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My First mortgage

  • Thread starter Thread starter PleasehelpMaryL
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PleasehelpMaryL

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What is the name of your state?Ma
I am about to sign for my first mortgage. What sort of things do I want to look out for? I was reading a post from a woman and she mentioned she had a simple intest loan. I am applying for a fixed interest. is this ok? I figure with the election upon us who knows what could happen with rates.
What is a homestead on a mortgage?
What else should I be looking for?
Thanks! :confused:
 


M

MortgageGuru

Member
Easy way to tell the difference between a simple interest loan and a fixed rate is to look on the Truth in Lending disclosure at closing. In the chart you will see payments for 359 months and 1 month for a regular amortization loan. Simple interest loans will have moer than 2 entries for the payment amounts throughout the loan. Also, the Note will spell out everything Barney style.
 
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