Am I obligated to accept an offer?
You are under no obligation to accept an offer from a participating service provider. If you do accept a loan offer, you may be obligated to pay a fee. However, you cannot be required to pay a fee aside from a fee for a credit report until you have received your federally required disclosures from your lender and you have affirmatively assented to proceed with the loan application.
What does it cost?
Registering for our matching service online at eMortgageRates.com is free. eMortgageRates.com does not charge you anything for its services. eMortgageRates.com is not affiliated with the government. Our services are not endorsed or sponsored by the government or your lender. Since eMortgageRates.com is not a lender, there are no fees or interest directly associated with registration. eMortgageRates.com is a matching service that serves users by facilitating their requests for access to our network of independent third party service providers who may be able to meet their needs. If you are approved by a lender, the rates and fees that are associated with your loan will vary from lender to lender. Ask your lender for information about your specific loan terms, including, without limitation, associated interest, fees and costs. Beware if you are asked to pay a fee or "insurance" before completing an application. You cannot be required to pay any fee aside from a fee for a credit report until after you have received your federally required disclosures from your lender and you have affirmatively assented to proceed with the loan application.
Is approval for mortgage financing guaranteed?
No. Submitting your registration information to eMortgageRates.com does not guarantee you will be approved for mortgage financing. eMortgageRates.com is not a lender, does not broker loans to lenders, and does not make credit decisions. Loan approval standards are established and maintained solely by independent third party lenders.
What if I am denied for mortgage financing by a lender?
eMortgageRates.com is not a lender and does not make credit decisions. But, if your loan application is denied, the lender should give you specific reasons, or tell you that you have the right to ask for specific reasons.
What information must I provide to register for eMortgageRates.com’s services?
Is the information I provide an application for a loan?
No, the information you provide is neither an application for a loan, or a request for pre-approval or pre-qualification. Rather, the information you provide is merely a request for us to facilitate your request for access to eMortgageRates.com’s network of independent participating third party lenders.
Will independent third party lenders perform a credit check and what are the credit implications?
Our participating third party lenders may verify, without limitation, your social security number and driver's license number, or any other qualifying identification and review your information against national databases to determine credit worthiness, standing and/or capacity. Please note that multiple inquiries on the three national databases (Equifax, Transunion and Experian) may result in a lowered credit score. By submitting your information you agree to allow third party providers to verify your information and check your credit as described in their policies and terms.
Is fair lending required by law?
Yes. The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of an applicant’s income has come from a public assistance program, or whether an applicant has in good faith exercised a right under the Consumer Credit Protection Act. In addition, the Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin. Ultimately, this means you may not be refused a loan based on these characteristics nor be charged more for a loan or offered less-favorable terms based on these characteristics.
What other questions should I ask my lender?
It is unlawful for your lender to misrepresent, either expressly or by implication, any material aspect of its services. Be sure and ask your lender a lot of questions, such as how long a fixed rate will be fixed for, when and how your rate and payments can change, what the payment rate is, what the interest rate is, whether some rates are only applicable for an introductory period, whether your potential loan involves negative amortization, whether the offer is for an interest-only loan, how long it will take to get the advertised mortgage relief, whether the lender is affiliated with the government or public programs, relevant terms and conditions, refund and cancellation policies and the total costs involved.
What if I have less than perfect credit?
Participating service providers often work with borrowers with less-than-perfect credit. We cannot guarantee that you will obtain a loan offer. However, we will try to match your loan request with independent third party lenders who may be eager to work with you.
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