What is your Right as the Borrower?

borrower

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. I thought I would post these few things so that you know what your right is as a buyer and a borrower of a new 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 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 580 to 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.

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