Mortgage & Finance Information

How do I know if I'm getting the best mortgage financing for my home?

The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of Private Mortgage Insurance on home mortgages. Find out if you qualify. Cancellation of Private Mortgage Insurance: Federal Law May Save you Hundreds of Dollars Each Year [PDF version]

Explains The Home Ownership and Equity Protection Act of 1994, what loans are covered, what disclosures are required, and what practices are prohibited. High-Rate, High-Fee Loans (HOEPA/Section 32 Mortgages) [PDF version]

Use these three steps to save money on a mortgage or home loan. Includes a mortgage shopping worksheet.Looking for the Best Mortgage? Shop, Compare, Negotiate. PDF version]

Feature Article

Mortgage Refinancing Basics

What is Home Mortgage Refinancing?
Refinancing a home mortgage is basically a restructuring of payment from the original mortgage in an attempt to save money. Borrowers set their home mortgage as a fixed rate mortgage or an adjustable rate mortgage (ARM). Refinancing gives the borrower the opportunity to restructure the interest rate or length of the terms of payment. In a fluctuating economy, refinancing becomes an important tool if interest rates have dropped or the mortgage was confirmed during a period of high interest rates. A mortgage refinance also gives the borrower the freedom to avoid increases in interest rates if using an ARM.

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More information you should know about mortgages and finance.

Explains your rights under Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), and what to do if your loan is rejected. Mortgage Discrimination [PDF version]

Explains mortgage servicers’ responsibilities, in particular under the RESPA enforced by HUD; urges consumers to keep records of their payments, insurance coverage, and other information; explains how consumers can file disputes with their loan servicer; and includes sample letters that consumers may use when filing a dispute with their lender/servicer or with a credit bureau. Mortgage Servicing: Making Sure Your Payments Count [PDF version]

Explains how these loans can help older homeowners who are “house-rich but cash-poor” remain in their homes and still meet their financial obligations. Reverse Mortgages [PDF version]