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U.S. Financial Literacy and
Education Commission
Providing financial education
resources for all Americans

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Home Ownership

Buying a Home
Cancellation of Private Mortgage Insurance: Federal Law May Save you Hundreds of Dollars Each Year – The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of Private Mortgage Insurance on home mortgages. Find out if you qualify.
High-Rate, High-Fee Loans (HOEPA/Section 32 Mortgages) – Explains The Home Ownership and Equity Protection Act of 1994, what loans are covered, what disclosures are required, and what practices are prohibited.
Home Equity Credit Lines – Lenders offer home equity credit lines in a variety of ways. The questions and answers listed may help you decide if a home equity line of credit is right for you.
Home Sweet Home Improvement – How to find a competent and reliable contractor. Discusses the different types of contractors you may work with, from General Contractors to Architects and offers tips for checking references. Explains payment options and the importance of a written contract.
Looking for the Best Mortgage

Consumer Handbook to Adjustable Rate Mortgages – Handbook is designed to help consumers understand an important and complex mortgage option available to homebuyers.
Looking for the Best Mortgage – Comparing costs and rates and negotiating for the best terms can save you thousands of dollars.
Looking for the Best Mortgage – Looking for the Best Mortgage: A guide to shopping for a mortgage to help you get the best financing deal.
Private Mortgage Insurance – If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation
Publications – Home ownership & mortgage publications available from the Federal Reserve.
What is the Relationship Between the Discount Rate and Mortgage Rates? – A change in the short-term discount rate may not affect interest rates on long-term mortgages.

Looking for the Best Mortgage? Shop, Compare, Negotiate. – Use these three steps to save money on a mortgage or home loan. Includes a mortgage shopping worksheet.
Money Smart - An Adult Education Program – Basic Financial Education: FDIC's Money Smart financial education program. Available on-line or by mail free of charge.

Mortgage Discrimination . – Explains your rights under Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), and what to do if your loan is rejected.
Mortgage Servicing: Making Sure Your Payments Count – Explains mortgage servicers' responsibilities, in particular under the RESPA enforced by HUD; urges consumers to keep records of their payments, insurance coverage, and other information; explains how consumers can file disputes with their loan servicer; and includes sample letters that consumers may use when filing a dispute with their lender/servicer or with a credit bureau.
Need a Loan? Think Twice About Using Your Home As Collateral – Includes terms, tips, a checklist, and information to help you find a plan that meet your needs, and protect your interests.
Putting Your Home on the Loan Line is Risky Business – Alerts consumers to potential borrowing pitfalls and provides tips for getting the best financing deal possible. Warns consumers that regardless of whether a home equity loan is for home repair, bill consolidation, or some other purpose, it's important to shop around.
Reverse Mortgages – Explains how these loans can help older homeowners who are "house-rich but cash-poor" remain in their homes and still meet their financial obligations.
Utility Credit – Summarizes consumers' credit rights when securing utility services.

Home Equity

Shopping for Home Equity Loan? – Discusses the importance of comparison shopping to help you get a better deal.
What You Should Know About Home Equity Lines of Credit

Mortgages