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Educator Mortgages

An Innovative Approach To Home Financing For Teachers

So, you think you're ready to buy a home? Of course you are - you've saved a down payment, you're confident you can pay a monthly mortgage, and, most importantly, you've found your dream home. When you finally sit down in a lender's office, you expect the loan process to be a time-consuming but necessary formality, a rite of passage experienced by millions of Americans every year. But only minutes after meeting with a lender, your visions of home ownership are quickly replaced by talk of adjustable rate mortgages, balloon payments, and lengthy underwriting requirements. Welcome to the world of home financing!

Today home financing is a world with more options than ever before. Home buyers are asked to choose between fixed and adjustable rate mortgages, 15-, 20-, or 30- year repayment terms, and varying down payment requirements. All of these options can make buying a home a complex and confusing experience. But take heart - in spite of the complexity, you can navigate the home buying waters with the help of a few simple steps.

First, as an educator, you may be able to simplify the most difficult part of the home buying process - Finding a Lender. Educators may be eligible for unique benefits in home financing so it's important to make sure that a lender offers customized educator mortgage programs.

Make sure to ask the loan officer if you qualify for any other special lending programs. In addition to educator mortgages, programs also exist to encourage home ownership for first-time home buyers, women, veterans, and rural area residents.

You should also consider pre-qualifying to save time in the mortgage process. By filling out paperwork ahead of time, your lender will already know your ability to pay and the amount of mortgage for which you're eligible. If you are pre-qualified, your loan application can be approved in as little as one day!

Finding out what type of mortgage is right for you and getting pre-qualified will prepare you for financing a home and prevent lengthy, unnecessary delays. You'll be able to make your dreams of home ownership a reality.

For more information on home mortgages, visit the web sites below.

Article by Cristal Metta-Gallagher
Education World™
Copyright © 1997 Education World

Related Resources

Related Sites

First Time Buyers



Rural area residents

Fannie Mae


Freddie Mac

Federal Housing Administration (FHA)

Department of Housing and Urban Development