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5 Websites That Make It Easy To Beat Greedy Mortgage Lenders

Article Category: Finance  |   


Tired of being punished for wanting to buy a home? The recession hurt an awful lot of people. Home owners' dreams were swept away by a tidal wave of debt and the sub-prime mortgage market disaster that ripped through the country. Nobody was safe - low and middle earners alike were hit.
Young couple agreeing deal with mortgage lender - photo
But once calm started returning to the markets, house hunters everywhere breathed a sigh of relief. After all, once the economy had started to pick up it would easy to get a new mortgage, right? Wrong.

The banks didn't want to give you 'their' money. Well, not at a reasonable interest rate. What the bankers want is to feel safe whilst gently milking you out of as much money as possible. This means that many lenders have attached some pretty draconian rules to their mortgage offers. When this happened, your dreams may have come crashing back down the slippery financial pole.

But it's not all gloom and doom. There are a number of websites that really do help you get back on the housing ladder. Some of them are genuine free services that provide with a central location for the information you'll need to help ease you back into home ownership. Others offer a paid service.

Making Home Affordable

The Making Home Affordable Program has been pushed hard by Barack Obama's administration. The idea is to give struggling home owners a place where they can go to get information that will help reduce the risk of being hit by foreclosure. Part of the Housing and Urban Development plan, the organisation has been tasked with providing home owners with a number of options that can help them plan their way out a financial black hole.

How does it work?

The portal is incredibly easy to use. A number of different scenarios are clearly visible on the landing page. Types of assistance available are detailed and there is also some information on qualifying criteria. If you're not entirely sure if any of the information applies to you or you'd simply like to talk there's also a telephone number for the Federal Housing Association at the bottom of the page.

Bankrate.com

Bankrate.com is probably the biggest mortgage comparison website in the United States. Mortgage details are aggregated from thousands of lenders in one convenient and easy to use location. In addition to details of loans and eligibility, bankrate.com also has a huge selection of articles featuring tips and advice for pretty much any question you might have about buying a new home.

How does it work?

The mortgage section of the website has a number of very simple-to-use drop down boxes. Simply add your state, town, amount required and loan term and click "Search". You'll be taken to a listings page that shows you details of the all the lenders in that area. Once there, you can use the controls at the top of the page to modify information such as percent down, APR, credit score, etc.

AMAC

AMAC specialises in finding FHA loans for anyone that may have been in financial difficulties. If you're not sure where to turn and you're having trouble getting a loan then this might the company to speak to. As well as finding the best deals on home purchase and refinancing, AMAC deals with debt consolidation and equity release plans.

How does it work?

The AMAC homepage is incredibly simple to use: fill in your details on the front page. You'll then be presented with a number of additional requests for more specific details including personal circumstances. Once all the information has been entered all you need to do is sit back and wait for a phone call. Some of you may not be comfortable handing out your details, but AMAC is compliant with the laws of the state of California and they are only allowed to use your information in conjunction with mortgage applications.

Federal Trade Commission

The FTC is a government body whose principle job is to businesses engaging in practices that are anti-competitive, deceptive or simply unfair to you, the consumer. This means that mortgages lenders who use underhand tactics to overcharge you are firmly in their sights. Many of the links on the homes section of the FTC website point back to central government websites. There are also a couple that may be of interest if you feel you may have been wronged by a lender: at the bottom of the page are links showing consumers how to get help and make complaints.

How does it work?

The FTC site contains a huge amount of information. All you need to do is be prepared to read. There's an awful lot of content available and every base is covered. Much of the data found in the numerous pages and paragraphs contain links out to other websites providing more detailed breakdowns of information. Although most of the content is well laid out and easy to understand it may be useful to get a financial consultant to relay the information as it's easy to get bogged down in some of the technical jargon on the pages.

Mortgage Calculator

We think our mortgage repayment calculator is one of the simplest for calculating the basic cost of your loan. We know that, when you first start looking for a loan, you really only want to know one thing: how much will it cost? Once you're armed with some hard numbers you can start to work out a budget that you can comfortably afford.

How does it work?

You'll need to know the amount you have to borrow, the term of the loan and the interest rate you're going to pay. Additionally, you can opt to view interest calculated on either a monthly or yearly basis. If you're not sure of the exact interest rates there's no need to worry - you can easily update any of the fields if your circumstances change.

Final Thoughts

Like anything in life, very few things are guaranteed. At the end of the day, you might need to put in considerable effort and money to secure a mortgage offer but, at least, now you have a pretty potent selection of tools at your disposal.

Written by James Redden




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Last update: 03 November 2012


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