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NCL launches MortgageTown for anxious purchasers

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WASHINGTON (4/14/08)--A consumer advocacy organization launched a new website to steer prospective buyers through the maze of purchasing a home, and to help homeowners facing the prospect of foreclosure know where to go for help (PRNewswire-USNewswire April 2). MortgageTown.org was launched in early April--at the start of National Financial Literacy Month--by the National Consumers League, Washington, D.C. Whether you’re buying a home or trying to stay in one, MortgageTown.org has user-friendly information and links that help take some of the confusion out of today’s chaotic housing market. A visit through MortgageTown.org explains the nuts and bolts of nine essential steps to financing a home: do your homework, find the right loan, what to watch for, learn the lingo, negotiate the loan, close on the home, how to keep it, fraud prevention, and foreclosure prevention. Even as foreclosure rates continue to climb--doubling to 225,000 from October 2006 to October 2007--the National Association of Realtors predicts that 5.7 million existing homes will be sold in 2008. For more information, use the calculator, “Do I Want a Fixed- or Adjustable-Rate Mortgage” in Home & Family Finance Resource Center.