Know Your Rights as a Mortgage Borrower

If you are looking into obtaining a mortgage, you should know your rights.  Obtaining a mortgage is one of the biggest loans you will ever get and you want to make sure you understand your rights.

The following is an excerpt from HUD.gov about your rights as a borrower.

"

• You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.

• You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.

• 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.

• You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.

• You have the RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you.

• You have the RIGHT to know how much the mortgage broker is getting paid by you and the lender for your loan.

• You have the RIGHT to ask questions about charges and loan terms that you do not understand.

• You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.

• You have the RIGHT to know the reason if your loan was turned down.

• You have a RIGHT to ask for the HUD settlement cost booklet "Shopping for Your Home Loan"."

Source: HUD.gov