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Home Mortgage Refinance Article
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Mortgage Home Issues: Your Rights
from: Mortgage & Debt FactsConsumers have rights when it comes to their mortgage home endeavors. Federal law assures that every potential homebuyer is protected from discrimination on the basis of sex, race, national origin, age, marital status, color and religion. Those who receive public assistance funds, those who are handicapped and people with children under the age of eighteen should be treated with the same consideration as any other customer.
Consumer credit protection Laws are designed to ensure that everyone receives equal treatment and service in the for a mortgage home loan. A lender can not take any of the above listed factors into consideration when deciding on whether or not to approve the application. These factors have no direct bearing on your ability to acquire financing for your property.
Requirements of Mortgage Home Loan Officials
The representative should not take your race, sex or age along with any of the above mentioned issues into account in your dealings. The numbers speak for themselves. This professional should remain completely objective and focus solely on your credit history, the appraisal, your work history and the amount of the loan.
Any subjective speculation has no place in this type of dealing. For example, a loan officer is disobeying federal law if she states that a single woman with two children can’t possibly buy a new home. This is pure speculation that has no real basis.
Your experience with the lending institution should be the same as any other applicants. You can expect to be willingly given an application upon request. No one should discourage you from applying. Also, you should be given any pertinent information that you require in the application process.
The lender’s representative should be willing to discuss your options when it comes to their mortgage home loans. The information should be quite involved and you should have an idea of which product might serve your specific needs. You should also have a clear understanding of the qualifications for the loan during this phase.
If you decide to pursue the home mortgage loan further, you have every right to fill out the application and present it to the lending institution. You can expect to provide information pertaining to your finances including your savings, salary and credit history. You can also expect to provide written proof of these subjects.
The lender also needs to see an appraisal for the value of the property. This is a necessary step in the process. Once your paperwork is in order, including the amount requested for the loan, the company has to provide a timely decision regarding your application.
Home Mortgage Refinance Specific links
Home Mortgage Refinance News
Mortgage applications up on refi demand: MBA - Reuters
 eCreditDaily.com | Mortgage applications up on refi demand: MBA Reuters The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, increased 3.8 percent in the week ended May 18. The MBA's seasonally adjusted index of ... Time to Refinance While Mortgage Rates are So Low Refinancing Up as Rates Keep Falling Record-low mortgage rates spur refinancing |
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... - MarketWatch (press release)
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... MarketWatch (press release) With Adjustable Rate Mortgages (ARM) representing only about 7% of new loan originations in the market, many consumers are seemingly unaware that these adjustable rate loans are worth a second look. As refinance volume has increased year over year, ... |
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) In order to lower costs of mortgage installments today and get a good fixed rate plan underway for repayment, many people are turning to the Home Affordable Refinance Program (HARP or HARP 2.0), also known as the Making Home Affordable Program. Harp Loans Have Just Got Easier For Home Owners |
Housing recovery underway as home prices, sales show strong gains - KLTV
Housing recovery underway as home prices, sales show strong gains KLTV More >> A lot of homeowners with underwater mortgages would like to refinance, but they don't qualify for HARP (the federal Home Affordable Refinance Program). Do they have other options?More >> What kind of credit score do you need to qualify for a ... |
How 7 REITs Could See A Buying Frenzy Soon - Seeking Alpha
How 7 REITs Could See A Buying Frenzy Soon Seeking Alpha As anybody who has tried to get one knows, it is still extremely difficult to get a home refinanced. Lenders are still gun-shy because of the mortgage crisis, so they're putting anybody trying to get refinance through the wringer. |