Typical Documents

All mortgage lenders and brokers have their own, individualized package of documents for you to complete. Some documents are standard because they are federally mandated. Covering all these forms here is certainly beyond most people's attention span. What follows are some of the other common forms that you're likely to encounter from your mortgage lender or broker.

Your right to receive a copy of appraisal

It was not always the case, but you now have the right to receive a copy of the appraisal report. That borrowers didn't always have this right is a bit absurd. To make sure you know that you have this right, the government requires that mortgage lenders and brokers present you with a document that tells you so.

Despite the fact that the notice tells you to make your request in writing, try making the request verbally to save yourself time. You can see what properties were used as comparables to yours in order to discover how good or bad the appraisal is.

Equal credit opportunity act

It is a matter of federal law that a mortgage lender may not reject your loan because of any nonfinancial personal characteristic, such as race, sex, marital status, age, and so forth. You also do not have to disclose income that you receive as a result of being divorced (although we think that doing so is in your best interest because such income may help get your loan approved).

If you have reason to believe that a mortgage lender is discriminating against you, contact and file a complaint with the Department of Real Estate or the government division that regulates mortgage lenders in your state. And start hunting around for a better, more ethical lender.