Your list of rights when applying for a home mortgage loan:
- RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
- RIGHT to be informed about the total cost of your loan including the interest rate, points, and other fees.
- RIGHT to obtain a “Loan Estimate” of all loan and settlement charges before you agree to the loan or pay any fees.
- RIGHT to know what fees are nonrefundable if you decide to withdraw your loan application.
- RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you
- RIGHT to ask questions about charges and loan terms that you do not understand.
- RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is derived from public assistance.
- RIGHT to know the reason if your loan application is turned down.
- RIGHT to receive the HUD settlement costs booklet “Buying Your Home”.
Your borrower list of responsibilities when applying for a home loan:
- To answer questions in full with honesty
- provide paperwork without crossing out or altering the statement
- Respond to emails and phone calls promptly
- Read what is sent to you
- Ask lots of questions
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From greenhouse and fields in California