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The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether 'all' or part of the applicant's income comes from a public assistance program; or the applicant has in good faith exercised a right under the Consumer Credit Protection Act. 

The Fair Housing Act prohibits discrimination in residential real estate transactions of Philadelphia condominiums because of race, color, religion, sex, handicap, familial status, or national origin. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics. Do not assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.

If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If you cannot explain your credit problems, you will probably have to pay more than borrowers who have good credit histories. However, do not assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can for your Philadelphia condominium loan.

Whether you have credit problems or not, it is a good idea to review your credit report for accuracy and completeness before you apply for a loan for the Philadelphia condominium home. Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates raise, the loan payments increases and when interest rates fall, your monthly payments decrease. Escrow is the holding of money or documents by a neutral third party prior to closing.

It can also be an account held by the lender into which a homeowner pays money for taxes and insurance. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments stay the same during the life of the loan. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions. Loan origination fees are fees charged by the lender for processing the loan for the Philadelphia condos.

Lock-in refers to a written agreement guaranteeing a Philadelphia condo home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. A mortgage is a document signed by a borrower while taking a home loan that gives the lender a right to take possession of the Philadelphia condominium property if the borrower fails to pay off on the loan.

Private mortgage insurance protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and Philadelphia condo property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys' fees; recording fees; and notary, appraisal, and credit report fees.

Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. It is always better to know everything properly regarding loans before planning to apply for one.

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