TOP 10 MORTGAGE MISTAKES !

 

   1.    BEWARE OF THE ORIGINATION FEE.

   2.    TRUSTING THE FIRST LOAN OFFICER YOU INTERVIEW.

   3.    USING AN INTEREST ONLY ADJUSTABLE RATE LOAN TO QUALIFY FOR A

          MORE EXPENSIVE HOUSE.

   4.    THINKING INTERST RATES ARE THE ONLY THING.

   5.    NOT COMPARING FINAL FEES LISTED ON THE CLOSING DOCUMENTS.

   6.    NOT KNOWING IF THE MORTGAGE HAS A PREPAYMENT PENALTY.

   7.    THINKING THAT RENTING MEANS THROWING MONEY AWAY.

   8.    NOT CONSIDERING BACK AND YEILD SPREAD.

   9.    PAYING FOR CREDIT AND MORTGAGE LIFE INSURANCE.

  10.   PAYING EXTRA TO SET UP A BI-WEEKLY PAYMENT PLAN.

           Center for Responsible Lending estimated in July 2001 that predatory mortgage lend-

            ing is currently costing Americans more that $9.1 billion each year.