Consumer Information

Listed below are several resources to explore in regards to consumer information with regards to the home mortgage industry...

Indiana Mortgage Bankers Association

Mortgage Bankers Association

The  Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. The MBA is the leading source of knowledge for most anyone in the mortgage industry. The website contains vital information for both  MBA members and consumers, and is the center for mortgage industry news and research. Consumers are given links to the most important resources on the internet. Click here to check out what the MBA has to offer!


Home Loan Learning Center

The Home Loan Learning Center provides step-by-step information on how to become financially literate. Armed with the facts, your next move could be into your own home. Learn about credit reports and scores; the true cost of owning a home; and how to compare the costs of owning versus renting a home. The Web site provides in-depth, easy-to-read home loan product information in the All About Mortgages section, which includes information on how to qualify for a loan, what the documents mean, what's in the mortgage payment and mortgage calculators to help consumers plan their payments.

Home Loan Learning Center, powered by the Mortgage Bankers Association, is committed to empowering the consumer to make informed financial decisions through access to financial education. We encourage consumers visiting the Web site to continue their financial education by taking advantage of the comprehensive set of links to reach state, federal, non-profit and consumer group Web sites.

Indiana Mortgage Bankers Association

The Simple Facts - A guide to mortgages

The type of mortgage you choose should be based on your financial situation today, your best estimate of what it will be in the future, how long you plan to own the home or “stay in” the mortgage, and your comfort level with assuming the risk of potential increases in required payments. This guide helps you easily identify the pros and cons of each type of mortgage and choose the one that’s best for you.

Click here for The Simple Facts

The Simple Calculator

Use The Simple Calculator to estimate monthly payments for different types of mortgage loans. Your monthly payment results will include tax and insurance, but as these costs vary widely based on several factors, including where you live, these are approximations only. Comparing several mortgages can help you get a better sense of the mortgage that best fits your long-term financial strategy.

Click here to access The Simple Calculator

Indiana Foreclosure Prevention Network

In  late 2007 Indiana began addressing the problem of foreclosure with the launch of a major state-wide initiative to assist Hoosiers who are in danger of losing their homes. The Indiana Foreclosure Prevention Initiative was developed by a coalition of community organizations, housing-related agencies, government agencies, lenders and banks, know as the Indiana Foreclosure Prevention Network (IFPN).

Through this unique partnership of public, private and non-profit sectors, a toll-free helpline, 1-877-GET-HOPE was established. The helpline is available seven days a week, from 8 a.m. to 8 p.m. For anyone who may be at risk of foreclosure, the helpline provides FREE CONFIDENTIAL FINANCIAL COUNSELING with no obligation or commitment. Whenever possible, counselors assist homeowners over the phone. If more extensive assistance is needed, the counselor refers the homeowner to a certified foreclosure prevention specialist. Also, a web site, IFPN is available 24 hours a day, seven days a week and offers and on-line workshop about foreclosure.

In addition to the helpline and website, IFPN also partners with servicers, lenders, housing counselors and other community partners to host borrower outreach events. For more information about upcoming events or to receive brochures and posters for display, please contact megraves@ihcda.in.gov.

Foreclosure Prevention Resource Center

The Foreclosure Prevention Resource Center is part of MBA's outreach to advise those who may face trouble making their loan payment to contact their loan servicer, the company to whom they make payments each month, as soon as possible to determine if an alternative to foreclosure may be possible based on the borrower's financial and employment status. The bi-lingual site includes a listing of major loan servicers and their contact information, as well as a guide to the "Things to Know When You Contact Your Lender" so that borrowers having difficulty making mortgage payments can begin an informed dialogue with their servicer about potential solutions. The site also includes an easy-to-use Glossary and Foreclosure Fact Sheet and links to other helpful sites.

 

Federal Reserve Board Consumer Resources

The Federal Reserve Board has a page on their website, The Board of Governors Federal Reserve System web site, dedicated to assisting consumers who are having trouble making their mortgage payments. Specifically, the following is part of what is available for consumers to learn about by going there; Making Home Affordable program, Guide to Avoiding foreclosure, Housing Counseling Agencies, 5 Tips for Avoiding Foreclosure Scams, Credit Repair: How to Help Yourself, Q and A on Home foreclosure and Debt Cancellation, and much more!

HOPE NOW Hot Line

The Home Ownership Preservation Foundation (HPF) is a 501(c)(3) nonprofit which creates partnerships with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that could result in the loss of their homes.  HPF uses exciting programs like the highly successful 888-995-HOPE - the Homeowner's HOPE Hot line - to help individuals and families who are struggling financially.  

Thousands of homeowners have received advice, assistance and support to help them stay in their homes. HPF believes that the strength of a neighborhood comes from the strength of its neighbors. By developing an innovative process to support the relationships among local governments, nonprofits, lenders and homeowners, they strive to be a leader in preventing foreclosures by fostering responsible financial habits for people at risk of losing their homes. The Foundation also helps open the lines of communication among homeowners, their lenders, and available community resources. HUD Counseling Hot Line

1-800-569-4287 - This reference will guide consumers to an interactive voice mail system that provides local contacts for counseling and information. The local reference is driven by the caller’s telephone area code.

NeighborWorks America site

NeighborWorks America - A national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts. NeighborWorks® America, local NeighborWorks organizations and Neighborhood Housing Services of America make up the NeighborWorks system, which has successfully built healthy communities since 1978. Together, with national and local partners, NeighborWorks creates new opportunities for residents while improving communities.

Home Loan Learning Center, powered by the Mortgage Bankers Association, is committed to empowering the consumer to make informed financial decisions through access to financial education. We encourage consumers visiting the Web site to continue their financial education by taking advantage of the comprehensive set of links to reach state, federal, non-profit and consumer group Web sites.

Private Mortgage Insurance

Private Mortgage Insurance (PMI) is an important component for many consumers to understand in the home purchase process. For more information on this product, and how it compares to FHA lending, click here, for an industry PowerPoint.

 
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