Struggling with your mortgage? Thinking of buying a house? June is national homeowners month and to mark the occasion, Fannie Mae today released a series of consumer guides to help people navigate the mortgage maze. The guides provide tips on buying a home, ways a housing counselor can help, and ways to protect yourself from mortgage modification scams.
Five steps before buying:
Get educated. Learn about the loan process before you begin. Understand what type loans are available -- fixed-rated mortgages, adjustable rate mortgages, FHA and VA -- and also learn about the costs involved with each -- points, appraisals, origination fees. The U.S. Department of Housing and Urban Development web site provides a lot of free information.