Finance Articles

School's In: Home Loan U Educates Consumers Before Shopping for a Mortgage

Livonia, Mich. (PRWEB) August 14, 2007 -- With all the turmoil in the mortgage market, it is more important than ever that consumers be informed and educated about the entire lending process and diligent in selecting a reputable lender.

"The subprime lending woes have led to tighter lending guidelines in conventional lending too. Lenders now require higher credit scores and larger down payments for consumers with good credit. But in all the noise, it's easy to overlook the fact that most consumers have good credit and have no problem qualifying for a conventional loan. In fact, many are surprised to learn that interest rates on these loan programs are still quite favorable," said Bob Walters, chief economist for Quicken Loans, one of the nation's largest mortgage lenders (http://www.quickenloans.com (http://www.quickenloans.com)).

"That said, consumers with less than perfect credit or who have difficulty documenting their income, like the self-employed, are finding it more challenging to secure financing. There are a number of people who could have obtained a loan six months ago who now may no longer qualify."

Walters says it's more important than ever for consumers to educate themselves before looking for a home loan. One good source of information is talking to friends and family who've been through the process. They can provide first-hand information about their lender.

There also are many educational resources on the Internet. Quicken Loans has just published a series of "Home Loan U" personal finance education guides that are available as free downloads at http://www.homeloanu.com The guides include:

- First Time Homebuyer - Get the knowledge you need to step into home ownership with confidence! This guide includes information about fixed- and adjustable-rate mortgage programs, determining how much home you can afford, and about private mortgage insurance (PMI), fees, points and closing costs.

- Refinance - Learn about your options when refinancing. Regardless of whether you want to lower your current rate or take equity from your home to consolidate debt, this guide will give you the information you need to make an informed decision.

- Power Buyer - Is a pre-approval letter worth the paper it is printed on? Learn how to be empowered as a buyer to drive the best deal possible on your new home.

- Managing Your Credit - A step-by-step guide to everything you need to know about credit, including how credit scores work, and tips for building and maintaining good credit and repairing bruised credit.

- Loss of a Spouse - Tips for making sound decisions regarding the home when coping with the loss of a loved one.

- Dealing with Divorce - Five key steps to post-divorce financial security.

- Protecting Your Privacy - Learn the best strategies for keeping your personal information private and what steps to take if your information ever falls into the wrong hands.

The mortgage process can be confusing. Armed with the information available in the Home Loan U guides, as well as the articles, tips and mortgage calculators available at http//www.QuickenLoans.com (http://www.quickenloans.com), consumers can go into the home buying or refinancing process with confidence.

According to Walters, it's this knowledge and confidence that will help the entire process move smoothly, and without surprises.

"The bottom line is that it's now critical that consumers protect their credit, and educate themselves on the types of mortgage programs they are currently in and what options are available to them, which is why the new Home Loan U guides are so timely," concluded Walters.

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