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MBA: Education Key To Homeownership

Aiming to teach first-time homebuyers about the mortgage process and help owners preserve long-term homeownership, the Mortgage Bankers Association has enhanced its website with two online financial education tools: "Simple Facts" and "Simple Calculator."

MBA has been very active in the area of financial education, working to make the home buying process as transparent as possible, and takes pride in adding to its robust list of offerings The Simple Facts and The Simple Calculator," stated in a company release MBA Chairman John M. Robbins, CMB.

MBA's bilingual consumer education website HomeLoanLearningCenter.com now includes an easy-to-use guide and calculator created to explain in detail the mortgage process. Its two main tools are "The Simple Facts," designed to help prospective homebuyers identify what type of loan best fits their personal situation, and "The Simple Calculator," which estimates monthly payments for each product during the life of the mortgage, and compares payments under different types of loans. Besides customers the mortgage industry is applauding the new financial education resource, including Fannie Mae, an advocate of "clear, concise disclosure of mortgage terms to protect borrowers," Fannie Mae CEO, Daniel H. Mudd said upon the launch of the new tools. "Information and education are key parts of providing consumers with a fair path to homeownership.

"The Simple Facts is an important project by the MBA and its members to advance the cause of sound and affordable mortgage lending," Mr. Mudd said.

HomeLoanLearningCenter.com educates consumers on a variety of topics including: the basics of a mortgage, the importance of credit reports, current mortgage rates, recommendations on finding a lender, and foreclosure prevention. "Helping borrowers understand and evaluate different mortgage choices is a role that our industry must play so that our customers receive the best mortgage information possible to make informed decisions," Mr. Robbins said.

Through "Simple Facts" or SimpleFacts.com users can download mortgage related information from the Home Loan Learning Center when they are in the process of choosing a loan product, while the calculator shows them the real numbers and payments, making it easier for the borrower to decide what loan agrees with their budget. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/