The Mortgage Bankers Association (MBA) developed a set of guidelines to clarify your rights as a borrower of a mortgage loan. Use these guidelines to help you decide if it makes sense for you to take out a loan. MBA and its members do not want you to accept a loan that you do not fully understand.

• A borrower has the right to clear and forthright explanations of the terms and conditions of a loan.
• A borrower has the right to timely and truthful disclosures regarding the rates and costs of the loan.
• A borrower has the right to accurate disclosure of the final annual percentage rate and the amount of regular payments at the time of loan closing/settlement.
• A borrower has the right not to be subject to deceptive marketing tactics.
• A borrower has the right to obtain credit counseling prior to closing on the loan.
• A borrower has the right to have a lender consider a borrower’s ability to repay the loan before such credit is extended.
• A borrower should receive an identifiable benefit when charged a fee or a higher interest rate to refinance a loan.
• A borrower has the right to not be subjected to a requirement that he or she finance any portion of points or fees.
• A borrower has the right to decline credit insurance in connection with a loan.
• A borrower has the right to a fair and equitable resolution to any disputes related to their loan.
• A borrower has the right to have favorable information reported to credit reporting agencies on a timely basis.