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Mortgage Help

Learn where to find mortgage help to guide you in your housing finance search.

A lot of people need help with their mortgage. [© Shutterstock, 2010]
© Shutterstock, 2010
A lot of people need help with their mortgage.

Those looking for mortgage help may be surprised to find just how willing most financial institutions will be to sit down and explain the process. Many major banks across the nation are interested in providing detailed lending advice and instructions to applicants for new mortgages and current mortgage holders who are having difficulties.

Lending Agencies

Fannie Mae and Freddie Mac came under fire after the mortgage meltdown, but the two agencies maintain excellent information on mortgages for consumers.

The government also can provide mortgage help through the U.S. Department of Housing and Urban Development, otherwise known as HUD; part of that association is the Federal Housing Administration, which offers mortgages mainly for low-income families.

These various sources can take a potential buyer through the lengthy process of obtaining a mortgage, helping explain key factors such as the difference between pre-qualification and pre-approval for a loan. Many potential homeowners find that they are not even clear on the types of questions they should be asking, let alone quibbling over percentage points. This is why consulting with an expert can prove invaluable.

Loan Programs

There are a wide number of loan programs with differing rates, many of which can depend upon a buyer’s credit, how much he or she is willing to spend overall and amount available for a down payment. Mortgage lenders often can provide assistance in obtaining lawyers or housing inspectors, necessary components to complete the closing on a home purchase.

Do not be in a rush to discover the best lender or feel there is a limited amount of information needed to undergo this process. It seems there is no way to learn too much about mortgages, and finding the right loan could be something that can significantly affect the home you purchase.

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