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First Time Homebuyer Education Course Standards Utah Homebuyer Education Coalition Standardized Curriculum

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first time homebuyer education course standards

First Time Homebuyer Education Course Standards

Utah Homebuyer Education Coalition Standardized Curriculum

asset based lending
A lender provides financing to a homeowner based on the equity and without regard to the borrower’s ability to repay the loan. The lender determines that there is equity enough to cover any loss that might incur in the event of default.

Prevention:

Are you ready to buy a home

Managing you money

Getting a mortgage loan

Keeping your home ....

Asset-Based Lending
equity stripping
The lender encourages to borrow against the equity as an easy way to get additional money; consolidate debt, home repairs.

Prevention:

Managing your money

Keeping your home ….

Understanding credit

Are you ready to buy a home

Getting a mortgage Loan

Equity Stripping
mortgage loan flipping
Repeatedly refinancing loans with no tangible benefit to the consumer. Equity is stripped from the borrower with each refinance by charging high closing costs and prepayment penalties.

Prevention:

Managing you money

Getting a mortgage loan

Keeping your home and managing your finances

Mortgage/Loan Flipping
bait and switch schemes
The lender may promise one type of loan or interest rate, but without good reason, gives the borrower a different one. Sometimes a higher interest rate or an adjustable rate doesn’t kick in until months after settlement.

Prevention:

Getting a mortgage loan

Shopping for a home

Keeping your home and managing your finances

Bait-and switch schemes
balloon mortgage
A balloon mortgage has payments based on a 30-year amortization schedule with the unpaid principle balance due in a lump sum at a specified time, generally five to seven years.

Prevention:

Are you ready ….

Getting a mortgage loan

Shopping for a home

Keeping you home …

Balloon Mortgage
property flipping
Rapid resale of a property at a higher than market value using a phony appraisal. May include a second mortgage payable to the seller and forged or false loan documents.

Prevention:

Shopping for a home

Getting a mortgage loan

Property Flipping
packing
The borrower gets a loan that has charges for services the consumer does not request or need. Packing most often involves the forced purchase of insurance, such as credit life or unemployment insurance.

Prevention:

Getting a mortgage loan

Shopping for a home

Keeping your home ….

Packing
steering
Some real estate professionals steer their customers to a certain business or person such as a mortgage broker, real estate agent, builder or title company.

Prevention:

Are you ready to buy a home

Getting a mortgage loan

Shopping for a home

Steering
foreclosure rescue
Homeowner who faces foreclosure deeds his property to a third party, usually in exchange for the balance of the loan. The homeowner becomes a renter, and is offered to purchase the property back for a much higher price.

Prevention:

Managing your money

Understanding credit

Getting a mortgage loan

Keeping your home and managing your finances

Foreclosure Rescue