Will Merritt

The Borrower's Bill of Rights

• A borrower has the right to clear and forthright explanations of theterms and conditions of a loan.
• A borrower has the right to timely and truthful disclosure regarding the rates and costs of the loan.
• A borrower has the right to accurate disclosure of final annual percentage rate and amount of regular payments at the time of loan closing/settlement.
• A borrower has the right not to be subject to deceptive marketing tactics.
• A borrower has the right to obtain credit counseling prior to closing on a loan.
• A borrower has the right to have a lender consider a borrower's ability to repay the loan before such credit is extended.
• A borrower should receive an identifiable benefit when charged a fee or a higher interest rate to refinance a loan.
• A borrower has the right to not be subject to a requirement that he or she finance any portion of points or fees.
• A borrower has the right to decline credit insurance in connection with a loan.
• A borrower has the right to a fair and equitable resolution to any disputes related to their loan.
• A borrower has the right to have favorable information reported to credit bureaus on a timely basis.

Will Merritt

www.tampabayloanofficer.com

will@tampabayloanofficer.com

727.530.7208

Where 20 minutes could save you 20 years

Tips to avoid mortgage fraud Will Merritt www.tampabayloanofficer.com

where 20 minutes could save you 20 years

For Sellers:

•· Get references for real estate and mortgage professionals - and check them. Make sure they're licensed wit the state, county and city.

•· Be cautious about selling your property, especially if it's not currently on the market.

•· Read and understand everything you're asked to sign, and talk to an attorney if you need something explained.

•· Don't sign any documents with information left blank.

•· Don't agree to a price above your asking price, especially if you are asked to refund the difference after closing or if the extra money is to be used for repairs or improvements that you know are unnecessary.

•· Be wary of offers to Save you from foreclosure. You may pay thousands of dollars in fees without reducing or eliminating your debt, and you could even up losing your home. Work with your lender instead, and insist on getting a complete set of closing documents.

For Buyers:

•· Be extremely wary of "no money down/cash back at closing" investment opportunities.

•· Do your homework. Check the sales history of the property. Several sales within a short period of time could indicate inflated values. Have your real estate agent or appraiser establish the true value.

•· Check with your local tax assessment office to make sure the seller really owns the property.

•· Do not let someone else use your name or Social Security number to buy a property, especially if they offer to pay you for using it.

•· Read and understand everything you are asked to sign, talk to an attorney if you need to have something explained.

•· Do not sign any documents with information left blank or that contains inaccurate information, such as overstated income, source of your down payment, incorrect sales price, length of employment, intent to occupy the property as your primary residence.

•· Deal directly with a lender or mortgage broker. Do not let a third party arrange your loan