what is the difference between using a housing counselor vs lawyer home buying

What happens when you call a housing counselor about your mortgage?

Feb 10, 2020 · Some states require the use of buying agents to ensure fair dealing between buyers and sellers. Instead of (or in addition to) buying agents, homebuyers may also employ real estate attorneys to represent their interests in the purchase of a home. Attorneys are experts in real estate law and can provide guidance on legal issues that may arise.

Do I need a buyer’s attorney to buy a home?

Sep 09, 2020 · A HUD-approved housing counselor can also help you learn about the homebuying process. How to find a HUD-approved housing counselor. There are different ways to find a HUD-approved housing counselor: Use the CFPB's Find a Counselor tool to get a list of HUD-approved counseling agencies in your area.

What does it mean to be a HUD approved counselor?

Housing counseling is a one-on-one, in-house service available to potential homeowners. A housing counselor is someone who is specially trained to help you through the process of buying/renting a home and/or saving your home from foreclosure by assessing your financial situation and making a plan to get you the help you need.

What information does a housing counselor need to know?

Mar 16, 2022 · Call us at 877-827-3702 to find the nearest VA regional loan center. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET. You can also use the resources below to learn more about the VA home loan program and the home-buying process.

What kind of VA-backed loan will I need to buy a home?

You’ll need a VA-backed purchase loan You’ll go through a private lender, like a bank or mortgage company, to get this loan. We’ll guarantee part...

How can I buy a home with a VA-backed loan?

Buying a home is a complex process, and getting a VA-backed loan is only one piece of the puzzle. Stay on track by following the steps below. Steps...

What if I need help or more information?

Call us at 877-827-3702 to find the nearest VA regional loan center. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET. You can also us...

How to find a housing counselor?

There are different ways to find a HUD-approved housing counselor: 1 Use the CFPB's Find a Counselor tool to get a list of HUD-approved counseling agencies in your area. 2 Call the HOPE Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673) 3 Call the CFPB at (855) 411-CFPB (2372) to be connected to a HUD-approved housing counselor over the phone

What to ask a housing counselor about a mortgage?

If you’re calling because you’re having trouble paying your mortgage, the housing counselor will ask you for information about your mortgage loan, such as the amount you owe and the date of your last payment. This information is generally on your last mortgage loan statement.

What is a HUD approved housing counselor?

A HUD-approved housing counselor is specially trained and certified by the government to help you assess your financial situation, evaluate options if you are having trouble paying your mortgage loan, and make a plan to get you help with your mortgage. HUD stands for the Department of Housing and Urban Development.

How to find a HUD approved counselor?

There are different ways to find a HUD-approved housing counselor: Use the CFPB's Find a Counselor tool to get a list of HUD-approved counseling agencies in your area . Call the HOPE Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673)

What does HUD stand for?

HUD stands for the Department of Housing and Urban Development. It’s a government agency that helps people get and maintain quality affordable housing. They train and sponsor housing counselors all over the country. Because of this, you can have confidence that a HUD-approved housing counselor is well equipped to help you understand ...

Can you keep your home with a HUD counselor?

A HUD-approved housing counselor cannot promise that you will get to keep your home. They will help you look at your options and make a decision that’s right for you. If you are facing imminent foreclosure or have been served with legal papers, you may also need to consult an attorney. Read full answer.

What to do if your home doesn't appraise?

If the property doesn’t appraise at a value that’s high enough to get the loan, you have a few options. You can: Request a Reconsideration of Value (ROV). You can ask your real estate agent to provide the lender with valid sales data showing the property is worth more than its appraised price.

How long do you have to give a closing disclosure?

Your lender must give you a Closing Disclosure at least 3 business days before closing. Be sure to read it carefully. It includes loan terms, fees, closing costs, and your estimated monthly mortgage payments. Your lender may also ask you to provide more information or documents at this time.

How much does VA loan origination cost?

Many lenders charge Veterans using VA-backed home loans a 1% flat fee (sometimes called a “loan origination fee”). Lenders may also charge you additional fees. If you don’t know what a fee is for, ask the lender. In some cases, lender fees are negotiable. To learn more:

What is the VA loan number?

Call us at 877-827-3702 to find the nearest VA regional loan center. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET. You can also use the resources below to learn more about the VA home loan program and the home-buying process.

What does HUD mean in a home?

HUD homes are sold as is—meaning what you see is what you get. If the leaky roof or electrical needs repairs, it’s all on you, the prepared home buyer, to cover the costs. And if you’re aiming to be an owner-occupant, you’ll likely want to square away any renovations quickly.

What are the benefits of HUD?

Benefits of a HUD home. HUD doesn’t want to own these foreclosed homes any longer than it needs to, so these homes are priced to move, often below market value. Plus, the government agency offers special incentives to buyers in certain markets to sweeten the deal on a HUD-owned home.

Where does Cathie Ericson live?

Cathie Ericson is a journalist who writes about real estate, finance, and health. She lives in Portland , OR. Follow @CathieEricson. Get Pre-Approved Connect with a lender who can help you with pre-approval. I want to buy a home.

What is a counsellor?

Counsel is a noun or a verb relating to advice or the act of giving advice. One who gives advice is referred to as a counsellor. The homophone council only has a noun form, and usually refers to groups or committees that decide rules and laws, or provide guidance. Members of a council are councillors but what they engage in is actually counseling. ...

What is the difference between counsel and council?

Council is the word for an advisory group or meeting ; counsel is the word for advice, an individual giving advice or guidance, or the verb indicating such action . There is not a tried-and-true mnemonic to differentiate these words. Relating committee to the second c in council might help and the verb advise to the s in counsel; however, ...

What is a homophone?

Homonyms are words that have the same spelling and pronunciation but are different in meaning (e.g., the noun bear and the verb bear ). Counsel and council are homophones (like blue and blew) because they are pronounced alike but have different spellings and meanings. As homophones, they are only confused in writing since they sound ...

Is "council" a noun?

As mentioned, council is only a noun. It is used as a designation for various groups of people who are elected or appointed to make rules, laws, or decisions, or groups that provide advice, guidance, or consultation. It also refers to a meeting by a council.

What does "counsel" mean?

The Meaning of 'Counsel'. Counsel functions as a noun or a verb. As a noun, it is used to refer to advice, instruction, or recommendation provided to someone ("The king sought counsel from his advisors") as well as to a person providing expert or professional advice or services, or specifically to a lawyer representing—and giving advice to—a party ...

Is counsel a homophone or homograph?

Counsel and council are homophones, not homographs or homonyms. Homographs are words that are spelled alike but are different in origin, meaning, or pronunciation (for example, the noun bow for a part of a ship and the noun bow for a weapon are the same in spelling but not pronunciation). Homonyms are words that have the same spelling and pronunciation but are different in meaning (e.g., the noun bear and the verb bear ). Counsel and council are homophones (like blue and blew) because they are pronounced alike but have different spellings and meanings. As homophones, they are only confused in writing since they sound the same in speech.

What is a conventional mortgage?

Conventional mortgages fall into one of two categories: conforming or nonconforming loans. Conventional conforming mortgage loans must adhere to guidelines that the Federal National Mortgage Association ( Fannie Mae) and the Federal Home Loan Mortgage Corporation ( Freddie Mac) set. These loans are available to everyone, but they're more difficult to qualify for than VA-guaranteed and FHA-insured loans. Because conventional loans don't have government insurance, these loans pose a higher risk for lenders. So, credit and income requirements are stricter than for FHA-insured and VA-guaranteed mortgages.

What to do if you have trouble figuring out what type of mortgage to get?

If you're having trouble figuring what type of loan is best for your circumstances or need other home-buying advice, consider contacting a HUD-approved housing counselor, a mortgage lender, or a real estate attorney.

How to get a VA loan?

To get a VA-guaranteed loan, you must be: 1 a current member of the U.S. armed forces 2 a veteran 3 a reservist/national guard member, or 4 an eligible surviving spouse.

What happens if you default on a mortgage loan?

If you default on the loan, the mortgage insurance company makes sure the lender is paid in full.

Is a conventional loan a government loan?

When you apply for a home loan, you can try for a government-backed loan, like an FHA-insured or VA-guaranteed loan, or a conventional loan, which isn't insured or guaranteed by the federal government. Unlike federally-insured loans, conventional loans carry no guarantees for the lender if you fail to repay the loan.

What is an FHA insured loan?

As the name implies, an FHA-insured loan is a loan that the Federal Housing Administration (FHA) insures. If you default on the loan and your house isn't worth enough to fully repay the debt through a foreclosure sale, the FHA will compensate the lender for the loss.

Do you have to pay mortgage insurance premiums?

You'll Have to Pay a Mortgage Insurance Premium or "MIP". Also, you'll have to pay a mortgage insurance premium or "MIP" as part of an FHA-insured loan. (Conventional mortgages have PMI and FHA loans have MIP.) The premiums that borrowers pay contribute to the Mutual Mortgage Insurance Fund.

Who is involved in mortgage servicing?

The Mortgage Servicing Industry: Who’s Who. The primary parties involved in residential mortgage servicing are: The lender . The lender—sometimes called an “originator”—is the bank or mortgage lending company that provides the loan to the borrower in the first place.

What happens when a borrower picks a servicer?

While a borrower gets to pick the lender, the lender selects the servicer. So, you might end up with a servicer you don’t like. After a lender sells a loan to an investor, that investor might prefer another servicer—one that’s different from the servicer the lender picked—and you then get a new servicer after your loan changes hands.

What is mortgage servicer?

A “mortgage servicer” is a bank or other company that handles the day-to-day management of a borrower's loan account. The servicer might own the loan it's servicing, or the servicer could be a different company that manages the loan on behalf of the owner (called the “holder”). You should understand who owns your mortgage loan ...

How long do you have to give notice of a service transfer?

Generally, once a servicing transfer happens, the former servicer must give you notice about the transfer no less than 15 days before the effective date of the transfer. The new servicer has to provide a notice about the transfer no more than 15 days after the transfer date.

What is a loan holder?

What’s a Loan “Holder”? The holder—technically, a “note holder”—is the owner of the loan, which could be the lender or a subsequent investor. The holder has the right to enforce the loan agreement, the legal right to receive payments on the debt, and the right to foreclose if the borrower fails to make the payments.

What is a servicer in finance?

The servicer. A servicer handles the daily management of loan accounts. Sometimes, the party that owns the loan—again, called the “holder”—also services it. In other cases, the holder sells the right to service the loan to a different company. (And, other times, another party known as a subservicer handles the servicing.)

What to do if you can't afford your monthly payments?

If you can’t afford your monthly payments and want to apply for a loan modification, you need to contact the servicer—not the lender or holder. If you’re already in foreclosure, you’ll want to know the owner because if the foreclosing party does not hold your loan, you could have a defense to the foreclosure. ...

What is a home?

To speak in simple terms, a home is where you, especially, your mind and heart feel at home. A house can be used as a warehouse, a rest house or as an office, but a home is always meant for a family to live peacefully.

What is the meaning of the word "home"?

One such pair is house and home. Both of them refer to a place of living, and you are technically not wrong if you invite your friend to your house though people prefer to use the word home to describe the dwelling they live in.

Is a house a home?

This is natural and also correct as a house is a home only because of the people living inside it. Our emotions are built around the sanctuary or abode we live in. A home is an additional family member that may be non-living but is as much a part of the family as people living inside it.