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How Credit Affects You
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Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
personal stories Personal Stories
Carol got the details of a loan option in writing and then negotiated the fees to get a better package.
Read her story.
Module 3
Preparing for Home Ownership
Types of Home Loans
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ASK THE EXPERT: Negotiating with a Lender edge
Dear H.O.M.E. Expert,

I really want to buy a home, but I have had some problems
with my credit in the past. Is there anything I can do to improve
my situation?

Signed,
Credit Worried in Cleveland

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Dear Hopeful,

Your friend is absolutely right. It is possible to negotiate with your lender for a better price. Here are some tips that might help you:
  • Your best chance for negotiation is in the area of lender fees. Ask that certain fees be reduced or eliminated.
  • If you have found a lender that you like working with but another lender offers you a better price, don’t hesitate to go back to the one you prefer and ask if he or she will meet that offer.
  • Once you are satisfied, be sure to lock in the terms. You will be protected in case market rates may go up. If rates should go down, it never hurts to ask for further negotiation.
  • Always get everything in writing.
  • Be prepared to walk away if anything about the agreement or the lender makes you uncomfortable. Be aware of fraudulent or predatory lenders.

Signed,
Your H.O.M.E. Expert

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Helpful Links

Sites with More Information
To learn more about home loans and features, visit the following sites:

Fannie Mae's HomePath
Freddie Mac's Mortgage Worksheet
HUD's Shopping for a Loan Brochure
National Foundation for Credit Counseling

These helpful links are also available in the Resources area.

Next Step
Unscrupulous lenders may try to take advantage of uninformed borrowers. To learn about red flags you should watch out for, continue to Buyers Beware.
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