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 In the early 1900s, the 6,000-acre Palos Verdes Peninsula was used as a cattle ranch and farming area. In 1913, Frank A. Vanderlip, president of the National Bank of New York, bought the peninsula from a local rancher. Vanderlip wanted to develop the land as a residential area, but the depressed national economy and lack of adequate roads kept the population low until well after World War II. The coves, cliffs and beaches around Rancho Palos Verdes made it a popular site for those seeking a respite from big-city living. Today, the peninsula is made up of four cities: Rancho Palos Verdes, Palos Verdes Estates, Rolling Hills and Rolling Hills Estates. Rancho Palos Verdes, which was incorporated in 1973, is the youngest city of the group. Although many residents work in nearby larger cities, such as Los Angeles or Long Beach, it's Rancho Palos Verdes that they call home. Rancho Palos Verdes is known for its secluded coves and breathtaking ocean vistas. On a clear day, you can see Catalina Island from the city's rocky bluffs.  |  | | | Map courtesy of Mapquest.com | |
The Point Vicente Interpretive Center allows visitors to view the Pacific from high above the waves. From December to April, you might catch a glimpse of migrating gray whales as they pass by. The Point Vicente Lighthouse is located on a bluff near the center. Opened in 1926, the lighthouse is listed on the National Registry of Historic Sites. Take a guided hike through the Ocean Trails Project, where you'll see the peninsula's native flora and fauna in a natural setting. Ryan Park offers another spectacular view of the Pacific Ocean. And the city boasts several smaller local parks for those seeking a secluded spot to relax. Annual events include the Shakespeare by the Sea festival; the Palos Verdes Marathon; and Whale of a Day, which celebrates the Pacific gray whale's annual migration from the icy Arctic seas to the warm waters of Baja California.  
 
Financing Your Home >Home Buyers Education
As the number of mortgage lenders increases, competition forces lenders to get more creative in finding ways to lend people money. This often takes the form of giving homebuyers a "break" in the down payment. The downside of this approach is that statistically, the smaller the down payment, the more likely the borrower will default. Lenders have put together an education program to prevent delinquencies, which fills a much-needed gap in the increasingly complex world of home finance.
Home buyer education classes focus on a variety of money management topics, including all the costs connected with obtaining and owning a home. One lender got together with FANNIE MAE (a government-sponsored loan guarantor) to launch a 3 percent down payment loan which requires participation in this education course. Other lenders have shown a decline in the default rate with five percent loans that are associated with similar education courses.
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What document must lenders provide within three days of receiving your application for financing?
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The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan. |
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