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1.
Were
you encouraged to include false information on your loan application? |
6. Is your
loan amount on the loan you obtained higher than the value of
the home? |
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2. Were
you asked to leave signature lines or any other important line-item
of any form blank? Did the lender or broker alter any information
you entered on your loan application? |
7. Did
you incur any unexpected costs at settlement that were not explained
to you prior to the settlement? |
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3.
Check your loan file. Are any of the following disclosures missing?
Good Faith Estimate
Special
Information Booklet
Truth
in Lending
HUD-1
Settlement Statement |
8. After
settlement, were you surprised to find that the monthly payments
on your mortgage loan were higher than you anticipated based
on the initial disclosures? |
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4. Have
you refinanced your loan several times, and in each instance
increased either your monthly payment and/or the total amount
you owe on your home? |
9. If
you have a balloon loan (one in which after a series of low pay-ments
the entire loan balance is due in a large lump sum),will you
need to obtain another loan to finance that final lump-sum amount? |
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5. Do
your documents reveal that your interest rate calculation will
change to require you to pay "daily interest" in instances
when your payments are late? |
10. Were
you required to buy credit insurance, insurance that will repay
the debt if you die or become disabled? (Note: Credit insurance
is optional and will not affect your loan decision if you decline
to buy it. It can, however, add considerable cost to the loan
transaction. You should decide whether you are going to pur-chase
credit insurance carefully.). |