Find the Right Mortgage Professional
Get Pre-approved:
Getting pre-approval is an important part of the buying process. This is important because this step determines your buying power. This is when we will ask you questions about factors that may play into your buying power such as your income and debt. This information will help us to determine the best mortgage lending options for you.
Understanding your credit rating:
In today’s market is important to understand your credit rating so you can qualify for as much home as possible. Talk to your real estate adviser for a referral to a mortgage broker to get prequalified and know the exact amount of loan you will qualify for.
Know Your rights as a borrower:
- 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 a RIGHT to ask for the HUD settlement cost booklet “Shopping for Your Home Loan”.
(Source: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/resborwr)