Your Rights As a Home Buyer

Home Buyer Rights
Whether you accept or not, the fact is that there are some elements of dishonesty in real estate market. To protect a home buyer from fraudulent activities in real estate, federal government has passed laws. As a home buyer you should not only be aware of these laws but also should be familiar with your rights. By knowing your rights as a home buyer, you can protect yourself from dishonest activities in a real estate transaction.

Borrower’s Rights
When you decide to become a home buyer, you apply for a mortgage home loan and become a borrower as well. Consumer Credit Protection Act and the Fair Credit Billing have granted several rights to the borrower. Both these legislations have been passed by United States Congress. As a buyer, you must know the rights you have as a borrower.

Other Recommended Sites

A Home Buyers Guide To A Sales Contract
Buying A Home With No Down Payment
Five Tips for First Time Home Buyers
Home Buying Versus Renting
Preparing For the Home Move
Purchasing Homeowner’s Insurance
Tips for Home Builders
Types of Housing

Real Estate Laws

First Step Real Estate Agent
Your Rights As a Home Buyer

Mortgages

Learning the Mortgage Process
New Home Construction Loans
Top Home Mortgage Mistakes

Finances

Determining How Much You Can Afford
Financial Preparation For Home Purchase
Making an Earnest Money Deposit
Saving For a Mortgage Down Payment
Shopping For a Home Loan

Here is a list of those important rights that you must know

As a home buyer you have the rights;
• To shop around for different lenders and brokers to find the best mortgage you can get
• To be informed of total costs of your loan including interest rates, points and other miscellaneous fees put forth by the lender/broker
• To be informed of any non-refundable fees in case you cancel your loan agreement
• To be informed of the reason for rejection if you are denied loan.
• To receive a free copy of credit report on the basis of which you were denied loan
• The lender should give information about obtaining that credit report
• To ask for all your income-child support, alimony, pension etc-to be considered for qualification for loan

• To ask for explanation of loan charges and terms that you don’t understand
• To know what the lender and you are paying the broker
• To be considered for a loan regardless of age, gender, race, color, marital status, and national origin
• To receive home appraisal report

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RESPA
Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevent lenders and brokers from charging the home buyer certain kind of fees.

According to RESPA, the mortgage lender/broker should give you, the home buyer, a Good Faith Estimate. GFE clearly states an estimate of fees that you will be charged for your mortgage.

Lender has to give the home buyer a Mortgage Servicing Disclosure Statement in case the loan is transferred to a different lender.

Special Information Booklet which contains information regarding real estate settlement services should also be given by the lender to the home buyer. This should be given to you within 3 days after you submitted your loan application. If your application is denied before that, this is not necessary.

There are laws to protect the interests of a home buyer. Once you decide to become a home buyer, be informed of your rights that will protect you from additional fees, discrimination, scams and other such unethical business practices.

Approach the lenders with complete knowledge.

Good Luck.