Your Rights

One of the most important financial commitments you can make is a mortgage. As housing needs increase, more people take on more than one mortgage in their lifetime, while others still buy one house and live there for the duration of their lives, possibly until their children are grown and move away or until they are ready for retirement.

Under federal and state statutes, you are entitled to certain rights as the borrower. You can compare the fees of numerous lenders and mortgage brokers to find the best mortgage quote. You may also negotiate for the best loan that meets your needs.

You have the right to know about the total cost of your mortgage including negotiable points and rate of interest and other additional charges that may influence the total cost.

Under federal law, you have the right to request a Good Faith Estimate of all mortgage and settlement charges before signing for your loan or paying any fees.

If you would fall behind on your mortgage agreement, you have the right to know what charges would be exempted. You can request that your mortgage agent or broker explain exactly what she/he is capable of doing for you. The mortgage broker should inform you about the fees she/his is getting paid by you and the lender.

If you do not understand charges and loan terms, you can question them. You are entitled to a credit judgment that is based on your financial history, not by your race, color, religion, gender, national origin, marital status, age or whether your income is from public assistance.

If you are turned down for a loan, you have the right to receive a copy of your credit report.