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Fort
Bend News
Mortgage advice
Keep Out of Lending Trouble
 Freddie
Mac’s anti-predatory lending Web site offers valuable resources for home buyers.
Don’t Borrow Trouble
The hot housing market of the past several years led to
many new mortgage products—some of which can hurt a home buyer’s financial
health, home equity, and neighborhood stability. The issue has become so
critical that Freddie Mac has launched a nationwide campaign to educate the
public on risky loans. One byproduct of this campaign is an information-filled
Web site that can help you better understand the various loan products. Or, you
can visit the Web site to download or print information.
These are some of the site’s highlights:
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What Is Predatory Lending?
Help buyers safeguard themselves against abusive
lending practices and find the most favorable mortgage. Consumers also can
access resources on
Learning More
about abusive lending practices and get tips on avoiding borrowing pitfalls.
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CreditSmart.
The most effective way to prepare for home ownership is to
educate yourself on the importance of using credit wisely. This online tutorial
covers nine important topics, including managing money, understanding credit
scores, and steering clear of credit traps. The entire
CreditSmart Curriculum
is available through the Web site for free. A
Spanish-language version
also is available. |
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Prepayment Penalty Mortgages.
Prepayment penalties can add up to big trouble for
some home owners who think they’re being responsible by paying off a large chunk
of their mortgage ahead of the due date. Make sure that you don’t unknowingly
enter into such an agreement. This page will help you grasp what a prepayment
penalty mortgage is and why you should be careful about this type of loan.
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The NATIONAL ASSOCIATION OF REALTORS®
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FRONTLINE/World This superb site strives to engage the American public in
global stories that resonate in their own lives. The fascinating programs can be
downloaded in their entirety.
news.surfwax.com
This very cool news
site allows you to search through 100,000 news pages covering 4,000 news sources
as you type.
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