It is imperative to know about mortgage laws when you are thinking of taking mortgage loans from the lenders. The US government has introduced mortgage laws in order to monitor the mortgage lending process. There are various mortgage laws that is designed to suit the need of prospective home buyers who take out a mortgage loan for buying a 
house. A through knowledge on mortgage law will enable you to understand the mortgage lending process in a better manner. This article highlights 3 mortgage laws that you must know. Have a look at the them and get them on your fingertips to get an added advantage over mortgage lenders.
The 3 major mortgage laws are given below:
1. Truth in Lending Act: This mortgage law came into effect in 1968. This mortgage law specifies that the lenders should provide some disclosures to the borrowers. The lenders are required to provide the following disclosures – annual percentage rate, finance charge, total sales cost and total payments that has been made throughout the term of the loan. This law has also set forth some advertising rights for lenders.
2. Real Estate Settlement Procedures Act: The Real Estate Settlement Procedures Act is another consumer protection law. According to this mortgage law, the borrowers have the legal right to get some disclosures from the mortgage lenders. When borrowers are applying for mortgage loans, they are entitled to get Good Faith Estimate from the lenders. Basically, borrowers are entitled to get disclosures at various stages of mortgage loan process. It was enacted by the Congress in the year 1975 and implemented by the Federal Reserves Board Regulation.
3. Home Mortgage Disclosure Act: This Act was passed in 1975. According to this Act, lenders must give public loan facts and figures on mortgage loans.
Finally, you should also know about New Homeowner’s Protection Act. This mortgage law is applicable to those mortgage loans that have been issued on or after 29th July, 1999. Get yourself educated with such mortgage laws so that you are not manhandled by the mortgage lenders.
Useful Real Estate lawyer Information:
To know more about Real Estate Settlement Procedures Act visit http://www.lawspgh.com/. They are specialized in providing Fort Lauderdale real estate attorney services or find conveyancing lawyers.