Here is a list of those important rights that you must knowAs a home buyer you have the rights;
• To shop around for different lenders and brokers to find the best mortgage you can get
• To be informed of total costs of your loan including interest rates, points and other miscellaneous fees put forth by the lender/broker
• To be informed of any non-refundable fees in case you cancel your loan agreement
• To be informed of the reason for rejection if you are denied loan.
• To receive a free copy of credit report on the basis of which you were denied loan
• The lender should give information about obtaining that credit report
• To ask for all your income-child support, alimony, pension etc-to be considered for qualification for loan

• To ask for explanation of loan charges and terms that you don’t understand
• To know what the lender and you are paying the broker
• To be considered for a loan regardless of age, gender, race, color, marital status, and national origin
• To receive home appraisal report

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RESPA
Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevent lenders and brokers from charging the home buyer certain kind of fees.

According to RESPA, the mortgage lender/broker should give you, the home buyer, a Good Faith Estimate. GFE clearly states an estimate of fees that you will be charged for your mortgage.

Lender has to give the home buyer a Mortgage Servicing Disclosure Statement in case the loan is transferred to a different lender.

Special Information Booklet which contains information regarding real estate settlement services should also be given by the lender to the home buyer. This should be given to you within 3 days after you submitted your loan application. If your application is denied before that, this is not necessary.

There are laws to protect the interests of a home buyer. Once you decide to become a home buyer, be informed of your rights that will protect you from additional fees, discrimination, scams and other such unethical business practices.

Approach the lenders with complete knowledge.

Good Luck.