Unless you’ve been asleep the last couple of years, you’ve probably heard that we’re in the midst of a foreclosure crisis, people are abandoning homes they can no longer afford, and the rest of the economy isn’t looking so good either.
Prices for food, gas and healthcare – the most basic items – have increased by more than nine percent since 2006, according to The Washington Post.
With cities experiencing the highest number of foreclosures these days (Detroit, Stockton, and Las Vegas, you’re at the top of a sad list) offering foreclosure bus tours, things are actually looking better in some ways for people interested in buying a home.
But how can new homebuyers avoid the mistakes that are costing millions of Americans their dream homes? NCL has created a step-by-step guide, www.mortgagetown.org, which we’re launching today, to walk new homebuyers through the complicated process of making their dream of owning a home come true.
Finding the right loan, reading through and understanding all of the paperwork, closing the deal and maintaining the mortgage is enough to intimidate any prospective buyers. In addition to helping consumers through these steps, MortgageTown helps homebuyers:
- assess their budget before signing a deal
- seek help from a knowledgeable and loyal loan officer
- learn how to minimize the risks of a loan
- negotiate the loan
- close on and successfully maintain ownership of the home
Our site also has a ton of practical resources to help homeowners make sense of it all:
- glossary of key real estate and mortgage terms
- a Good Faith Estimate
- contact information for housing counselors from the U.S. Department of Housing and Urban Development
NCL reminds homeowners who are worried about holding onto their homes that there is help out there. Here are a few nonprofit groups, associations and government agencies you can contact: