Refinancing a home loan could overwhelm a borrower who is unfamiliar with process. A variety of laws are designed to protect borrowers who seek financing toward purchasing or refinancing a home. The Equal Credit Opportunity Act and the Fair Housing Act protects a borrower's rights, as mortgage lenders are forbidden to discriminate for reasons such as age, race, sex or national origin.
Refinancing
Refinancing could enable a borrower to lower her monthly mortgage payment or provide options for consolidating her consumer debt. Generally, a borrower would need to obtain a lower interest rate or to extend the term of her loan to reduce her monthly mortgage payment. A large contribution toward your principal balance or the use of a short-term adjustable-rate mortgage could also lower your mortgage payment when refinancing.
Lender Selection
Borrowers are not obligated to refinance with their current mortgage lender. If you are considering a new home loan, you have the right to contact your current lender or any mortgage company that you choose. When shopping for a home loan, view offers from a variety of banks, credit unions and mortgage companies.
Cancellation
Borrowers have the right to cancel a mortgage application at any time during the loan origination period or before the closing of escrow. If you have signed closing documents for a refinance transaction, you must inform your lender or title company of your decision to cancel within three business days of the settlement date. You could write a letter that includes the time and date of your request to rescind the mortgage loan. A faxed copy of your cancellation letter must be sent to the title attorney or your mortgage lender. A phone call to the lender or title company can confirm that your request was received. You can request a refund from your lender for items, such as credit report fees, appraisal fees or application fees that you paid while pursuing a home loan.
Consideration
When refinancing, a borrower has the right to receive a good faith estimate of the anticipated closing costs. Knowing the transaction costs before settlement gives a borrower time to evaluate the offer or to shop for other loan terms. A borrower also has the right to receive a copy of the appraisal report as well as a home inspection report.
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homes.yahoo.com/news/...borrowers-refinance-extended-201424005.htmlToday, the Federal Housing Finance Agency announced the extension of the Home Affordable Refinance Program, or HARP, through the end of 2015. HARP is one of
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en.wikipedia.org/wiki/LoanIn finance, a loan is a debt evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment. A loan entails the ...
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www.mortgageloan.com/refinance-mortgageRefinance Calculator No Cost Refinance FHA Refinance Mortgage RatesCompare refinancing rates and learn more about how to refinance your mortgage. Use our refi calculator to estimate your potential savings.
Surprise! Chase is refinancing your mortgage - Sep. 10, 2012
money.cnn.com/2012/09/10/real_estate/chase-refinance-mortgage/...Sep 10, 2012 As part of the $25 billion foreclosure abuse settlement, Chase is sending thousands of borrowers letters offering to refinance their mortgages to lower ...
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HARP, a Program to Help Underwater Borrowers Refinance, Has
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VA Loan Articles
www.valoans.com/va_article?id=326The Department of Veterans Affairs has strict requirements for VA loan applicants about disclosing income, residency and other data necessary to approve a VA loan.
Mortgage Rates, Mortgage Quotes & Refinance Help
www.bills.com/mortgageResources for mortgage loans. Find great home loan rates, get free mortgage quotes from lenders, and receive home buying advice - Bills.com.
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GA Waiver of Borrower Rights - Georgia Real Estate Attorneys ...
www.georgialawoffices.com/Georgia-Waiver-of-Borrower-s-Rights.pdf PDF fileGA Waiver of Borrowers Rights and Closing Attorneys Affidavit GV8919.HP Page 1 of 2 Loan Number: _____ GRANTOR
Lenders Expand HARP Loans to More Borrowers as Rules
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