It pays to know what type of a mortgage you have. What comes to mind first is the kind of home loan program you opted for. Whether it's a fixed rate product or an ARM of some sort, look up the details. If you happen to have an ARM, it's good to be aware of when it resets, like does it do it annually, every three years or when. Learn the index that's being used, and the margin.
Now that foreclosures are rising across the land, it's equally important to know what kind of a financial instrument secures the loan to the property. Is it a conventional mortgage or a deed of trust? They fulfill the same role in real estate purchases, but are quite different from the legal point of view.
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