Federal Reserve Consumer Information

You’ve been looking at houses for months and months, and you have finally found it--the house that’s just right. Now, you’re anxious to buy your new home, move in, and get settled. But you still have an important task ahead of you--getting a mortgage loan.

This portion explains about dealing with mortgage lenders. It tells you where to look, what to look for, and what takes place when you apply for a mortgage. Knowing what to expect, especially if you are a first-time home buyer, may make it easier for you to get through the process.

You’ll also learn about your legal rights to fair lending and what you have a right to expect in fair treatment. The Fair Housing Act and the Equal Credit Opportunity Act make it unlawful for a lender to decide whether you qualify for a loan, or to offer less favorable terms, for reasons such as your race, national origin or sex and other prohibited factors.

If you believe you have been unlawfully discriminated against by a lender, or have questions about the treatment you have received, this section also tells you where to file a complaint.

Consumer Complaint links

Where To Shop And What To Look For - Once you have found the home of your choice, you may think that your shopping days are over. Actually, only the first phase has been completed.
The Mortgage Application Process - The mortgage application process requires considerable paperwork. First there is the application form, which asks for detailed information about you, your employment record, the house you want to purchase, etc.
Understanding Your Rights To Fair Lending - Federal law protects every home buyer looking for a mortgage loan against discrimination.

 

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By visiting Allie Mae you have taken your first step toward becoming an educated borrower. Allie Mae is an objective, independent source of information for the mortgage consumer. Whether you are buying a home, refinancing, taking a home equity loan, building a home or in need of a mortgage for any purpose, Allie Mae is here to help. Allie Mae has helped thousands of people with their mortgage needs. We have a complete selection of articles, charts, calculators, and checklists designed to help you through the mortgage and home buying process.

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