Most people simply don’t ask enough questions. Make sure you fully understand what kind of loan you’re getting.
Remember, a mortgage is more than just making the monthly payment on time. It includes how much will be paid over the life of the loan and interest. Let’s say you have a 3/1 adjustable rate mortgage where the first three years of payments are fixed. After this point, the remaining interest on the loan adjusts yearly. Your interest rates can fluctuate in three years.
Read everything carefully because you may not have much time during the final stages of closing to take in all of the information.
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