October 15, 2015

VHDA’s Guiding Principles of Homeownership Offers Tips to Maintain Your Property [Part 2]

Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about making timely payments and avoiding predatory lending.

Make timely payments
To maintain a good credit rating, it is essential to make your payments when they are due. Late payments, missed payments or other defaults on your account will be reported to the credit reporting bureau. This can adversely affect your ability to obtain credit at a later date.

Beware of predatory lending
Predatory lending comes in many forms. This abusive practice occurs when a lender makes a mortgage loan to someone who does not have the income to repay it; finances the highest possible loan amount without regard to the borrower’s ability to repay the amount; hides or inadequately explains fees, costs or rates being charged; imposes excessive fees or packs extras into the loan, such as credit life insurance or disability insurance; falsifies information on the loan application or inflates real estate appraisals to get the loan approved; and lends in connection with home improvement scams.

After your loan has closed, you probably will receive multiple solicitations by phone and mail for debt consolidation, credit cards and second mortgages. You might consider consulting a housing counselor to discuss your options before agreeing to any of these offers. To find a counselor in your area, call 800-569-4287 or TDD 800-877-8339.
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