A home purchase is one of your biggest buys in a lifetime. You’ll most likely acquire homeownership with the help of a home loan and a Mortgage Broker Plano. This can also mean it is one of the most significant loans you’ll ever get.
If you plan on applying for a mortgage soon, it is essential to know your rights as a mortgage borrower. Before taking out a home loan and signing any agreement, it’s best to be aware of your Mortgage Borrower’s Rights, such as the following.
Right To Shop For Mortgage Loans And Compare Rates.
Every mortgage borrower has the right to compare home loan programs offered by different mortgage lenders and brokers. You can then choose what loan to take, which broker to work with and which lender to choose.
Right To Learn About All The Fees And Costs Of The Mortgage.
Every mortgage types have its pros and cons and lenders will have different fees and total costs for every home loan type. As a borrower, your mortgage broker should tell you all the costs, interest rates, and other expenses involved in the mortgage.
Right To Receive A Good Faith Estimate Before Agreeing And Assigning On A Mortgage.
A GFE is a breakdown of all fees and payments due upon closing a home loan. By asking for a copy from mortgage lenders, you’ll get the chance to compare which ones will best suit your needs and situation before agreeing on a single home loan.
Right To Know Which Fees You Cannot Refund If You Choose To Cancel A Mortgage Agreement.
Some loans allow you to refund fees when canceling a home loan agreement. Mortgage borrowers have the right to ask which fees are non-refundable should you choose to cancel.
Right To Ask Questions With Regards To Mortgage Terms And Charges.
Not everyone can understand all mortgage terms and charges. If you don’t understand some terms and fees, it is your right to ask and know what these entail and encompasses.
Right To Receive Fair Treatment And Consideration.
It doesn’t matter what your color, race, age, gender, marital status, religion, nationality, etc. maybe. Everyone is to receive fair consideration and treatment when applying for a home loan – for as long as you qualify for a mortgage.
Right To Know Why Your Lender Turned Down Your Mortgage Application.
While everyone can apply for a mortgage, not everyone can avail a home loan as there are requirements you need to qualify for. If in case your lender did not approve your mortgage application, you deserve to know the reason behind it.
Right To Check If Your Mortgage Company Has The License To Operate.
With the help of the Nationwide Mortgage Licensing System, you can check whether or not your mortgage company has the necessary licensing requirements to finance mortgage programs.
Knowing these rights will give you better chances of scoring the best mortgage deals and work with a good mortgage broker and lender. Make the most of out of your home loan experience and take note of your rights as a mortgage borrower.