Question and Answers:
Do you ever ask yourself this question. What is your right as a borrower? Many new buyers don’t realize that they do have a right. As the borrower there are a few things you are entitled to.
In the United States, there are specific rights that a borrower has when they take out a mortgage loan.
These include specific protections from predatory lending practices and other unfair tactics. This article will list these rights as well as some ways to make sure you know what your rights are.
What is your Right as the Borrower of a Mortgage loan? There are many things for which you should be aware of before taking out any home financing.
You want to make sure that you’re not getting taken advantage of by lenders or brokers who may try to sell you products that aren’t in your best interests.
Here are thirteen things to know when applying for a mortgage loan:
1. You have the Right to shop for the best deal possible when it comes to a loan.
2. You have the Right to compare the charges of different mortgage brokers and lenders .
3. You have the Right to be informed about the total cost of your loan including the interest rate, points and other fees.
4. You have the Right to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
5. You have the Right to know what fees are not refundable if you decide to cancel the loan agreement…
6. You have the Right to ask your mortgage broker to help you understand exactly what he or she will do for you.
7. You have the Right to know how much the mortgage broker is getting paid by you and lender for your loan
8. You have the Right to ask questions about charges and loan terms that you do not understand.
9. You have a Right to a credit decision that is not based on your race,color, religion, national origin, sex, martial status, age or whether any income is from public assistance.
10. You have the right to be treated with respect by your mortgage lender
11. The interest rate on your loan cannot change without written notice at least 30 days before the effective date of any such changes in rates
12. You have the right to know how much your mortgage is and what you’re paying for
13. You have a right to know the reason if your loan was turned down.
Also it is possible to be approved for a FHA Loan with a credit score of 620.
Please Note: That the above statement is based on Texas Laws and could vary from State to State. So please research this information to make sure that it applies to your state.