This is a Blown Mortgage Hall of Fame article. Originally published in August 2007 it shows you how to read your adjustable rate mortgage (ARM) loan documents via a video overview of the documents. I’m two days away from being home at this point. We’ve almost made it.
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I?ve put together an audio/visual review of loan documents that are customarily associated with adjustable rate mortgages for our consumer friends who feel overwhelmed at the signing table with the sheer volume of paper requiring their John Hancock.
In this flagship video I look at a 2-year ARM disclosure, Note, Deed of Trust and ARM Rider documents. The purpose of this video is two-fold:
- Help homeowners about to sign loan documents identify the key pages and terms out of the mountain of paperwork to ensure that they are receiving the mortgage requested
- Help homeowners who refinanced over the last few years identify where in their loan documents they should look to determine if a) they have an adjustable rate mortgage and b) when and by how much their interest rate and payment will adjust
View the video here.
In future videos we?ll look at prepayment penalty documents, Truth-in-Lending and other important documents.
As always, I?d love your feedback. We try to push the envelope around here and are always trying to provide you with valuable information. Let us know how we?re doing (even if you hate it).
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