Quote:
Originally Posted by saden1
Assuming you own your own home I am curious as to how many people in here actually read their loan documents in their entirety before they signed them?
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I read very little of my loan papers but I also have an established ralationship with the person who did my loan. We did not have any fancy stuff in the loan and put 15% down (conservative traditional banking) and have a fixed 30 year loan with a rate around 5 3/4. We had to buy 4 years ago when the market was just crazy. We found a home that we liked ( could have been bigger) but we also found a home for sale by owner which was about $80,000 below its market value. I'm not the smatest guy in the world but common sense said the market had to correct itself and could not keep up the pace it was on. We have our eye open for another home if we find something that we really like at a good price (I want to live on the water). We can sell our current home and still make around $100,000 with the price we paid for the home. Oh, if I did not have the relationship with my lender I would have read more of the papper work.