It is important to do some research if you are planning to buy your first home. The home buying process can be confusing, and there are lenders who will take advantage of you if you are not careful. There are laws to protect you from unethical lenders.

Here are some rights you have as a borrower:

• You have a right to choose a lender who will give you the best deal on a mortgage. Shop around to find the lender who will offer the lowest interest rate. Even if you are already working with a lender, you have the right to switch to another one as long as you have not signed any agreements.
• Do not be afraid to ask questions during the home buying process. You have a right to have everything fully explained to you before you close on your home. Your lender should give you all the information you need to make an informed choice about a mortgage.
• Your lender should provide a list of all costs associated with your mortgage. You should get this information within three business days of applying with the lender. The costs should closely match the paperwork you are given to sign at closing. If there are huge differences in the costs, you may be dealing with an unethical lender. There should be no unexpected fees at the time of closing.
• If your application for a home loan is denied, you have a right to an explanation of the decision. Lenders cannot discriminate against borrowers based on race, sex, national origin, familial status or physical handicap.
• After closing, you continue to have rights as a borrower. You can contact your lender regarding any questions that arise, and someone should be willing to address all your concerns.

Buying a home can be exciting. However, it is a big decision that should not be taken lightly. If you fail to get the best deal on a mortgage, you may find that you are unable to make the payments and lose your home. Take time to fully understand your rights before signing paperwork for a home loan.