Know Your Rights As a Home Buyer

A home buyer life is full of worries and debts and unfortunately they do not have much on their side. They are countered with cross checking, abnormal interest rates, credit reports, credit history and so on. It is simply not easy to walk in and buy a house anymore.
However, for a buyer's relief the government has passed some rules that are beneficial for a buyer and protect his rights. As a buyer you have some rights and the same applies if you are a borrower. Everyone who is buying a house should be aware of their rights.

As a home buyer you do not have to be forced to go to one lender and you have every right to consider several options before you decide. It is your money so you have the right to decide.
The mortgage lender should give you complete information about the costs of loan and how much you need to pay. They should even reveal the hidden fees. If you were denied of a loan, the lender has to give you the reason for it so that you can rectify all the issues and reapply for the mortgage with the same lender or another one. It is also the lenders responsibility to give you the appraisal of the home you are planning to purchase. In addition, if the lender has accessed your credit report and found it unsatisfactory, a copy of it has to be given to you along with the denial of the application.

The buyer has a right to say no to the loan even after the approval but some of the fees may not be refunded.
About Author: Pauline Go is an online leading expert in the real estate industry. She also offers top quality articles like :Buying a Home Tips, Home Selling Checklist
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