National Consumers League

Personal Finance

NCL Personal Finance Issues

New homebuyers? Take a trip to MortgageTown

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Owning a home may be the American drea m, but for some consumers, securing and maintain a mortgage can become a nightmare. NCL’s MortgageTown project provides a consumer-friendly guide to financing the purchase of a new home.

  • Do your homework. Determine first how much house you can afford.
  • Find the right loan for you. Get help from a reputable loan officer.
  • Protect yourself. Learn the risks and responsibilities of obtaining a mortgage.
  • Learn the lingo. Educate yourself on the terminology to avoid confusion.
  • Shop around for the loan that best suits your needs. If the terms sound too good to be true, they probably are.
  • Prepare yourself for the closing process. Consider hiring your own attorney, who can review the papers you’re being asked to sign and flag any concerns. Bring identification and the necessary payments.
  • Congratulations! The house is yours. But first, remember to always keep track of your servicer.
  • Protect yourself against fraud. From time to time, check to make sure your servicer is doing its job, forwarding the taxes and insurance that you are paying to the appropriate place.
  • Prevent foreclosure. Don’t lose your home. Call your mortgage servicer right away if you fall behind on payments.

For more information, visit NCL's MortageTown.