Posted on: 03rd Sep, 2006 10:13 am
We just recently purchased a home and our lender did give us a rate 1% higher then the FHA rate, does this violate any RESPA laws? We signed a form stating they would not discriminate based upon credit. We did qualify and receive and FHA loan. Is there anything we can do or is it to late?
Hi Val,
As far as I know, the FHA does not offer loans, rather they insure loans provided by private lenders. So, what do you actually mean by the FHA rate? Are you speaking of rates generally provided by FHA approved lenders on the type of loan you have qualified for. If that is so, then I should say that different lenders ask for various rates of interest on different loan products. So, I don't think your lender has discriminated against you and violated the RESPA laws.
Thanks,
Sara.
As far as I know, the FHA does not offer loans, rather they insure loans provided by private lenders. So, what do you actually mean by the FHA rate? Are you speaking of rates generally provided by FHA approved lenders on the type of loan you have qualified for. If that is so, then I should say that different lenders ask for various rates of interest on different loan products. So, I don't think your lender has discriminated against you and violated the RESPA laws.
Thanks,
Sara.
Hi,
Under the RESPA, a borrower has the right to ask the lender about the terms and conditions if he fails to understand them. If a borrower wishes to reduce the interest rate, then he can talk to the lender and find out if the latter can offer a lower interest rate. In your case, it would have been better if you had asked him about the rate prior to signing the loan documents.
Thanks,
Caron.
Under the RESPA, a borrower has the right to ask the lender about the terms and conditions if he fails to understand them. If a borrower wishes to reduce the interest rate, then he can talk to the lender and find out if the latter can offer a lower interest rate. In your case, it would have been better if you had asked him about the rate prior to signing the loan documents.
Thanks,
Caron.
Hi,
In my opinion it would have been better for you to look around for some more lenders since there may be other lenders who might have provided you with the exact prevailing market rate.
In my opinion it would have been better for you to look around for some more lenders since there may be other lenders who might have provided you with the exact prevailing market rate.