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What You Should Know BEFORE You Borrow Money by Patty Baldwin and Lori Chambers

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What You Should Know BEFORE You Borrow Money

Page 3 of 73

Table of Contents

Please Read This FIRST............................................................................................... 2

Introduction....................................................................................................................... 6

When and Why Borrow Money....................................................................................... 7

What Type Of Loan Do I Need? .................................................................................... 13

Secured Loans ........................................................................................................................................ 13

Mortgage................................................................................................................................................. 13

Are You Ready for a Home Mortgage Loan? ................................................................................... 13

Second Mortgage ................................................................................................................................... 15

Home Equity....................................................................................................................................... 15

Line of Credit ..................................................................................................................................... 16

Vehicle Loans ......................................................................................................................................... 17

Title Loans.......................................................................................................................................... 17

Unsecured Loans................................................................................................................................ 17

Personal Loans ....................................................................................................................................... 17

What Should I Know Before I Shop For A Lender? ................................................... 19

Advance Fee Loans ................................................................................................................................ 19

How to protect yourself from advance-fee predators:....................................................................... 20

Mortgage Loans ..................................................................................................................................... 21

Fixed Rate Mortgage vs. Variable Rate Mortgage............................................................................ 22

Understanding a Second Mortgage ................................................................................................... 22

Shorter Terms..................................................................................................................................... 23

Conventional Home Loan ..................................................................................................................... 24

Balloon Mortgage .............................................................................................................................. 24

FHA Home Loan.................................................................................................................................... 24

VA Loans ................................................................................................................................................ 26

Contract for Deed .................................................................................................................................. 26

How to Qualify for a Home Mortgage Loan ................................................................ 28

Save a Sizeable Down Payment ......................................................................................................... 28

You May Have To Accept a Higher Interest Rate on Your Mortgage Loan .................................... 29

- 3 -

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