adly, dishonest activity buyer:
exists in the marketplace.
• To shop for around for the best
The good news is that the federal loan among different mortgage
government has passed laws that lenders and brokers.
protect home buyers from the
negative affects of these • To be informed of your loan’s
unscrupulous activities. total costs. This includes
interest rates, points, and other
In this article I will outline fees assessed by a lender or
some of the benefits to you. broker.
As a home buyer, there are • To be informed of any fees that
certain rights granted to you as will not be refunded to you in
you search and apply for a the event that you cancel the
mortgage loan for your home. loan agreement.
Being aware of the rights helps
protect you. • To know the reason for denial
if your loan is turned down.
Borrower’s Rights
• To receive a free copy of the
As a borrower, and a home buyer, credit report that was used in
there are several rights granted denial of your loan. The lender
to you by both the Consumer should give you information about
Credit Protection Act and the obtaining this credit report.
Fair Credit Billing Act. Both of
these are legislation passed by • To have income from child
the United States Congress. support, alimony, and pension
considered in qualification for a
You have the right as a home loan.
information to you pertaining to
• To ask questions about anything your application for a mortgage.
you do not understand about loan You, as a home buyer, must
charges and terms. receive a Good Faith Estimate
from the lender or mortgage
• To know what you and the lender broker. The Good Faith Estimate,
are paying the mortgage broker or GFE, details an estimate of
for a loan. fees that you will be charged for
your mortgage. The lender must
• To be considered for a loan also provide you with a Mortgage
regardless of age (unless under Servicing Disclosure Statement if
the legal age to sign a the loan is to be serviced by or
contract), gender, marital transferred to another lender.
status, race, color, religion,
and national origin. Finally, the Special Information
Booklet, containing information
• To receive an appraisal report about real estate settlement
for the home. services, must be given to you as
a home buyer. These documents
RESPA should be given to you within
three days after your application
The Real Estate Settlement has been received. In the event
Procedures Acts, administered by that your application is denied
the Department of Housing and within three days, the lender
Urban Development, prevents does not have to provide with the
mortgage lenders and brokers from documents.
charging certain types of fees.
These laws have been put into
Lenders are required, by the place to protect you, as a home
RESPA to disclose certain buyer, from scams,
discrimination, excessive fees, you one step closer to obtaining
and other malicious business a home loan. Present yourself to
practices. mortgage lenders and brokers as a
home buyer that is aware of the
Educating yourself to the rights rights provided by the law.
you have as a home buyer brings
About the Author:
Download 101 Free House Selling Secrets Here-with resale rights: 101 House Selling Secrets
Read more articles by:
Geri Mason
Article Source: www.iSnare.com 
