11 Inalienable Rights Every Mortgage Borrower Should Know They Have
1. What’s the most important loan you’ll ever get?
2. What’s the largest loan you’ll receive in your life?
If the answer to both of these questions is “a mortgage”, you’re correct.
Not only is a home loan a great opportunity for Americans to have a place they can call their own, it’s a great responsibility too. Some people aren’t aware of certain rights they have when they enter into a loan agreement with a lender, which are formally addressed by the Real Estate Settlement Procedures Act.
Here are 10 indelible rights every home loan borrower has (plus 1 bonus right you should be aware of):
1. You can shop for the best loan for you, and compare the charges between the lenders and brokers.
2. You should be told what the total cost of your loan will be, including fees, points and interest rates.
3. Before you agree to the loan and pay any fees, you can ask for a Good Faith Estimate.
4. You can find out which fees cannot be refunded if you want to cancel the loan agreement.
5. You can ask your mortgage broker to tell you what they’re going to do for you.
6. You can ask how much that mortgage broker is getting paid (by you and the lender).
7. You should know that a credit decision is not based on race, religion, color, sex, national origin, age, marital status, or whether any income is received via public assistance.
8. Was your loan declined? You can find out why.
9. You can ask for the HUD settlement cost booklet named “Shopping For Your Home Loan”.
10. You can ask questions about the loan terms and charges that aren’t completely clear to you.
Here’s a bonus right we believe you should also have:
11. You have the right to respectful, consistent and honest customer service!
Start the ball rolling on your VA home loan or refinance today: