PHILADELPHIA, PA, August 27, 2013 /24-7PressRelease/
-- HALO America
is a real estate investment company founded to help those with bad credit find a way to get the loans they need in order to afford major necessities such as a vehicle or a house. Their work is only made all the more difficult by the fact that many loan borrowers fail to understand the full terms of their mortgages, as a recent article by the Northwest Indiana Times
According to the article, the majority of borrowers tend to rush through the dense and complicated "legalese" contracts that lenders provide for them, finding it easier to simply skim and sign the documents that bind them to their mortgages.
However, experts agree that, although at times this can prove harmless, borrowers would do well to pay closer attention to the terms of their contracts, especially mortgage contracts and especially after the recent housing bubble burst of recent years.
During studies on consumer mortgage comprehension, reports the article, many participants failed to remember several key features about the contracts that they were tasked with understanding. These key features included such items as what their annual percentage rate was, whether or not there were penalties for paying the mortgage off early, and other such vital bits of knowledge necessary to the full understanding of a loan contract.
In order to facilitate better consumer understanding in these areas, the article offers several pieces of advice for those seeking a new mortgage contract.
First, says the article, borrowers should read the documents slowly and without distraction in order to better absorb what it is that they are reading. Ideally, these borrowers would then take their contracts to a trusted financial adviser to be read over again, this time with professional scrutiny by a person who can then explain to the borrower the exact terms of the contract. Finally, as a general rule of thumb, the article advises borrowers to question any terms of the contract that seem too good to be true.
"The most educated customer will have a difficult time reading and understanding all of the disclosures in a modern day mortgage transaction," explains a HALO America spokesperson on the matter. "After the sub-prime collapse in 2007, all lenders are covering themselves with more and more documents that are impossible for a client to interpret."
However, continues HALO, there is hope. "Our program is one of the only programs in the country where career renters who are tired of paying their landlord's mortgage payment through their rents can go through a system that addresses credit issues, hand holding the client through the mortgage, title, and realtor process. HALO America has documented their success in transitioning a renter with a 541 credit score and, in a blazing 71 days, closing on an FHA loan with a 671. The client attended a home buying class in the interim, was educated in all phases of their purchase, and now is a happy homeowner," reports HALO America proudly.
was founded in 2008 by Mario Henry, who retired from the NFL and then tried to buy a car before discovering that his credit was bad. Since then, HALO has helped people struggling with bad credit, just like their founder, obtain the loans that they need to get the houses that they need. In just five short years, HALO has helped over 10,000 people through real estate investments and credit report violations auditing. They also make sure that their clients come out of the process with an A+ IQ in credit so that their bad credit history does not repeat itself.