BORROWER EDUCATION 101

It has been remarked that one of the most frightening sentences in the English language is, "Hi, I am from the government and I'm here to help."  Of course, that is not always the case.  Take for example the Federal Reserve Board.  It was created by Congress nearly 95 years ago to provide our nation with a safer, more flexible and more stable monetary system. 

Because of Federal Reserve's role as the central bank for the United States the Fed has some incredible information resources for homebuyers or people looking to refinance a home.  And, with the internet the information is available 24/7.  The Fed can provide you a wealth of information about loan types and it even has an easy to use calculator that allows you to compare loan types before you commit to one with your bank or mortgage lender. 

Whether you are contemplating the latest exotic loan de jour or a more basic 30 year fixed rate you can go to the Federal Reserve's Mortgage Comparison Calculator and see which would be best for your needs.