Before you enter into any loan agreement, remember you have have the following rights:
• Shop for the best loan for you and compare the charges of different mortgage broker and lenders.
• Be informed about the total cost of your loan including the interest rate, points and other fees.
• Ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
• Know what fees are not refundable if you decide to cancel the loan agreement.
• Ask your mortgage broker to explain exactly what the mortgage broker will do for you.
• Know how much the mortgage broker is getting paid by you and the lender for your loan.
• Ask questions about charges and loan terms that you do not understand.
• Receive 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.
• Know the reason if your loan was turned down.
• Ask for the HUD settlement cost booklet "Buying Your Home".
If you are in any loan process it is always good idea to bring a second set of ears to make sure you understand what the terms are for your loan. Check with your local banks when shopping for loans that way you can have face to face customer service. Remember first time buyers get the $8,000 tax credit hurry before time runs out. Get out there and go get the house of your dreams.