Save Money Buying Your Home
Whether you’re buying your first home, considering a second mortgage, refinancing, or considering a reverse mortgage the loan process can be confusing and complicated. As you embark on one of the biggest financial decisions you’ll make in your lifetime, use this Guide to understand and to help navigate this process.
Educating yourself can help you avoid common pitfalls and assist you in determining what type of home loan is best for you.
Download Free eBook: DFI Guide to Home Loans
PDF format, 2.8MB.
CONTENTS
Building a Strong Foundation 2
Beginning Your Journey
Construction Crew
Understanding Your Credit
How Much Home Can You Afford?
Understanding the Types of Mortgages
Understanding Your Costs
Creating a Solid Structure 8
Shop
Compare
Mortgage Shopping Worksheet
A Few Things to Remember
Window Shopping: Becoming
a Savvy Borrower 12
Avoiding Financial Pitfalls
Predatory Lending
Know Your Rights 14
It’s the Law; Know Your Rights!
Primary Laws Regulating the Mortgage Industry
Final Walkthrough 16
Good Faith Estimate (GFE)
Truth In Lending Statement (TIL)
Disclosure Summary
HUD-1 Settlement Statement
Before Signing Day
Before You Leave: The Closing
Closing Costs
Welcome Home 30
Protecting Your Home Investment
Preventing/Avoiding Foreclosure
Securing a Line of Credit After Purchase 32
Is A Home Equity Credit Line For You?
Home Improvement Loan
Getting a Written Contract
Keeping Records
Completing the Job: A Checklist
Reverse Mortgages
Additional Tools 35
Mortgage Terms
Loan Comparison Worksheet
Loan Document Checklist
ABOUT DFI
The Department of Financial Institutions licenses and regulates a variety of Washington State Financial Service providers such as banks, credit unions, mortgage brokers, consumer loan companies, money transmitters, payday lenders and securities broker-dealers and investment advisors. DFI also works to protect consumers from financial fraud.
