Your Borrower's Rights in a Bad Credit Refinance

By Gabriel Traverso
Mortgage Credit Problems Columnist

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Many people with poor or bad credit wonder what their rights are in a bad credit mortgage refinance. Point of fact: some people don't even know they have rights. Let's say you have bad credit and you want to refinance your home loan. What are your rights? Where do you stand in the mortgage refinance process? Here are some tips that will help you protect your interests when applying for a bad credit mortgage refinance.

The sad fact of the matter is that sometimes people with bad credit allow themselves to get into a bad loan because they don't know their rights. It is surprisingly easy to fall prey to high pressure sales tactics and after all, you really want to get your loan approved, right? When you are applying for a bad credit home loan don't get pushed around. You are the borrower, the customer and you have rights.
  • You have the right to compare costs. You don't have to go with the first mortgage refinance loan you're offered.
  • You have the right to be told up front the entire cost of the loan, including the interest rate, points, and other fees.
  • You have the right to know how much the mortgage broker is getting paid by you and the lender for your bad credit home loan.
  • You have the right to ask questions!!!
  • You have the right to a credit decision that is not based on sex, race, color, religion, national origin, marital status or age.
  • You have the right to know the reason if your bad credit home loan is declined.
While you're applying for a bad credit mortgage refinance and shopping around for the right loan, keep these rights in mind. You are the one who will be paying for the loan and you will quickly find there are many lenders willing to work with you regardless of your poor or bad credit -- so take the time to protect yourself before you sign!

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