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Talking Real Estate
Provided by Straley Realty & Auctioneers, Inc

Understand mortgage risks, rewards
   Property foreclosures nationwide are at an all-time high. Headlines in newspapers and news accounts on TV tell us it’s so.

   And, unfortunately, it’s just as true in our own back yard. You can see the lists of properties going to Sheriff’s Sale each month published in the legal ads of the local newspaper. A study by Policy Matters Ohio found that foreclosure filings in Van Wert County grew 717 percent from 1995-2005, and the number of local residents who are losing their homes to foreclosure and sheriff’s sales has continued to grow.

   Foreclosures are not only a disaster for families experiencing the loss of their homes, but also for communities. Problematic loans are often made in concentrated areas, and high foreclosure rates of single-family homes can seriously threaten a neighborhood’s stability and a community’s well being.

   Thus, it’s important for Buyers to understand the risks and rewards of all types of mortgages before they make a decision on a loan. To become informed consumers, Buyers should discuss financing options with their real estate agent as they begin their search for a home, and with a loan officer at a local lender as they begin the mortgage application process. They can take advantage of home buying or mortgage education programs that are occasionally sponsored locally.

   And, the National Association of Realtors has several free brochures that can help prospective Buyers become better informed on the variety of mortgage options available to them.
Traditional Mortgages: Understanding Your Options

   With the rise of specialty (non-traditional) mortgage options, consumers have more choices than ever before when shopping for a mortgage. While specialty mortgages may help make homeownership more affordable, they generate more risk and consumers should understand these risks before they choose a mortgage. This brochure, produced jointly by NAR and the Center for Responsible Lending, explains that for most consumers, traditional fixed-rate mortgages and adjustable-rate mortgages (ARMs) continue to be excellent options. Learn more
     Learn About FHA Mortgages
The Federal Housing Administration has made significant improvements to its mortgage insurance programs. Many aspects of the FHA application process have been streamlined to make it more user-friendly and efficient. This brochure, produced by NAR, FHA, and the Department of Housing and Urban Development, outlines the changes to FHA and how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR. Learn more

     Specialty (Non-Traditional) Mortgages: What are the Risks and Advantages?
Produced jointly by NAR and the Center for Responsible Lending, this brochure can help prospective Buyers make an informed decision about the kind of home financing that is best for them. It will help Buyers assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages. Learn more
      How to Avoid Predatory Lending
Finding an affordable home loan with fair terms and reasonable costs is a crucial step towards achieving homeownership. Unfortunately, home buyers need to be aware that some lenders offer predatory loans that take advantage of consumers. This brochure, produced jointly by NAR and the Center for Responsible Lending, identifies the warning signs of predatory loans. It also gives consumers tips on how to avoid them, including questions they should ask when shopping for a loan. Learn more