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Mortgage Home Issues: Your Rights
from: Deb St. George - HomelessInKingCounty.comConsumers have rights when it comes to their mortgage home endeavors. Federal law assures that every potential homebuyer is protected from discrimination on the basis of sex, race, national origin, age, marital status, color and religion. Those who receive public assistance funds, those who are handicapped and people with children under the age of eighteen should be treated with the same consideration as any other customer.
Consumer credit protection Laws are designed to ensure that everyone receives equal treatment and service in the for a mortgage home loan. A lender can not take any of the above listed factors into consideration when deciding on whether or not to approve the application. These factors have no direct bearing on your ability to acquire financing for your property.
Requirements of Mortgage Home Loan Officials
The representative should not take your race, sex or age along with any of the above mentioned issues into account in your dealings. The numbers speak for themselves. This professional should remain completely objective and focus solely on your credit history, the appraisal, your work history and the amount of the loan.
Any subjective speculation has no place in this type of dealing. For example, a loan officer is disobeying federal law if she states that a single woman with two children can’t possibly buy a new home. This is pure speculation that has no real basis.
Your experience with the lending institution should be the same as any other applicants. You can expect to be willingly given an application upon request. No one should discourage you from applying. Also, you should be given any pertinent information that you require in the application process.
The lender’s representative should be willing to discuss your options when it comes to their mortgage home loans. The information should be quite involved and you should have an idea of which product might serve your specific needs. You should also have a clear understanding of the qualifications for the loan during this phase.
If you decide to pursue the home mortgage loan further, you have every right to fill out the application and present it to the lending institution. You can expect to provide information pertaining to your finances including your savings, salary and credit history. You can also expect to provide written proof of these subjects.
The lender also needs to see an appraisal for the value of the property. This is a necessary step in the process. Once your paperwork is in order, including the amount requested for the loan, the company has to provide a timely decision regarding your application.
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