Being aware of the rights helps protect you.Borrower’s RightsAs a borrower, and a home buyer, there are several rights granted to you by both the Consumer Credit Protection Act and the Fair Credit Billing Act. Both of these are legislation passed by the United States Congress.You have the right as a home buyer:
• To shop for around for the best loan among different mortgage lenders and brokers.
• To be informed of your loan’s total costs. This includes interest rates, points, and other fees assessed by a lender or broker.
• To be informed of any fees that will not be refunded to you in the event that you cancel the loan agreement.
• To know the reason for denial if your loan is turned down.
• To receive a free copy of the credit report that was used in denial of your loan. The lender should give you information about obtaining this credit report.
• To have income from child support, alimony, and pension considered in qualification for a loan.
• To ask questions about anything you do not understand about loan charges and terms.
• To know what you and the lender are paying the mortgage broker for a loan.
• To be considered for a loan regardless of age (unless under the legal age to sign a contract), gender, marital status, race, color, religion, and national origin.
• To receive an appraisal report for the home.
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