Know Your Mortgage Rights1/21/2011 Lenders must make careful decisions when deciding who to offer loans to. But they are only allowed to make decisions based on certain criteria. If you feel that your home purchase or refinance mortgage application has been improperly denied, it may be due to a form of inappropriate discrimination. Lenders are not allowed to make decisions about whether or not to fund a loan based on any of the following criteria.
Every application you turn in will ask for most of this information. The mere fact that your lender has requested this information does not mean that he or she is using it to judge you unfairly. Most of it is required for government monitoring purposes. You’ll even find the same information requests when applying for a government assisted loan program, such as an FHA mortgage or a VA home loan. Don’t assume that you were turned down for a mortgage due to the information you provided. But if a lender seemed to place an inordinate amount of significance on a certain piece of criteria, you do have every right to be suspicious. |
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provid_589_363 December 8, 2011 at 5:05pm PST
Good Info. Thanks for that!! The importance to know your mortgage rights is immense.