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
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.