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Citizen's Guide to N.C. Banking, Home Loan & Foreclosure

This North Carolina-focused guide will point you to resources that provide information and help to citizens dealing with home loan, mortgage, bankruptcy and debt issues.

Home Loans & Mortgages

Homebuyers have a number of home loan options including standard mortgage loans, home equity loans, home equity credit lines and reverse mortgages.  Within each category of loan there are various payment schedules, fees, and interest structures.  Options available to you may depend on the lender's calculation of your credit worthiness as well as the value of the property.  The resources below will give you information to help determine the loan that is right for you.

Mortgage Basics

Home Loans (Federal Trade Commission).  The FTC Consumer Information site contains information on a variety of important topics for homebuyers, including deceptive mortgage ads, competing mortgage offers and making mortgage payments.

Homebuyer's Guide (Chase).  Designed for both first-time and experienced home purchasers, this guide addresses various elements of the mortgage process, such as understanding costs, determining your price range, working with a real estate agent and identifying the necessary paperwork.  Includes key vocabulary and a homebuyer's checklist.

Buy Your First Home (Wells Fargo).  Provides information on mortgage basics, loan options and the application process. 

Shopping for Your Home Loan: Settlement Cost Booklet (Consumer Financial Protection Bureau).  Discusses the various closing costs associated with a home purchase and contains tools to estimate total costs. Reflects new mortgage rules implemented under the Dodd-Frank Act.

Owning a Home (Consumer Financial Protection Bureau). Explains how various loan options affect the amount paid by the borrower.  Users can also access a closing checklist and closing forms explainer.

Reverse Mortgages (AARP).  Learn more about reverse mortgages via news, articles and tips for evaluating products.

Guidance for Homeowners (HUD).

Mortgage Basics FAQ (Nolo Press).

Rate Comparison and Calculators

Bankrate.  Compares rates for consumer loans (mortgage, home equity, auto, etc.) from thousands of loan companies.  Offers several different calculators, including buying vs. renting, adjustable vs. fixed rate and how much house you can afford.

MSN Money.  Compare mortgage rates for banks in North Carolina and use a mortgage calculator to determine your monthly payment based on loan amount, term and interest rate.

Mortgage 101.  Use a series of calculators to estimate: 1) how much you can afford to pay for a home; 2) what your monthly payment might be; and 3) whether it is less costly to rent than purchase.

Foreclosure

N.C. Foreclosure Prevention Fund.  Offers assistance to North Carolina homeowners who are having difficulty making their mortgage payments due to job loss or temporary financial hardship.  Provides a directory of help lines and tips for facing foreclosure.

Mortgage and Foreclosure Resources.  Key features of this Federal Reserve webpage include a map of regional Foreclosure Resource Centers which have been established to deal with local and regional issues in the mortgage market, as well as resources for municipalities, housing counselors and consumer groups.

Hope Now.  Provides foreclosure prevention assistance free of charge.  Members of this alliance include HUD-approved counseling agents, servicers, investors and other mortgage market participants.  The site includes a homeowner's hotline, contact information for housing counselors and most mortgage lenders, notice of upcoming homeowner events and links to other resources.

North Carolina Housing Coalition.  This non-profit organization offers a number of services for low-income North Carolina residents, such as referrals to housing organizations, foreclosure prevention workshops and state and local advocacy.   

North Carolina Department of Justice - Foreclosure/Loan Modification.  Visit this site for series of tips on how to avoid forecloure relief and loan modification scams.

Avoid Foreclosure: North Carolina.  Foreclosure prevention guidance from HUD.

Mortgage Help Resource Center.  Topics covered on this Freddie Mac site include understanding mortgage options, working with lenders and avoiding fraud.

Save Your Home: Tips to Avoid Foreclosure.  This brochure from the Federal Housing Administration offers advice and options for homeowners facing a potential foreclosure.

Buying HUD Homes.  A listing site for HUD-owned foreclosed properties.  Contains FAQs for the general public, real estate agents, members of the mortgage industry, nonprofit organizations and government entities.

Relevant Statutes/Regulations

North Carolina

Federal