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MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

Pursuant to Michigan Public Act 660 of 2002
 

1. You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.

2. You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.

3.
You have the RIGHT to obtain a "Good Faith Estimate" of all loan and settlement charges before you agree to the loan or pay any fees.

4.
You have the RIGHT to know what fees are nonrefundable if you decide to withdraw your loan application.

5.
You have the RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you.

6.
You have to RIGHT to know how much the mortgage broker is getting paid by you and the lender for your loan.

7.
You have the RIGHT to ask questions about charges and loan terms that you do not understand.

8.
You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is derived form public assistance.

9.
You have the RIGHT to know the reason if your loan application is turned down.

10.
You have the right to receive the HUD settlement costs booklet "Buying Your Home."



Pursuant to Michigan Public Act 660 of 2002


If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and all money you have invested in it, if you do not meet your obligations under the loan, including making all your payments.

 

Mortgage loans rates and closing costs and fees vary based on many factors, including your particular credit and financial circumstances, your earnings history, the loan-to-value requested, and the type of property that will secure your loan. Higher rates and fees may be applicable depending on the individual circumstances of a particular consumer's application.
 

You should shop around and compare loan rates and fees. This particular loan may have a higher rate and total points and fees than other mortgage loans. You should consider consulting a qualified independent credit counselor or other experienced financial advisor regarding the rate, fees and provisions of this mortgage loan before you proceed. For information on contacting a qualified credit counselor, ask your lender or contact the United States Department of Housing and Urban Developments online or at 800-569-4287 for a list of counselors.
 

Your payments on existing debts contribute to your credit ratings. You should not accept any advice to ignore your regular payments to your existing creditors.

HUD APPROVED COUNSELING CENTERS


DETROIT NON-PROFIT HOUSING CORPORATION
8904 Woodward Avenue, Suite 279
Detroit, MI 48202
Phone: 313-972-1111
Fax: 313-972-1125
E-mail: detroitnon@aol.com


MICHIGAN STATE UNIVERSITY EXTENSION SERVICES
240 Agriculture Hall, MSU Campus
East Lansing, MI 48824
Phone: 517-432-5620
Fax: 517-353-4846
E-mail: costner@msu.edu 


GREENPATH DEBT SOLUTIONS
2111 Woodward Avenue, Suite 906
Detroit, MI 48201
Phone: 877-337-3399
Email: housingdepartment@greenpath.com
Website: www.greenpath.com

GREENPATH DEBT SOLUTIONS

612 S. Creyts Road, Suite C
Lansing, MI 48917
Phone: 877-337-3399
Email: housingdepartment@greenpath.com
Website: www.greenpath.com


MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY
735 E. Michigan Avenue
Lansing, MI 48909
Phone: 866-946-7432
Email: SaveTheDream@Michigan.gov

Website: www.michigan.gov/mshda