Home Purchase Loans

In 2000, homeownership in the United States stood at an all-time high of 67.4 percent, but the homeownership rate was more than 50 percent higher for non-Hispanic whites than for blacks or Hispanics. Homeownership is the most common method for wealth accumulation and is viewed as critical for access to the most desirable communities and most comprehensive public services. Homeownership and mortgage lending are linked, of course, as the vast majority of home purchases are made with the help of a mortgage loan. Barriers to obtaining a mortgage represent obstacles to attaining the American dream of owning one's own home. These barriers take on added urgency when they are related to race or ethnicity.In this book Stephen Ross and John Yinger discuss what has been learned about mortgage-lending discrimination in recent years. They re-analyze existing loan-approval and loan-performance data and devise new tests for detecting discrimination in contemporary mortgage markets. They provide an in-depth review of the 1996 Boston Fed Study and its critics, along with new evidence that the minority-white loan-approval disparities in the Boston data represent discrimination, not variation in underwriting standards that can be justified on business grounds. Their analysis also reveals several major weaknesses in the current fair-lending enforcement system, namely, that it entirely overlooks one of the two main types of discrimination (disparate impact), misses many cases of the other main type (disparate treatment), and insulates some discriminating lenders from investigation. Ross and Yinger devise new procedures to overcome these weaknesses and show how the procedures can also be applied todiscrimination in loan-pricing and credit-scoring.

"A" is for "A la Carte Real Estate Service--transactions rendered one at a time instead of a commission-based, full service relationship. "Z" is for "Zero Rate Loan, a loan with a large down payment and the balance to be paid in equal payments over a short period of time, with no interest charged. (Usually offered by an eager seller.) These terms, and everything in between, are found in this handy, easy-to-use dictionary, which defines all you need to know, from Appraisals to Zoning. It contains more than 2,000 words and concepts, all simply defined and with illustrations, charts, and graphs. Whether you're buying your first home, renovating an old one, or negotiating a purchase of investment property, this essential reference can help you simplify the complex terms and legalese that you'll find in every aspect of owning real estate. Lisa Holton was formerly a business editor at the "Chicago Sun-Times.

Negative equity - Negative equity is a term used in the housing market, usually following a general fall in property prices, to mean that the market value of a mortgaged house or flat is less than the amount outstanding on the loan used to purchase it. This situation also occurs with 2nd mortgage home equity loans and some loans structured to loan more than the appraised value, such as 125% loans.

Home Owners Loan Corporation - The Home Owners Loan Corporation was a New Deal agency established in 1933 to refinance homes to prevent foreclosure. It was usually used to extend loans from shorter, expensive payments of the 15 years to the lower payments of the 30 year loans.

Home equity loan - A home equity loan is a type of loan in which the borrower uses the equity in his home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations.

Lease purchase contract - A lease purchase contract (also known as Lease/Option or Lease Options) is a legal document that combines a basic lease contract with an option-to-purchase contract. The tenant/buyer pays to the landlord/seller a non-refundable option deposit that is applied to the purchase price of the home.

homepurchaseloans

Home Purchase Loan - Home Purchase Loan Mortgages for Dummies For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item. When you?re shopping for a mortgage without the proper knowledge, you could easily waste many hours of your time in addition to the financial losses suffered by not getting the best loan you can. Choosing the right mortgage can help you save money for more important financial goals such as higher education home purchase loan ...

Home Loan Purchase Va - Home Loan Purchase Va Mortgages for Dummies For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item. When you?re shopping for a mortgage without the proper knowledge, you could easily waste many hours of your time in addition to the financial losses suffered by not getting the best loan you can. Choosing the right mortgage can help you save money for more important financial goals such as higher education home loan ...

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