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Choosing the Right Mortgage
Choosing the Right Mortgage
Choosing the right mortgage when purchasing or refinancing is important to both your monthly budget and building equity in your home. One problem causing mortgage borrowers from choosing the right type of mortgage loan is the complex nature of the loan process and inadequate federal home loan disclosures. This is why you need to talk to an expert and be sure you fully understand all terms before proceeding. We at Sierra Pacific Mortgage can do this for you.
In a study involving 819 recent prime and subprime mortgage customers in 12 locations around the country, the Federal Trade Commission found that using current "truth-in-lending" and "good faith estimate" disclosures:
In a study involving 819 recent prime and subprime mortgage customers in 12 locations around the country, the Federal Trade Commission found that using current "truth-in-lending" and "good faith estimate" disclosures:
• Nearly nine out of 10 borrowers could not identify the correct amount of up-front charges connected with a loan.
• Four out of five had trouble understanding why the stated interest rate on the loan note was different from the "annual percentage rate" (APR) highlighted in the truth-in-lending disclosure.
• Two-thirds did not spot a potentially dangerous snare lurking in the loan - a substantial penalty if they refinanced within the first two years.
• Nearly a quarter could not correctly identify the total amount of settlement costs.
A recent interview discussed how mortgage borrowers are better able to understand the loan process and mortgage terms through the application of online technology. We are a leader in this practice. The web site enables mortgage borrowers to get more information than the federal disclosure will likely provide them. The mortgage terms can be transmitted online or via email from our company to borrowers instantly so they can view the information at their own pace.
Sierra Pacific Mortgage Company, Inc. is an Equal Housing Lender. © 2010 Sierra Pacific Mortgage.
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