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RESPA: How to Understand The Homebuyer’s Ally
RESPA could be your best friend if you are planning to buy a home. Buying a home? Applying for a mortgage loan? Then RESPA isyour best friend.The Real Estate Settlement Procedures Act – better known byits acronym RESPA – is a statute designed to protect homebuyers who borrowmortgage money on their way to buying a home. Enforced by the U.S. Departmentof Housing and Urban Development, RESPA requires that lenders provide buyerscertain disclosures throughout the buying process,[url=http://www.moncleroutleto.co.uk]moncler london[/url], disclosures that spell outexactly how much buyers are paying and what they are paying for.The goal is to make sure that buyers are informed throughoutthe often complicated process of buying a home and applying for a mortgageloan. RESPA also forbids kickbacks and other illegal schemes that could artificiallydrive up the price of applying for a mortgage loan.“RESPA is an important tool for anyone who is buying ahome,[url=http://www.moncleroutleto.co.uk]moncler outlet[/url],” said Marcus McCue, senior vice president at Guardian Mortgage Company.“Lenders are required to follow this statute. It’s a way to prevent home buyersfrom overpaying for the services that go into originating a mortgage loan. It’scertainly a tool that buyers need to know about before applying or shopping fora mortgage loan.”Guardian Mortgage Company offers a free40-page handbook (http://scr.bi/FreeGuardianHandbook) for homebuyers to help them navigate the entiremortgage process. Page 23 of the handbook offers an in-depth look at RESPA andthe protections that it provides.As Guardian spells out, RESPA providesconsumers with the right to shop for the best loan and to compare the chargesof different mortgage brokers and lenders.Under RESPA, lenders must inform buyersabout the total cost of their loans, including the interest rate, points andother fees. RESPA also guarantees that buyers have the right to ask for a GoodFaith Estimate, an estimate of all the loan and settlement charges that they'llface. Consumers have the right to ask for this before they agree to a mortgageloan or pay any fees.Consumers have the right to know whichfees are non-refundable if they should decide to cancel their loan agreements,and have the right to ask their mortgage brokers to explain exactly what thesebrokers will do for them.RESPA states that buyers have the rightto know how much their brokers are getting paid by them and by the lenders thatare originating their loans. Under the statute,[url=http://www.pachasvip.com]hollister outlet[/url], consumers also have the rightto ask questions about any charges or loan terms that they don't understand.Under RESPA, lenders are not allowed tomake credit decisions based on applicants' race, color, religion, nationalorigin, sex, marital status,[url=http://www.pachasvip.com]hollister clearance[/url], age or whether applicants receive any income frompublic assistance. Consumers have the right to know thereasons why their loan applications were rejected and the right to ask for thesettlement-costs booklet "Buying Your Home," a booklet prepared bythe U.S. Department of Housing and Urban Development.If you’d like to learn more about RESPA and other mortgagematters, click on [link widoczny dla zalogowanych] to download your copy of the complete 40-pagehandbook. No information is required.

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