Register Real Estate Advisors

1. Protect your credit score.

2. Beware of offers that sound too good to be true – they probably are.

3. Become an educated consumer. Talk to your Texas REALTOR® about predatory lending practices – what they mean and how to keep from being a victim.

4. Don’t buy more house than you can afford right now.

5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that – fixed.

6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner’s insurance, utilities, maintenance, and, depending on the neighborhood, homeowners’ association fees.

7. Don’t sign a blank document or anything you don’t understand.

8. Know and understand the terms of your mortgage.

9. Don’t let anyone persuade you to “pad” your income to qualify for a loan.

10. If you’re having trouble making your monthly mortgage payment, don’t hide from your lender. Work with your mortgage lender to find out what your options are.

11. Work with your Texas REALTOR®, Krista Wright 832-585-3035, to find a reputable lender and a loan product that works for you.

Source: www.TexasRealEstate.com

WASHINGTON (Associated Press) – After one year of activity, the government’s mortgage relief plan has helped about 12 percent of borrowers who signed up for the program.

 According to the Treasury Department, about 116,000 homeowners had completed the application process as of last month and are making permanently reduced loan payments, compared with over one million homeowners who began the process.

 Over 61,000 homeowners have dropped out of the program either because they failed to make payments or did not return the necessary paperwork.

 There have been calls recently for a major overhaul of the program, particularly for the government to further encourage banks to cut borrowers’ principle balances on their primary loans. Nearly one in three homeowners with a mortgage owes more to the bank than their property is worth, according to Moody’s Economy.com.