I believe that 90% of all of the bad mortgages would not exist if people just took the time to read what they were signing. Stop listening to the people that tell you "Just sign it; its just what we talked about" and take a moment to read. If you don’t understand it – that’s OK. Call and ask, look it up. This is your home, not your gym, you need to see what you are signing.
Be on the careful look out for these items when you are signing your loan:
- Adjustable Rate Rider
- Prepayment Penalty Rider
- Negative Amortization feature
- Yield Spread Premium or YSP/SRP
If you see these things in your documentation make sure you understand what they are saying and what the consequences are for you and your home.
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