What to Know when you're applying for a Home Loan:

           Depending on whether you go Retail or Broker,  It's always good to know the right questions to ask.

Federal law protects every homebuyer looking for a mortgage loan against discrimination on the basis of race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the age of 18), handicap, or exercising your rights under other consumer credit protection laws. Lenders may not take any of these factors into account in their dealings with you.

For instance, lenders may not discourage you because of your race or national origin from applying for a mortgage loan. Whatever your color, they must offer you the same credit terms as other applicants with similar loan requests. They may not treat your application differently because of your sex or marital status or familial status. In short, they are barred from taking into account any of the factors listed here in their dealings with applicants or with potential applicants. They should:

• Willingly give you an application and other information you need on how to apply for a loan
• Willingly discuss with you the various mortgage loans they offer and give you an idea whether you can qualify for them
• Diligently act to make a decision--without undue delay--once you provide all the information asked for (including, for example, written evidence of how much you make or how much you have in savings), and once they receive other paperwork required for processing the application (such as a property appraisal)
• Not be influenced by the racial or ethnic composition of the neighborhood where the home you want to buy is located.

If you apply for a mortgage and are turned down, remember that not all institutions have the same lending standards. Shop around for another lender.

Every Prospective Lender or Broker should be able to give you estimated closing costs breakdowns, range of interest rates in relation to your credit and employment situation, down payment requirements, and estimated monthly payment amounts.  If the lending entity you are shopping cannot provide you this information in a reasonable timeframe, the lending entity is ineffecient to handle your lending needs.  Other related questions you can ask are the following:

    * How much am I qualified up to borrow?

    * What is your company's turnaround time typically for loan closings? And can you accomodate my closing date on time?

    * Can you give me an itemized specified list of ALL the items I will need at loan application?

    * What programs do you offer for first time homebuyers, teachers, police officers, and or military personel?

    * Does your company work with down payment assistance products  and if so do I qualify for any of these products?

    * Can you tell me what requirements for homeowners insurance I will need to shop for in reference to my required home     owners policy for this new purchase.

     * Do you have in house underwriting or will my loan be underwritten offsite?

     * What up frront fees can I expect to be charged in relation to my home loan process before closing?

    * Do you make after hour appointments for loan applications?

    * How long will my appointment for loan application take?

    * What documentation do I need to bring with me to loan application? Should my spouse be present?

    * Will I be recieving a copy of all the documents I sign at loan application?