BEFORE YOU BORROW!

For most of you a mortgage is going to be the most significant loan you ever have so it is very important you understand all of your rights before embarking on a loan agreement.

• It is your right to compare interest charges of various lenders and brokers.

• Your mortgage broker or lender should inform you of all the charges incurred in your loan and the final total costs.

• You are entitled to know the amount you and your lender will pay the broker.

• If you decide to cancel the loan agreement it is your right know which fees will not be refunded.

• A mortgage broker should explain in detail his/her role and how they will help you.

• Before you agree to the loan you are entitled to ask your broker for a Good Faith Estimate of the total loan and any settlement fees.

• If your application is not accepted then you have the right to know why.

• You are entitled to ask about any charges and terms you are not clear about.

• You are entitles to a decision of credit regardless of your ethnic origin, religion, color, age, marital status, sex or whether you receive income from public assistance.

• The HUD settlement costs booklet about buying your home should be available to you