Hamptons & North Fork REALTORS® Association

PO Box 427 Southold, NY 11971 email: info@hanfra.com phone: 631-734-8310 fax: 866-941-8682

PUBLIC

Smart Home Financing

What to know about lending and mortgages before you buy 

Learn the basics of personal finance at the U.S. government's MYMONEY.GOV.

 

Study basic finance at your own pace with free, Web-based lessons from the FDIC'S MONEY SMART PROGRAM.

 

Build better credit with guidance from FREDDIE MAC'S CREDITSMART® PROGRAM.

 

Practice making good financial decisions at CREDIT-POWER, an animated Web site with characters and real-world scenarios

 

Learn about the FAIR CREDIT REPORTING ACT AND YOUR CREDIT HISTORY (PDF 344KB)

 

Home Financing

 

Read the NINE STEPS OF HOME OWNERSHIP as explained by the U.S. Department of Housing and Urban Development.

NeighborWorks® HOMEBUYING GUIDE

 

LOOKING FOR THE BEST MORTGAGE? Shopping for a home loan or mortgage will help you to get the best financing deal. (Federal Reserve Board)


Educational Brochures from NAR and its partners

 

HOW TO AVOID PREDATORY LENDING (PDF: 1.2Mb)

 

Finding an affordable home loan with fair terms and reasonable costs is a crucial step towards achieving homeownership. Unfortunately, some lenders offer predatory loans that take advantage of consumers. This brochure identifies the warning signs of predatory loans and offers you tips on how to avoid them. It also provides a list of questions you should ask when shopping for a loan.

Produced jointly by NAR and the Center for Responsible Lending.

SPECIALTY (NONTRADITIONAL) MORTGAGES: WHAT ARE THE RISKS AND ADVANTAGES? (PDF 718KB) 
 

This brochure can help you determine what kind of home financing is best for you. It will help you assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages.
 

Produced jointly by NAR and the Center for Responsible Lending. ALSO AVAILABLE IN SPANISH (PDF 750KB).

TRADITIONAL MORTGAGES: UNDERSTANDING YOUR OPTIONS (PDF: 271Kb)
 

With the rise of specialty (nontraditional) mortgage options, consumers have more choices than ever before. Although specialty mortgages may help make homeownership more affordable, they generate more risk. You should understand these risks before you choose a mortgage. This brochure explains that traditional fixed-rate mortgages and adjustable-rate mortgages (ARMs) continue to be excellent options for most consumers.
 

Produced jointly by NAR and the Center for Responsible Lending.

LEARN ABOUT FHA MORTGAGES (PDF: 456Kb)
 

The Federal Housing Administration has made significant improvements to its mortgage insurance programs. Many aspects of the FHA application process have been streamlined to be more user-friendly and efficient. This brochure outlines the changes to FHA, how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.

Produced by NAR, the FHA, and the U.S. Department of Housing and Urban Development.

HOW TO AVOID FORCLOSURES AND KEEP YOUR HOME (PDF: 1.7Mb)

 

You're not alone if you're having trouble paying your mortgage. The housing boom led to a record homeownership rate of nearly 70 percent, but some homeowners now face problems making their mortgage payments and can't refinance their loans. This brochure will help you understand your options and give you tips on how to avoid losing your home--regardless of what kind of mortgage you have.TEXT-ONLY VERSION available (PDF 71Kb)


More Predatory Lending Resources:

Protect yourself from predatory lenders: DON'T BE A VICTIM OF LOAN FRAUD (HUD)

Home Equity Scams: Buyers Beware. (FTC)

Learn about SUBPRIME LOANS 

Concerned about your Existing Mortgage?

LEARN WHAT YOU CAN DO TO PROTECT YOUR HOME

Avoid foreclosures

Get credit counseling