Home Financing and Refinance Loan Rights

As you know, obtaining a mortgage and/or a refinance loan is one of the most critical financing decisions you may make. Alternatively, there are certain rights that you privileged to before you finalize your home loan agreement. Review the following American consumer rights:

All American consumers have the right to compare and shop around for the best rates and lowest charges of different mortgage brokers and financial lending institutions.

Any consumer applying for a home loan or refinance loan has the right to be informed of the entire cost of their mortgage loan. Each fee associated with the financing of a home should be delineated in the ‘Good Faith Estimate;’ including the interest rate, title fees, points, assessment fees, and any other fees. More importantly, all consumers are entitled to request a copy of a ‘Good Faith Estimate.’ It should include all loan and settlement charges.

Anytime a consumer applies for a mortgage or refinances loan, they are entitled to the denial of the credit decision; especially, if it is based on marital status, age, nationality, religion, gender or if the income is from public assistance.

Consumers seeking a home loan or refinance loan have the right to understand which fees are non-refundable. By learning in advance the details of which items are refundable and which are not, the applicant then has a true sense of the type of agreement into which he | she is entering.

A mortgage broker is required by law to define how the lender and the mortgage company are offering the consumer loans. Moreover, upon the consumer’s request, the loan officer or mortgage broker must detail how much they are being paid via you and or the lending institution.

Any consumer shopping for a mortgage has the right to pose questions regarding the terms of their loan.

Understanding your rights as home loan consumer can help you make the best mortgage or refinance loan decision, possible.