Neighborhood House Association Offers Free Mortgage Loan Document Review Service to New Home Buyers

The Neighborhood House Association’s (NHA) Housing and Urban Development approved Housing Counseling program is offering a new and vital service to San Diegans in the process of purchasing a home. NHA’s Loan Document Review Service allows home buyers to have their loan documents reviewed, free of charge, by a group of mortgage lenders who will then provide their interpretation of the terms and conditions of the loan.

The goal of the new service is to make sure that borrowers are aware of the terms of their proposed loans and to make sure that the terms that their lender are presenting to them is the terms that the borrowers want.

“Typically, at escrow closing, borrowers are confronted with complex forms that are not easy to understand,” said NHA Housing Counseling Program Director Ellen Brown. “In addition, borrowers often feel rushed to sign documents and are unable to intelligently ask their lender questions about the meaning of certain disclosures and the costs that they are incurring in connection with the transaction. Through our Loan Document Review Service, we hope to counteract issues that arise when homeowners make a purchase of this magnitude without fully understanding what they’re getting into.”

The documents that will be reviewed for each NHA client will be as follows:

• Good Faith Estimate
• RE882
• Truth In Lending
• Promissory Note
• Deed of Trust
• HUD 1

Services can be obtained by calling Neighborhood House Association at (619) 263-7761 and speaking to a counselor.