1. Protect your credit score.

2. Beware of offers that sound too good to be true – they probably are.

3. Become an educated consumer. Talk to your Texas REALTOR® about predatory lending practices – what they mean and how to keep from being a victim.

4. Don’t buy more house than you can afford right now.

5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that – fixed.

6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner’s insurance, utilities, maintenance, and, depending on the neighborhood, homeowners’ association fees.

7. Don’t sign a blank document or anything you don’t understand.

8. Know and understand the terms of your mortgage.

9. Don’t let anyone persuade you to “pad” your income to qualify for a loan.

10. If you’re having trouble making your monthly mortgage payment, don’t hide from your lender. Work with your mortgage lender to find out what your options are.

11. Work with your Texas REALTOR® to find a reputable lender and a loan product that works for you.

12. Call the foreclosure prevention hotline, 888/995-HOPE (4673), or visit www.995HOPE.org. Sponsored by the non-profit Homeownership Preservation Foundation, these consumer services are free.

Texas Association of REALTORS®