Don't Believe It Unless It's in Writing

by Kenneth R. Harney

Did your loan officer sit you down and walk you through all the key operational details of your most recent mortgage before you signed? Did you see a copy of the appraisal and have a chance to review it carefully? Did you understand when, if ever, a prepayment penalty might take effect to discourage you from refinancing? Or was that whole subject left a little fuzzy? Did you receive a copy of your loan and settlement cost good-faith estimates within three business days of application? These may sound like the most basic of questions and you may well answer: Duh! Of course I understood everything I needed to, and yes, my loan officer was an absolute font of useful information. (Read Full Article )

source: The Washington Post, February 4, 2006. via: HighBeam™ Research