Mortgage Loans

Mortgage Loans

Mortgage Loans come in many different shapes and sizes.  In order to understand all of your mortgage loan options, it is smart to work with a mortgage broker who can help you understand everything involved in successfully shopping, obtaining and closing a mortgage loan.  For instance, there are several types of mortgage loans that address the needs of different types of mortgage borrowers.  A common option for seniors is the reverse mortgage.  A common option for home owners who want to remodel is a home equity mortgage.  Many also like to refinance when mortgage rates drop to lower their monthly payments.  The important thing to understand is that you need to take the mortgage loan process seriously to get the best mortgage loan for you.  This means shopping around for a competent and trustworthy mortgage broker and also understanding your options and the laws associated with mortgage loans.

Mortgage Loans - The Law

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant's income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.