Mortgage Lenders Tulsa – Knowing Your Rights to Fair Lending with Mortgage Lenders in Tulsa
It is an excellent decision to get the assistance of a mortgage lending company especially when your hands are full with your monthly bills and other financial obligations. But being a homebuyer, you need to understand that you are entitled to a fair lending policy and mortgage lenders in Tulsa.
There are several Federal laws protecting your rights from discrimination and unfair mortgage loan practices. These laws are astringent when it comes to penalties, and you deserve the right to know every one of them before committing to a housing program.
At Tulsa Mortgage Group, we have been keen on providing fair practices to every client, and we are fully aware of enforcing the laws associated with housing loans. We understand how vital housing for every family is and we work closely to help protect you against any forms of discrimination.
Racial Background and Religion is not a Question
As a financial institution committed to fair practices, we are not entitled to question anything about your ethnic background, marital status, age, sexual orientation, and even religion. Our scope of inquiry only limits to your financial capacity and how you will be able to meet your monthly obligations.
Applying for a home loan is not limited to anything except the stability of your financial condition. This means having a good credit standing and stable employment that we use as a criterion for judging your qualifications. Anything beyond the scope of your finances is considered as discriminatory and is something we firmly do tolerate in the mortgage lending industry.
You Have the Right to Information Regarding the Terms and Conditions
Because a home loan involves money, you have the right to understand every detail of your mortgage loan and the associated payment plans. We can also help you explore every possible financial option to make payments much more manageable.
As with any other loans involving repayments, you are also entitled to have a clear understanding of the mortgage loans being offered and decide on which one best suits your needs. While the mortgage lenders can only process your qualifications in Tulsa, you have the final say before committing to one and signing the contract.
The Truth in Lending Act also covers your rights to have a clear understanding about annual percentages and various other citations about its technicalities. This allows you to make a sensible decision before signing the contract with the mortgage lender and avoid penalties that come with it.
Mortgage lenders are required to be fully licensed with the national standardization
Mortgage lenders around the country are required by law to obtain full licensing before operating. The Tulsa Mortgage Group has always stayed committed to providing every resident with active processing without facing any penalties because of national licensing issues.
As the law dictates, every mortgage lender has to train, test, and thoroughly screen employees to provide quality service. Every lending institution has to be fully licensed although employees are not required to obtain individual licenses.
If you want to learn more about your rights to home mortgage lending, merely get in touch with us by calling or dropping us an email.
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