Buyers rights

As a home buyer you have certain rights that are yours. RESPA has a great website that has tips and information for anyone that is buying, selling or refinancing their home.
Here are some of the rights that they list. Remember, these rights are yours and will help you save money.

• 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 to explain exactly what the mortgage broker will do for you.

• You have the RIGHT to know how much the mortgage broker is getting paid by you and the lender 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 the RIGHT to ask for the HUD settlement costs booklet "Buying Your Home."