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Required Disclosures. Know Your Rights: Credit Discrimination is Illegal VMP This CFPB pamphlet provides consumers information about credit discrimination and the Equal Credit Opportunity Act and applies to all forms of credit including car loans, credit cards, home loans, overdraft protection programs and student loans.
This is not a required brochure but is used as an educational tool for consumers.
This website also provides important information for homeowners. Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multi-family investors.
Learn About Adjustable Rate Mortgages from Spencer Savings
This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process. But keep the following points in mind:. If you are considering an FHA adjustable-rate mortgage, be sure to ask your lender about the index, the margin, and any rate caps that are applied to your loan. These are the most important concepts for you to understand, because they will affect your monthly payments and the full cost of the loan.
Mortgage lenders usually charge lower initial interest rates for ARMs than what they charge for fixed-rate mortgage products. At first, this makes the FHA adjustable loan easier on your wallet, when compared to a fixed product for the same amount.www.stringrecordings.com/img/in/the-politeness-principle-am-beispiel-der-fernsehserie-coupling-german-edition.php
What is a 5-year ARM?
Additionally, your FHA ARM could be less expensive over the long run, if interest rates remain steady or move lower over time. Those are the primary advantages of using the adjustable product.
But there are certain disadvantages to consider as well. The biggest disadvantage is the risk and uncertainty.
Related Consumer Handbook on Adjustsable-Rate Mortgages
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