All Owners Borrowing On Their Personal Residence For “Consumer Purposes” Must Receive A Federal Booklet, “Your Home Loan Toolkit”
It is an excellent source of information concerning loans. The booklet is available free at www.cfpb.gov.
I Want To Discuss The Last Section In The Booklet
Title: Owning Your Home, subtitles-Owning a home is exciting; your home is a large investment, and how to protect that investment.
- Section 1: Act fast if you get behind on your payments. There is information about mortgage servicing, links to housing counselors, and a phone number and a site if you suspect a scam call (855)411-2372 and https://www.consumerfinance.gov/complaint/.
- Section 2: Keep up with ongoing costs. You need to be current with monthly taxes and homeowners insurance. Your home needs repairs and maintenance, so budget and save for those.
- Section 3: Determine if you need flood insurance. An important link: https://www.floodsmart.gov/.
- Section 4: Understand Home Equity Lines of Credit (HELOCs) and refinancing. Information about this topic is available at What is a HELOC? They recommend against using a HELOC to wipe out credit card debt. You could lose your home. Remember that you have three days to rescind or change your mind about a loan and cancelling. Calculate how much a refinance will cost and how long it will take to make that money back.
Get the booklet and study. The home you save could be your own. Want the booklet explained, call a friendly, competent State Licensed Loan Originator. Needa number, call me. I have thousands.
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