New Web site helps buyers navigate complex loan process
April 25th, 2008, 9:59 am · Post a Comment · posted by mistywilliams
From indexes and LTV ratios to discount points, mortgage industry jargon baffles many borrowers, who often sign the mounds of paperwork put in front of them without ever reading the documents.
As a result, many homeowners have found themselves in loans they didn’t understand and ultimately couldn’t afford, sending them into foreclosure.
The National Consumers League hopes to prevent future foreclosures with a Web site that takes potential buyers through the complicated financing process from choosing the right loan to protecting against predatory lending.
Mortgagetown.org includes advice on how to pick a loan officer, access to a glossary of mortgage terms, information on how to track who owns your mortgage and other tips.
“With millions of homeowners rightfully concerned about predatory lenders, fraud, and foreclosure, it’s critically important that both current and future homeowners are educated, prepared and protected,” said Sally Greenberg, executive director of the consumers group.
