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WEB REVIEW

Web Review: Finance
The Path to Finding a Mortgage

Fannie Mae provides information on loan products that can help borrowers achieve their homeownership dreams.

REVIEWED BY CHRISTOPHER M. LEPORINI

Web Site: Fannie Mae’s Homepath
URL: www.fanniemae.com/homebuyers/homepath/index.jhtml

What the Site Offers

Fannie Mae’s Homepath can help homebuyers or sellers—and even new real estate professionals—understand the mortgage process, learn about different mortgage options, and find a Fannie Mae-approved lender.

Fannie Mae, a private, shareholder-owned company that operates pursuant to a federal charter, is the nation’s largest source of financing for home mortgages. It doesn’t lend money directly to homebuyers, but offers a range of mortgage products that are available through a nationwide network of Fannie Mae-approved lenders.

Homepath is a portal to consumer information offered through the For Home Buyers and Homeowners section of Fannie Mae’s corporate Web site.

Additionally, the site includes information on homes that have been foreclosed and are currently owned by Fannie Mae—which provides real estate professionals with the opportunity to become a listing agent for these properties.

Valuable Site Features for Real Estate Professionals

  • Glossary. If you’re just starting out in real estate or want to educate your clients about the mortgage process, review this glossary of financial terms to learn the jargon you’ll hear throughout the mortgage approval process.
  • Fannie Mae-Owned Property Search. Learn how you can become a listing agent for Fannie Mae-owned single-family homes, among other topics, in the Selling Agent FAQ. You also can use this feature to help your clients find possible affordable housing opportunities by viewing this online list of foreclosed properties currently owned by Fannie Mae. Enter a price range and a city, state, zip code, and a property type to see a list of properties in your area.

    Valuable Site Features for Your Customers
  • Mortgage Solutions. This is a resource that helps your customers learn about the different types of mortgage products offered through Fannie Mae-approved lenders. The information covers the key features of each type of mortgage option, how it works, and who is particularly well suited for that type of mortgage. The site offers three ways to view the different mortgage products: By Alphabetical Listing; By Borrower Need, such as second or low-downpayment mortgages; and By Product Type, such as adjustable rate mortgages (ARMs), balloon mortgages, or reverse mortgages for seniors.
  • Checklists. These lists help buyers review the steps involved in the homebuying process. The “Getting a Mortgage” checklist outlines the recommended steps to take when working with a Fannie Mae-approved lender. “Loan Interview Materials” provides a list of the documents that borrowers need to supply when they meet with the mortgage lender. Worksheets. Help your indecisive buyers figure out what type of home they want. The helpful fill-in worksheets cover Housing Wants and Needs and Home Visits, which helps homebuyers take notes on each house they visit.
  • True Cost Calculator. This feature allows users to determine the Fannie Mae True Cost Rate, which is the total cost of a mortgage loan, including all costs and fees. The calculator allows users to compare different types of loans in terms of monthly payments, tax implications, closing costs, and other fees. Recommending that your customers go through this exercise before they go out to view homes may save you time and help them narrow their search to homes they can truly afford. Other Fannie Mae calculators that may be helpful to your customers to review, in conjunction with their lenders, include “How Much House Can You Afford?” “What Monthly Payment Is Needed for a House With a Specific Sales Price?” and “Is Now a Good Time to Refinance?”
  • Find a Lender Search. Homebuyers can select their state to locate the nearest Fannie Mae-approved lender. They’ll be provided with company names, phone numbers, and e-mail addresses for lenders in your state. The list also provides links to lenders’ Web sites, if available, so that you can find out more about the companies online.


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    Suggest a Site For Review
    Every week, REALTOR® Magazine Online's Web review editor surfs the Internet to find sites useful to your business and off-hours lives. Have a favorite real estate Web site that you would like to see reviewed? Send your suggestions to Chris Leporini at mediatech@realtors.org. All decisions on which sites will be reviewed are completely at the discretion of REALTOR® Magazine Online's editorial staff. Please note: this column does not review individual practitioner or brokerage sites.

    The column's focus includes free sites, as well as sites that charge for goods and services, but which still offer a free component of practical, sustained value to real estate practitioners, such as a free newsletter or regular news information.
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    REALTOR® Magazine Online's "Web Review" summarizes the content of Web sites that may be of interest to members. NAR and REALTOR® Magazine Online are not responsible for, and nothing in the Web site profile shall constitute NAR's or REALTOR® Magazine Online's endorsement of, the web site, its content, products and services, or its provider. NAR and REALTOR® Magazine Online believe the information contained in this profile was correct and accurate as of the time it was prepared, but do not warrant or guarantee the accuracy or completeness of that information and are not responsible for changes in the Web site. Members should conduct their own independent review of the Web site prior to any use of Web site, its content, products, or services to determine their suitability for the member's intended purpose.

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