Know Your Rights as a Home Buyer
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CasaNuevaHouston, a Texas group that promotes homeownership, recently published what it calls the Home Buyer's Bill of Rights. These are the rights it lists. For more detail, in both English and Spanish, see the organization's Web page: http:/
· You have the right to view homes without paying a "showing" fee to a real estate agent.
· You have the right to the lowest interest rate that is available to you.
· You have the right to not be charged excessive loan fees.
· You have the right to an independent appraisal and property inspection.
· You have the right to report predatory lending and other scams if you are not a U.S. citizen.
· You may have the right to a home loan with reasonable terms even if you have issues such as no traditional credit, cash (non W-2) income or lack a Social Security number.
· You may have the right to participate in programs that can help you with the down payment and closing costs.
· You have the right to understand what documents you are signing, and you have the right to be given documents in your language.
· You have the right to refinance without prepayment penalties.
· You have the right to know why you were turned down for a loan and the right to reapply.
