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
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
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,