Many home buyers really only start looking at the mortgage document that they are about to sign at the lawyers, on completion of the home purchase transaction. Many do not consider using the services of their lawyers before the signing date to really hone in on the language of the mortgage pre-approval or approval and what it really means for the home buyer.
For example, with variable rate mortgages, a base of contention is in the prime rate. Is this the banks prime rate or the mortgage company’s specific prime rate? You may end up paying a prime rate higher than what the banks are charging, costing you more in interest charges.
For example, with variable rate mortgages, a base of contention is in the prime rate. Is this the banks prime rate or the mortgage company’s specific prime rate? You may end up paying a prime rate higher than what the banks are charging, costing you more in interest charges.
It’s advisable to consult your lawyer in the early stages of planning to buy a home, even as early as when you’ve been given a pre-approval. You might prefer to clear up any points of confusion and misunderstandings early in the process than trying to do so on completion.
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