New Home Buyer? Know Your Rights
Are you purchasing your first home? Congratulations! It’s a huge investment, and it comes with a lot of steps, paperwork and regulations. These experienced real estate agents Lynchburg VA can help you with the process. Luckily, you have many rights that will help protect you and your investment, and we will help you get to know your rights.
Moreover, companies like Universal Buyers Agents Sunshine Coast are at your service, too.
Understanding your rights will help you through the complicated process of applying for a loan and closing on the real estate transaction. You can compare home insurance rates at Money Expert.
While the rights of a new home buyer is a complicated topic, here is an overview of the most important laws you should know about. Please note, our guide below only looks at buying a home. If you want information on selling your home, then we’d recommend reading this house selling guide from TheAdvisory. Once you decide to sell your house in Southeastern Pennsylvania, Kendrea Properties will buy your house and close the deal fast. Birmingham (or Brum) is also famous for its ‘Brummie’ accent, something of which locals are fiercely proud. Well known Brummies include Bill Oddie, Clare Short and Ozzy Osbourne. In recent years, Birmingham has benefited from two huge regeneration projects, Brindleyplace and the Bullring. The first is a canal side development, which mixes office buildings and restaurants; the second is a huge shopping and leisure complex. The city embraces modern innovations and architecture and this is a definite plus if you are looking for new homes in Birmingham. You can click resources for Home Buyers Birmingham.
Fair Housing Law
The Fair Housing Law is in place to ensure that all first-time homebuyers receive equal treatment and consideration, regardless of their race, nationality, color, religion, gender or handicap status. This law makes it illegal for anyone who provides a loan or housing services to discriminate against their applicants. The Fair Housing Law is enforced by the U.S. Department of Housing and Urban Development (HUD).
Homeowner Protection Act of 1998
This Act safeguards homeowners who have obtained a conventional loan from having to unnecessarily pay Private Mortgage Insurance or PMI. It requires all lenders to automatically cancel any PMI payments for homeowners who have reached 22% equity. It also entitles homeowners who are in good standing to request a cancellation of their PMI payments once they have 20% equity.
Real Estate and Settlement Procedures Act (RESPA)
In accordance with RESPA, loan originators are required to disclose the terms and costs of obtaining a home loan. They are required to give loan applicants a Good Faith Estimate, which is designed to assist the homebuyer in understanding the fees that are associated with the type of loan they are offered. Check the online installment loan for emergency situations for more information.
Secure and Fair Enforcement for Mortgage Licensing (S.A.F.E.) Act of 2008
The S.A.F.E. Act is a federal law that grants consumers a way to verify the licensing status of any loan or mortgage company, provided they are required to have a state-issued license. Under this law, the Nationwide Mortgage Licensing System (NMLS) was created. The NMLS allows consumers to check if their loan originator meets their state licensing requirements. However, loan officers that are employed by nationally chartered banks are not subject to this requirement.
Fair Credit Reporting Act (FCRA)
The FCRA covers the way in which homebuyers’ credit information is managed by the major credit bureaus. It also allows them to dispute and discrepancies they may find in their credit reports that may hinder them in the home buying process. The FCRA also permits consumers to obtain a free credit report from each of the three major credit bureaus every 12 months via www.annualcreditreport.com in order to properly manage their credit in preparation for the home buying process.
Buying a home is a huge endeavor, and for the first-time homebuyer, it can be overwhelming. But the law is on your side. When purchasing your first home, you should know what your rights are before obtaining a loan and signing any documents relating to the property acquisition. There are other issues to consider when you buy your first home, especially when it’s a city problem like flooding of sewers. In case that happens, you need to contact a sewer attorney. If you need additional help, consider hiring a real estate lawyer to assist you.
Written By Brad Denton
1930 N Arboleda #201
Mesa, Arizona 85213
40 N Central Ave #1400
Phoenix, AZ 85004
Arizona Business Law
Arizona Business Lawyers
Link about our Arizona Business Lawyers.
Arizona Collections Law
Arizona Collections Lawyer
This link talks about our collection lawyers in Arizona.
Arizona Employment Law
Arizona Employment Lawyer
This link is about our employment lawyers in Arizona.
Arizona Estate Planning
Arizona Estate Planning Lawyer
This link is about our estate planning lawyers in Mesa Arizona.
- Mesa Estate Planning Attorney
This link talks about our estate planning lawyers in Mesa Arizona.
Arizona Franchise Law
Arizona Franchise Attorney
This link is about our Arizona Franchise Attorneys.
Arizona Immigration Law
Arizona Immigration Attorney
This link is about our immigration attorneys in Mesa Arizona.
- Arizona Visa Lawyer
This link is regarding our Arizona Visa Lawyers.
- EB-5 Immigration Visa
This page talks about EB-5 immigration visas.
- Investor Visa
This page talks about investor visas by our immigration lawyers in Mesa.
- Mesa Arizona Immigration Lawyer
This link is regarding our immigration attorneys in Mesa.
Arizona Litigation Matters
- Arizona litigation lawyers
This link is about our litigation lawyers in Mesa Arizona.
- Mesa Litigation Attorney
This link talks about out litigation lawyer in Mesa Arizona.
Arizona Probate Law
Arizona Probate Lawyers
This link is about our Arizona probate lawyers.
Arizona Real Estate Law
Arizona Real Estate Lawyers
This link is about our real estate lawyers in Mesa Arizona.
- Phoenix Real Estate Lawyer
This link is about our knowledgeable real estate attorneys in Phoenix, Arizona.
Mesa, AZ 85213