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
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