Adjustable Mortgage Rates Read Before Signing

by Homeowner from USA

Adjustable Mortgage Rates - Read Before Signing Should the adjustable mortgage rates rider be witnessed and notarized at closing? What I have, has only my signature and no one else's. Is this still a legal document with only one signature?



Review Adjustable Mortgage Rates - Read Before Signing

Dear Homeowner,

You bring up a good question about adjustable rate mortgage loans, also known as a variable rate or, for short, ARM.

Adjustable mortgage rates are known for unfamiliar terms and confusing paperwork. When you go into closing to sign final mortgage documents, this is the time to s-l-o-w down.

Read, ask and consider. Do the numbers look right? Is this the payment you were expecting? Is there a prepayment penalty?

Did you know you can take any trusted adviser with you to closing, a friend, a real estate agent, your mortgage broker or even your mom.

You can request a copy of your loan documents for an attorney to review before you sign also.

To address your specific question, I have two suggestions. One is to request a copy of the document with all signatures from the individual who closed your mortgage transaction, in many states called an escrow.

If you have actual questions of a legal nature, I suggest you contact an attorney.

I am not sure if you also have a specific question about your adjustable rate mortgage loan terms. Please feel free to write back with a question about adjustable mortgage rates.

Sincerely,

Ask Kate how to get the best mortgage rates
Ask Kate




Click here to add a comment.

You can also ask Kate about your mortgage at Answers to Adjustable Mortgage Rates.

Recent Articles

  1. Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

    Aug 11, 16 10:49 AM

    Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
    Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hover…

    Read more

  2. Ask Kate how to avoid unauthorized mortgage rate extension fees

    Aug 11, 16 10:18 AM

    Ask Kate how to avoid unauthorized mortgage rate extension fees
    Ask Kate how to avoid unauthorized mortgage rate extension fees:

    After locking in her rate, the bank sent a Texan homeowner, Laura, notification of several thousand in fees that she must pay in order…

    Read more