Raleigh - Cary Home Reviews & Market News!: Mortgage borrower rights and responsibilities Raleigh home loans

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Mortgage borrower rights and responsibilities Raleigh home loans

This is wonderful mortgage information for the Raleigh area especially for a buyer - borrower getting their first loan. It can be so overwhelming the first time around but, Alan, outlines some basic things a buyer in the Raleigh Durham area should know about getting a mortgage loan.

The mortgage loan consumer has certain borrower rights and responsibilities. Knowing what they are and understanding them will make the difference between complete frustration and a successful home buying experience.


According to the U.S. Department of HUD, mortgage borrower rights include:

      *  You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.

      You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.

      *  You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.

      You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.

      *  You have the RIGHT to ask your mortgage broker or lender to explain exactly what the mortgage broker will do for you.

      *  You have the RIGHT to know how much the mortgage broker or lender is getting paid by you and the funding souce for your loan.

      *  You have the RIGHT to ask questions about charges and loan terms that you do not understand.

      You have the 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 from public assistance.

      You have the RIGHT to know the reason if your loan was turned down.

      You have a RIGHT to ask for the HUD settlement cost booklet "Shopping for Your Home Loan".

Excellent information that any home buyer needs to know.  Now let's discuss mortgage borrower responsibilities:


       *  You MUST be truthful and not commit fraud.  This includes falsifying any documents, claiming incorrect property status and loans as gifts.

       *  You MUST ask questions and know that your Mortgage Consultant is experienced and knowledgeable, especially with all the recent changes in our industry.

       You MUST be willing to provide income (pay stubs, W-2's, tax returns, etc), liquid assets (checking, savings, 401K, retirement statements, etc), Identification (drivers license, social security cards, etc) and an Offer to Purchase and Contract fully signed and completed.

      You MUST sign disclosures and understand the Good Faith Estimate and the loan program you select.  There are many options available.  A 30 year fixed rate may not always be the best choice, depending on many factors.


Obtaining a very good real estate agent that can walk you through the home buying process is a must for most people, especially the first-time home-buyer.  We offer recommendations.  Getting a referral from your Mortgage Consultant is a good start.


Visit our website for all your Raleigh mortgage loan information.  We offer 30 years experience making home loans easy!  All inquiries responded promptly.



For all your NC home loan information, contact us todayFor quicker service call 919-435-2279.


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Comment balloon 0 commentsCarla Freund • August 09 2011 04:27PM


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