Mortgage Shopping: Your Rights

Your Rights as a Mortgage Consumer

Fair Lending Is Required by Law

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant's income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.

Credit Problems? Still Shop, Compare, and Negotiate

Don't assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.

If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don't assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can.

Whether you have credit problems or not, it's a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact:

        Equifax: (800) 685-1111
        TransUnion: (800) 916-8800
        Experian: (888) EXPERIAN (397-3742)


This brochure was prepared by the following agencies:

        Department of Housing and Urban Development
        Department of Justice
        Department of the Treasury
        Federal Deposit Insurance Corporation
        Federal Housing Finance Board
        Federal Reserve Board
        Federal Trade Commission
        National Credit Union Administration
        Office of Federal Housing Enterprise Oversight
        Office of the Comptroller of the Currency
        Office of Thrift Supervision

These agencies (except the Department of the Treasury) enforce compliance with laws that prohibit discrimination in lending. If you feel that you have been discriminated against in the home financing process, you may want to contact one of the agencies listed above about your rights under these laws.

_{The information on this site was produced by the CDC and the USDA and compiled by the site owner. We are not responsible for the accuracy or completeness of this information. Site Design and layout (c) 2007 giantific.com}

Other Topics:

_{La información contenida en este sitio fué producida por varias agencias del gobierno estadounidense y recaudada por los propietarios del sitio. Diseño y aparencia del sitio (c) 2007 interpie.com}

Haga click abajo para más información sobre otros temas:

_{La información contenida en en este sitio fue producido por varias agencias de los gobiernos federal estadounidense y californiano. Fue recaudad por los propietarios del sitio. No somos responsables de nigún error u omission. Diseño y apariencia del sitio (c) 2007 interpie.com}

Más Temas

This domain and web site may be for sale!