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Know the cost of your mortgage before you buy!
 For most Americans, buying a home is the most important purchase they will ever make…both financially and emotionally. Recently, we have seen the devastating effects that can occur when people are not informed about the true costs of a mortgage.
I recently joined with a national coalition to release Mortgage Protection Principles to improve the fairness and transparency of the mortgage industry. I am encouraging mortgage brokers and lenders around the country to adopt these commonsense ideals in order to prevent another mortgage meltdown.
Adjustable Rate Mortgages (also called "ARMs") can be a source of confusion for home buyers because the cost of the mortgage will adjust over time. Before you choose an ARM, be sure you know what your maximum payment will be. You can use this calculator to estimate your payments whether you are in an ARM or considering one.
For further information on mortgages, resets, foreclosures and other home loan topics you can go to:
North Carolina Housing Finance Agency www.nchfa.org
The Affordable Housing Group www.affordablehousinggroup.org
Housing and Urban Development www.hud.org
Community Reinvestment Association of North Carolina www.cra-nc.org
Center For Responsible Lending www.responsiblelending.org
Facing Foreclosure?
Call the HOPE Hotline at 1-888-995-HOPE
For more information go to www.ncforeclosurehelp.org
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