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Know Your Rights When You Apply For a Mortgage
By John R. Blakefield
With so much paper work, laws, rules, terms of service, fees and legal responsibility, it can get a little confusing and overwhelming as to what your rights are. The way brokers and lenders operate their businesses may be different, but there are certain guidelines that they must always follow. If not, legal action can be taken against them.
By understanding the legal application of mortgages, you can protect yourself from predatory lenders and cheating brokers. Unfortunately these people do exist. The more educated you are, the better. If you know your legal rights, you can immediately remove yourself from a situation that could end up harming you or your bank account.
When working with a broker, always request a disclosure that you have paid for a credit report, appraisal, or appraisal report. This way, the broker can transfer any report to another broker or lender with full documentation. This disclosure will save you from having to pay more money for a report you have already paid for. When you ask the broker to transfer any of the reports, it must be in writing and then the broker must do it with in five days. You can not transfer the reports to another broker if you have not yet paid for the reports.
After the terms of your are settled between you and the lender, a rate lock disclosure form should be given to you. This form will document the rate in which you have locked your interest rate at and can not change. The form should also disclose the conditions in which the rate is locked. The rate is considered floating until locked. This form will protect you from the rate changing without notice.
With every you will have to choose a type of rate. Two commonly used rates are fixed and adjustable rate mortgages. With a fixed rate, the interest rate stays the same for the entire length of the loan. With an adjustable rate, the rate will fluctuate depending on the current rates at the time of payment. Whatever rate you choose, the broker or lender should provide you with booklets and
Americas Watchdog Offers Assistance For Frozen Or Devalued Cash Equivalents, ARS & Suggests Do's & Don'ts For A Wild 2009 Economic Ride
Americas Watchdog's Wall Street Fraud Watchdog is warning that from an economic standpoint, 2009 will make 2008 look like a walk in the park. In the strongest terms possible the Wall Street Fraud Watchdog is encouraging all US, or international investors, who were defrauded with auction rate securities, and or failed or frozen cash equivalents, to not sit on their hands, waiting for the government to come riding into the rescue. According to the group, " in the case of smaller banks or stock brokerage firms, it will not happen." The group is also offering to help and or assist Bernard Madoff victims that may have a possible SIPC claim. "2009 absolutely terrifies us, we are looking right down the barrel of a global economic meltdown, so if you have failed or frozen ARPS, Schwab Yield Plus, TD Ameritrade Reserve Yield Plus, or any other problematic cash equivalent call us, and we will try to help put you on a track to get your money back, before its too late." US or International investors who were duped into buying auction rate securities, failed or frozen cash equivalents can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at Http://WallStreetFraudWatchdog.Com (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1831204.htm ]]>
Americas Watchdog Invites Residential Construction Defect Attorneys Nationwide To Join In Its Construction Defect Initiative
Americas Watchdog & its Homeowners Consumer Center are about to begin what will be a year long nationwide construction defect initiative, aimed at assisting condominium homeowners associations and homeowners in larger residential sub divisions, in identifying common construction defects in their homes, or condominiums, and then doing something about it. According to the President of Americas Watchdog, "Most homeowners in condominiums or larger residential subdivisions have no clue as to whom to call, and or what to do, when they discover a common construction defect. We are about to change that in a dramatic way. We want the best construction defect law firms in each state to join with us, so we can address the problems to the benefit of the homeowners associations, or homeowners in larger sub divisions, in their specific states." The Homeowners Consumer Center has been blasting national homebuilders for years, over issues ranging from undocumented workers building our nations houses, to low quality workmanship." According to the group, "2009 is the year we start going after homebuilders in each state, for selling innocent consumers defective housing. We will do this with the help of the best construction defect law firms we can find in each state." Interested construction defect law firms are welcome to call the Homeowners Consumer Center anytime at 866-714-6466 or visit their web site at http://HomeownersConsumerCenter.com (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1833104.htm ]]>
Costa Pacific Communities Exemplifies Growing Trend of Sustainable Development in the Pacific Northwest
Award-winning master planner and developer Costa Pacific Communities is leading the growing trend of sustainable development throughout the Pacific Northwest. (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/Sustainable_Development/Villebois/prweb1837414.htm ]]>
Concrete-Driveway.org: New Website Explores Everything Related to Concrete Driveways
Newly launched website, Concrete-Driveway.org is dedicated to informing consumers about the many benefits and advantages of installing a concrete driveway. This educational site covers project tips, design ideas, types of concrete surfaces, typical installation costs, photos and more. (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1825834.htm ]]>
New Vista Realty Arizona Wins Prestigious Broker Award for Creating Housing Opportunities in Foreclosure Market
New Vista Realty Arizona owners Gail Buck and Sara Stevens pride themselves on creating housing opportunities for minorities and first-time buyers by helping buyers see opportunities in the midst of crisis. Recently, the two were awarded for their efforts with the New Vista Asset Management Award as the top brokers in the network. (PRWeb Jan 7, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1762154.htm ]]>
disclosures in how the rate will adjust, or not adjust over time. All terms should be clear and easily explained in these booklets or disclosure. If you have any question about the rate, or something doesn't make sense, ask for the broker or lender to explain it to you. It is important for you to understand all terms and rates of the mortgage.
Within three days of submitting an application for a loan, you must be acknowledged by the lender or broker and be given written documents with most of the information regarding the you applied for.
After the terms are finalized, a Good Faith Estimate (GFE) should be discussed. This GFE of closing costs is the broker's or lender's estimate as to how much it is going to cost to close and complete the a specific loan. If there seems to be a considerable change in closing costs, a new GFE must be given to you showing the changes and costs increase at least three days before you sign. Every cost increase must be documented clearly. Even in the case of a new GFE, a lender may have to give you back some funds of the increased costs.
Another document you should receive is a Truth in Lending Disclosure Statement or TIL. This document will show the annual percentage rate including the loan fees to be earned by the broker and lender. You should be able to compare annual percentage rates from other lenders and brokers so that you can get the best deal for your financial situation. On this document you will also find the type of rate and if there are any prepayment penalties. A prepayment penalty is a fee that a lender will charge if you pay off the loan before the end of the entire life of the loan.
The point of all these forms and disclosures are to make sure you know every aspect of the loan. This in effect, protects both you and the broker or lender from wrong doings or misinformation. If a broker or lender is not willing to give all this information freely, then go with another lender! The industry is highly competitive and someone else will be happy to disclose all information and give you a good deal!
John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: www.scourtheweb.com/mortgage/
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