By Alfred Edmond, Jr.,
Black Enterprise Editor-in-Chief

An important key to making a successful transition to homeownership is choosing the right mortgage. One look at the epidemic of foreclosures currently sweeping the country is enough to tell us that it’s not just about getting into a home; it’s about knowing that you can afford to keep it.

1. The loan is based on your property value, not your ability to repay it.
2. All information about the loan is not made available to you.
3. The lender or broker gets your attention with one set of loan terms only to try and pressure you into something more expensive.
4. You are asked to sign forms with blank boxes or spaces that can be filled in later.
5. Quoted rates and terms are not in writing and change significantly from what's presented at closing.
6. You're told to not bother reading the paperwork.
7. You're told not to compare your loan with other lenders.