRenting.htm

www.homeloanlearningcenter.com/files/SampleBudget(MXL).xls

Dividends from stocks, mutual funds, etc. 40. Interest ... Total Monthly Expenses. 49. Discretionary monthly income(subtratct your expenses from your income) ...

http://www.homeloanlearningcenter.com/files/SampleBudget(MXL).xls

Injury and Disability

Unexpected illness or injury can quickly drain a family's savings. ... To put the savings decline in perspective, Americans now spend more than they ...

http://www.homeloanlearningcenter.com/YourSituation/InjuryandDisability.htm

Teen Money Links and Resources

JumpStart Coalition for Personal Financial Literacy -- education curriculum, ... The National Endowment for Financial Education's (NEFE) Teen Resource Bureau ...

http://www.homeloanlearningcenter.com/spa/teenmoneylinksandresources.htm

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Homeloanlearningcenter.com
To help you navigate the uncertainties, especially if you're entering the market for the first time, here are a tips for buying a home:

Find out how much you can afford, and stay within your budget.

Don't overreach. Forget the McMansion on the hill if it's beyond your means. Focus on finding something that will offer affordable monthly payments and a debt load you can handle. Calculator: How much can I afford?

To make sure you fully understand and remain within your boundaries, consider a preapproved mortgage. Many reputable lenders offer them. The preapproval process tells you exactly what you will have to pay. Preapproval also provides some extra peace of mind, ensuring that when the time comes, you'll have financing in place. That can be important to real-estate agents and sellers as well as to buyers.

If you're planning to buy, your household budget should allow for hefty savings toward a down payment, unless you're expecting a generous gift from a family member. The days when first-time buyers could purchase a home with a down payment of less than 10% are gone. Lenders are now requiring buyers to put down a minimum of 10% and sometimes up to 20% to 25%.

"First-time buyers must come to the table with some dollars," says Ilyce Glink, the author of "100 Questions Every First-Time Home Buyer Should Ask" and "100 Questions Every Home Seller Should Ask." "You need more income, a better credit score and to think about how much debt you can carry. It has become a more difficult process." Get your credit score up