Signing a mortgage document is one of the biggest financial actions you will take in your life. Taking the time to understand what you are getting into is important. I suggest you don’t act until you actually understand what it is you are taking on. And if that takes hours or days of reading and research so be it. Don’t find yourself with remorse for acting without understanding what you are doing with such an important financial decision.
On the Curious Cat Investment Dictionary mortgage page we have defined some common mortgage terms and provided links to some excellent resources from the Federal Reserve and HUD as well as several articles from Business Week, including: Understanding the Mortgage Process from the Federal Reserve and Nightmare Mortgages from Business Week.
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I agree, that you need to know getting a home mortgage is a huge decision and to do your homework before signing anything.
UK Home Mortgages Guy
[...] Personal loans often have “teaser” rates – interest rates that are low (and quoted in big bold colors) while the real rate is hidden in small type. Don’t fall for the hype. [...]
Example 30 year mortgage rates: credit score of 700-759 = 6.08%; 660-699 = 6.37%; 620-659 = 7.18%…
Example mortgage rates for credit score of 700-759 = 6.49%; 660-699 = 6.77%; 620-659 = 7.58%…
“Serious delinquencies, those 90 days or more late, jumped to 1.11 percent of all loans, from 0.98 percent in the first quarter. The loans actually entering foreclosure proceedings stood at 0.65 percent…”