Industry News

New home-buying resource lands on the Web

Information includes loan shopping, how to improve credit

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The Mortgage Bankers Association today announced the launch of a new consumer Web site, Home Loan Learning Center, which aims to help consumers understand all aspects of home-buying and home ownership. Topics include understanding the basics of home-buying, such as the importance of consumers' credit record, and, if needed, improving it before they even apply for a mortgage loan; finding the right home that meets their needs and desires; finding a mortgage lender; identifying which loan product best fits their financial situation and "shopping a loan" with various lenders to ensure they get the best mortgage for their needs. A May 2004 MBA national survey of 600 adults revealed that more than 50 percent of Americans planning to buy a home want more information on the home-buying process and 95 percent feel it is important to have access to information that is easy to understand. Home Loan Learning Center aims to address these concerns, arm consumers with information and knowledge,...