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Because the mortgage market is very competitive, new mortgage loan
products and remakes of old products appear frequently. There are
many different types of mortgages available today. Just like searching
for a home, it's important to shop around to find the mortgage type
and financing program that's right for you.
Who are the major players in the mortgage industry?
Knowing the answer to this question will help make you a better
shopper. Below are lists of the major government and other organizations
involved in most of the mortgage products and financing programs.
Click the links to learn more about each.
Government
Government-Sponsored (or controlled) Organizations
Which Mortgage Product is Right for You?
Since new types of mortgage loans are created frequently, it is best to search for the latest ones.
The links below will take you to several Fannie Mae and Freddie Mac websites that a mortgage lender might use to learn about these programs.
Caution! Keep in mind that the information is for lenders, so you may not understand all the terms used. However, you can learn more by asking a lender for more information. If you wish, explore the other types of mortgages for single family homes on these websites.
- Fannie Mae Affordable Mortgage Loan Programs
https://www.efanniemae.com/sf/mortgageproducts/mcm/
https://www.efanniemae.com/sf/mortgageproducts/fannieneighbors.jsp
- Freddie Mac Affordable Mortgage Loan Programs
http://www.freddiemac.com/homepossible/hp97.html
Internet Field Trip:
Take a brief trip to download a free guide to help
you shop for a mortgage. Follow the steps below:
Directions
- Click the Smart Shopper link A window
will open to a page on the HUD Web site showing the
guide.
Note: You will need Adobe Acrobat Reader software
to view the guide. If you have difficulty:
- Right-click on the link and select Save Target
As.
- Save the guide to a location on your computer.
- Scroll to view the comparison chart in the center
of the guide.
- Click the Save As or Print button on the upper
left button bar.
- Click the Close box to return to the course.
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Be sure to shop, compare and negotiate for products and financing
offered by lenders at banks, credit unions and mortgage companies.
You also can receive shopping guidance from your state housing agency.
Click Next to continue and learn about financing arrangements.
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