Borrowers' Rights

This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement.

You have the RIGHT:

  • to shop for the best loan for you and compare the charges of different mortgage brokers and lenders;
  • to be informed about the total cost of your loan including the interest rate, points and other fees;
  • to receive a Good Faith Estimate within three days of your initial application;
  • to know what fees are not refundable if you decide to cancel the loan agreement;
  • to ask your mortgage broker to explain exactly what the mortgage broker will do for you;
  • to know how much the mortgage broker is getting paid by you and the lender for your loan;
  • to ask questions about charges and loan terms that you do not understand;
  • to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance;
  • to know the reason if your loan was turned down;
  • to obtain a free copy of your appraisal report or other valuation of the real estate promptly after it is available to the creditor;
  • to receive the HUD settlement costs booklet "Buying Your Home" at the time of application.