Sadly, dishonest activity exists in the marketplace. The good news is that the federal government has passed laws that protect home buyers from the negative affects of these unscrupulous activities. As a home buyer, there are certain rights granted to you as you search and apply for a mortgage loan for your home. Being aware of the rights helps protect you.

Borrower’s Rights

As a borrower, and a home buyer, there are several rights granted to you by both the Consumer Credit Protection Act and the Fair Credit Billing Act. Both of these are legislation passed by the United States Congress.

You have the right as a home buyer:

• To shop for around for the best loan among different mortgage lenders and brokers.

• To be informed of your loan’s total costs. This includes interest rates, points, and other fees assessed by a lender or broker.

• To be informed of any fees that will not be refunded to you in the event that you cancel the loan agreement.

• To know the reason for denial if your loan is turned down.

• To receive a free copy of the credit report that was used in denial of your loan. The lender should give you information about obtaining this credit report.

• To have income from child support, alimony, and pension considered in qualification for a loan.

• To ask questions about anything you do not understand about loan charges and terms.

• To know what you and the lender are paying the mortgage broker for a loan.

• To be considered for a loan regardless of age (unless under the legal age to sign a contract), gender, marital status, race, color, religion, and national origin.

• To receive an appraisal report for the home.

RESPA

The Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevents mortgage lenders and brokers from charging certain types of fees.

Lenders are required, by the RESPA to disclose certain information to you pertaining to your application for a mortgage. You, as a home buyer, must receive a Good Faith Estimate from the lender or mortgage broker. The Good Faith Estimate, or GFE, details an estimate of fees that you will be charged for your mortgage. The lender must also provide you with a Mortgage Servicing Disclosure Statement if the loan is to be serviced by or transferred to another lender.

Finally, the Special Information Booklet, containing information about real estate settlement services, must be given to you as a home buyer. These documents should be given to you within three days after your application has been received. In the event that your application is denied within three days, the lender does not have to provide with the documents.

These laws have been put into place to protect you, as a home buyer, from scams, discrimination, excessive fees, and other malicious business practices. Educating yourself to the rights you have as a home buyer brings you one step closer to obtaining a home loan. Present yourself to mortgage lenders and brokers as a home buyer that is aware of the rights provided by the law.

David
http://www.articlesbase.com/business-articles/appraiser-forum-your-rights-as-a-home-buyer-102546.html

Closing times are scheduled after all the necessary paperwork has been completed. The buyer has the right to thoroughly inspect the property just before closing to be sure that everything agreed is in order.

The buyers, sellers, and their attorneys then meet at a designated time and place to finalize the transfer of ownership. Then all final closing statements are received and all adjustments made. Then you sign so much paperwork you’ll think your hand is going to fall off. You then receive your check, and you’re off to the bank.

If you are the buyer however, you’re just beginning your process. All buyers should know about closing costs required before hand. These fees typically run you about two or three percent of the final sale price. The seller should also know the costs of the settlement process before hand.

Settlement is defined as the formal process by which ownership of real property passes from one to another, the seller to the buyer. It is basically the end of the home buying process, the moment when title is transferred from the seller to the buyer.

The Real Estate Settlement Procedure Act (RESPA) covers most residential mortgage loans used to finance the purchase of property. This act was not designed to set the prices of settlement services, but provides information to take the guess work out of the settlement process to help you make more informed decisions.

There are a few steps involved leading you up to the closing process. First you and the buyer must reach an agreement of the price, and then sign a sales contract. The terms involved in this sales contract can be negotiated by either party.

The buyer will then probably need a mortgage loan to finance the purchase of your property. When a buyer files an application for a loan, the lender is required by RESPA to provide an estimate of the settlement costs and a copy of the RESPA information booklet. Lenders have three business days to mail these documents.

If the bank requests it, one business day before settlement the person conducting the settlement must provide an opportunity to see a uniform settlement statement that shows any figures available at the time for settlement fees the buyer is required to pay.

Some areas require no actual settlement meetings, or in cases where neither the buyer not their agent attends the closing meeting, the person conducting settlement has the obligation to deliver the statement through the mail.

During settlement the buyer is committed to the purchase of the property and might have already made a partial payment, sometimes called earnest money to the seller. Buyers can negotiate with the seller about who pays various settlement fees and other charges. There usually aren’t any fixed rules as to who pays which fees.

The many factors that determine the amount the buyer will pay for settlement fees are the location of the property, the type of sales contract, arrangements made with any real estate broker, the lender selected, and the decisions in choosing the various firms that offer necessary settlement services.

Cashhomebuyers.com
http://www.articlesbase.com/home-improvement-articles/all-about-the-real-estate-closing-process-85138.html

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