Nancy Guzman is an Expert Realtor for the Metro Denver Colorado area, who can help you decide where to live.  Because, Nancy understands finding your special place means taking in many factors that include accessibility to work, education and recreational activities.  It also includes the size and style of your home, the style of the neighborhood that will make you feel more at home.  All of these factors must come together to make your new Metro Denver Colorado home, feel like home.

WHAT ARE MY RIGHTS AS A BORROWER?

Throughout most of history, the concept of home-ownership has been one of great importance, shared by nearly all the people of the world. Because of the value that individuals, like you, place on home-ownership, there are many federal and state laws existing to support this concept.

Laws and regulations were created to protect your rights as a borrower in your quest for home ownership. As your loan officers, we will be more than happy to answer any questions and explain them in greater detail if needed.

EQUAL CREDIT OPPORTUNITY ACT.

This regulation was created so that all creditworthy applicants would have credit available to them without regard to race, color, religion, national origin, sex, martial status, or age; whether an applicant's income, either all or part, is derived from public assistance; or whether an applicant has exercised any rift in good faith under the Consumer Credit Protection Act. The regulation prohibits any acts by creditors that would discriminate on the basis of any of these factors. This regulation also establishes your right to be notified by the creditor of any actions taken on your application.

HOME MORTGAGE DISCLOSURE ACT.

(HMDA) Regulation is intended to provide the public with information on lending practices which can be used to help determine whether financial institutions are meeting the housing needs of their communities to attract private investments where needed; and to discourage unsound and discriminatory lending practices.

FAIR CREDIT REPORTING ACT.

The purpose of this act is to ensure that credit reporting agencies use fair, accurate, and confidential reporting methods. This protects consumers against unfair and inaccurate credit status, the credit reporting methods. This protects consumers against unfair and inaccurate credit billing. If your loan is denied due to your credit status, the credit reporting agency must supply you upon your request, with the information upon which the denial was based.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA).

This act is intended to ensure that consumers throughout the country are provided with greater and more timely information on the nature of the costs associated with getting a mortgage loan. As a result of the act, federal regulations require that, within three days of your initial loan application, you will receive a disclosure of estimated settlement cost on what is known as a "Good Faith Estimate". RESPA was also created to eliminate kickbacks and referral fees that might increase settlement costs to the borrowers due to unnecessary settlement services. In addition, it is intended to regulate the amount of money borrowers are required to place in escrows for taxes and insurance.

TRUTH IN LENDING ACT-REGULATION Z.

This act requires creditors to disclose information to consumers about the conditions, terms, and cost of a loan. The regulation also ensures the right of a consumer to cancel some credit transactions involving a lien on the consumer's principal residence. The intent of this act is to help you better understand loan transactions, and to assist you in comparing loans offered by different lending institutions through use of common terminology such as "annual percentage rate" (APR), and "finance charge", to name a few.

STATE LAWS

In addition to the rights provided to you under federal law, each state has its own laws which protect consumers. These laws vary from state to state. You can ask your loan officer about any state-specific laws and the rights that are guaranteed by those laws.