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by CareyBot

The National Association of Realtors trade group and the Center for Responsible Lending are trying to drive home a message of caution about some types of specialty mortgages in a new brochure titled, "Shopping for a Mortgage? Do Your Homework First," a new brochure to inform home buyers about the risks and advantages of specialty mortgage products. The publication is part of a new NAR consumer education campaign addressing specialty loans and abusive lending practices. The brochure helps consumers understand conventional loans such as fixed-rate and adjustable-rate mortgages, and more exotic loan programs such as interest-only mortgages, 40-year fixed-rate mortgages, negative-amortization mortgages, and option payment adjustable-rate mortgages. The Center for Responsible Lending is a ...