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Surprises usually make up happy but the potential surprises hidden in your mortgage documents could lead to anything from a mild headache to a full blown heart arrest. Imagine your surprise when you discover that yes, you can sell the house you bought 1 ½ years ago but there will be a $5,000 penalty for doing so if you hold the mortgage for less than 3 years. Imagine your surprise that after you notified the bank that you were moving out since you could not afford to catch up the payments you come home and discover that the locks have been changed and you are locked out of your home.
Surprises—unpleasant surprises—frequently prescribed by your mortgage documents—in language you never understood—but agreed to at closing.
Take a look now—so you can anticipate and make plans to offset the negative impact of potential surprises.