What to Look For in a Grand Rapids Mortgage

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BookIf you’re just starting the home buying process, or it’s been a while since you purchased a house, mortgages can seem pretty scary.  What kinds of home loans are available?  What is an ARM, and why does it matter?  What is the difference between an FHA, VA, and USDA/RD loan?

(Also, what’s with all of these letters? Did someone knock over a scrabble board?)  

Fortunately, Grand Rapids mortgages aren’t rocket science.  So what do you need to know, and what should you look out for?

1.  Fixed Rate vs. Adjustable Rate Mortgages

Let’s start with the difference between a fixed-rate home loan and an adjustable rate mortgage (ARM).

First, understand that mortgage terms are long.  They are usually 10, 15, or 30 year agreements to pay back the loan, and you are charged interest until the mortgage is paid off. Continue reading “What to Look For in a Grand Rapids Mortgage” →

Understanding Housing Discrimination Law in Grand Rapids

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No EntryWhile most people in the housing industry will treat you fairly, discrimination still occurs.  You don’t hear about many cases in Grand Rapids, but you should always be aware of your rights.  The better armed you are with knowledge, the more you can protect yourself from these illegal and immoral practices.

So what does the law say, and how can you protect yourself?  While we are not attorneys, and this shouldn’t be considered legal advice, here are a few basics to get you started.

Equal Credit Opportunity Act

Two federal laws are written to protect you against discrimination in the housing market in Grand Rapids.  The first is the Equal Credit Opportunity Act (ECOA).  This law forbids credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or whether you receive income from public assistance.

This is very important when applying for any kind of financing.  Potential lenders in Grand Rapids may ask you for most of this information in certain situations, but they can NEVER use it to determine whether or not you get credit, or your loan terms. Continue reading “Understanding Housing Discrimination Law in Grand Rapids” →