Many have not realized their rights and responsibilities when it comes to property loans or financing. The excitement of getting a mortgage could sometime lead to the ignorance of understanding their rights and responsibilities. Inadequate knowledge of the rights as a borrower may later causes to unnecessary stress, waste of time and effort dealing with the legal department.
As for not knowing your duties, your property might be at stake. Get to know the rights that you have as a borrower.
- A borrower has the right to gain access to all information concerning the loan. Buying a house is not like getting a new pair of shoes. It costs a long term commitment and you have the right to know every detail about your property loans.
- A borrower has the right to be treated as a customer with professionalism, manners and without prejudice. Regardless of any events, as a client, you have the right to be served professionally and with manners. This is a common practice of any business deal and property loan is the same as any other.
- A borrower has the right to know any amendments to the contract of his loan. If there happened to be any modification or adjustment to your loan’s terms and conditions, the banks should give you heads up as you have the right to know.
- A borrower has the right to have precise information on time, every time. At all times, you need to ensure that the information given regarding your home loan is correct and you deserve to question if it is otherwise.
- A borrower has the right to impose legal action if the contract is breached. Most importantly, you have to know that you have the right to bring them to justice if it happened to be a breach of contract during the period of your loans. As a borrower, you are also obliged to fulfill your responsibilities regarding your loans. Borrower’s Responsibilities
- A borrower is responsible to comprehensive understanding of the contract loan. It is vital to fully understand the terms and conditions of your loans. This will prevent you from getting tricked by irresponsible parties.
- A borrower is responsible to monitor the loan details at all times. This is to ensure both parties are on their right path and to avoid unpleasant event of any breach of contract.
- A borrower is responsible to find out about all information of their loans. It is your duty to ask to get the clear picture of your loan. The banks might have explained, but you can still enquire for anything uncertain from your side.
- A borrower is responsible to make the payment on time, every time. Last but the most important of all, you are responsible to make payment in time. There are many channels that you can get help for any inquiries concerning you property loans. You can always count on the loan officer for assistance and advice or searching the internet for additional information.
By Robert Charlson