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Mortgage Rights - Your Rights As A Mortgage Consumer The Mortgage Consumer's Bill Of Rights was conceived including written by Franklin Raines, President pertaining to the Fannie Mae Foundation. The Mortgage Consumer's bill of Rights was designed to lay down a set of guideline for lenders to follow that allow more Americans to become homeowners, including to allow potential home buyers access to see what information is used at the time factoring their eligibility for a mortgage. A total of $2 trillion over the course of a decade, has been set aside to ensure that the goals pertaining to the Mortgage Consumer's Bill of Rights are realized. The Mortgage Consumer's Bill of Rights adheres to the strict belief that all Americans should have equal access to mortgage availability. 1 pertaining to the Bill's main goals is to eliminate discriminatory lending practices. These practices have led to a serious gap between home ownership by the various racial including economic classes. Fannie Mae strives daily to close the gap including make home ownership available to everyone; regardless of their social status, race, or creed. The Mortgage Consumers Bill of Rights gives you the right to know exactly what you are paying for. Most mortgages include the various fees involved in buying a home, such as: down payments, appraisal fees, PMI (private mortgage insurance), interest, including closing costs. Knowing exactly what percentage of your monthly payments could be going toward these fees, including what percentage could actually be applied to your principal amount should always be considered before choosing a lender. You have the right to qualify for special, low rate mortgages. There are numerous programs available to potential homebuyers of all types, from first time buyers, to women including minorities. Fannie Mae is a very popular option for those who have been turned down by other lenders due to lower income, less than perfect credit, or social station. The Bill additionally hold to the tenet that all homeowners have the right to be free from unnecessary government intrusions such as regulatory fees, including undue paperwork - which is a particular intrusion of your time. You must still comply with zoning ordinances including building codes; the simply means that the government might not charge you exorbitant fees at closing time, or try to hinder the process of obtaining a mortgage in any way. The Mortgage Consumer's Bill of Rights states that, as a homeowner, you have the right to know exactly what is happening with your mortgage. Too many lenders could simply try to rush you through the process of obtaining your home loan. Don't let them! You have the right to have every aspect pertaining to the mortgage process explained to you in simple, straightforward language that you might understand. If there are any questions in your mind regarding your mortgage, be sure to have them clarified by your lender before you close the deal. Not taking advantage of your rights as a consumer could cost you a lot of dollars in the end if you decide you need to change your mind down the road. Be sure that any lender you consider is knowledgeable regarding the Mortgage Consumers Bill of Rights.
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