The mortgage fine print tells you much more than the interest rate and monthly payment. It can reveal whether the rate may change, how long mortgage insurance lasts, what happens after a late payment, whether you can repay the loan early without a fee, and how much cash you actually need at closing.
Start with the Loan Estimate and compare it with the final Closing Disclosure. Then read the promissory note, mortgage or deed of trust, escrow documents, and any riders attached to the loan.
Look for three things first: costs that can increase, conditions that restrict what you can do, and consequences triggered by a missed payment or other contract violation.
A mortgage can last 15, 20, or 30 years.
The five minutes you save by skipping the paperwork can become a very expensive shortcut.
Start with the documents that matter most
A mortgage closing package may contain enough paper to make a printer nervous.
You do not need to memorize every sentence. You should understand the purpose of the main documents and know where the costly terms appear.
The Loan Estimate
The Loan Estimate is a three-page form showing the proposed loan amount, rate, projected payments, closing costs, and other loan features. A lender generally must provide it within three business days after receiving a completed mortgage application.
Use it to compare lenders before choosing a mortgage.
Pay close attention to:
- Loan amount
- Interest rate
- Monthly principal and interest
- Whether any amount can increase
- Prepayment penalty
- Balloon payment
- Mortgage insurance
- Estimated escrow
- Origination charges
- Lender credits
- Estimated cash to close
Do not treat the Loan Estimate as the final contract.
It is an estimate based on the application and information available at that point.
The Closing Disclosure
The Closing Disclosure is the five-page form showing the final loan terms and closing costs. For most covered home-purchase mortgages, you must receive it at least three business days before closing. That review period gives you time to compare the final figures with your most recent Loan Estimate and ask about differences.
This is not paperwork to open on the way to the closing appointment.
Compare the two forms line by line.
The promissory note
The promissory note is your written promise to repay the money.
It usually states:
- Principal borrowed
- Interest rate
- Payment due date
- Payment amount or calculation
- Late-charge terms
- Default provisions
- Prepayment rules
- Loan maturity date
If the note conflicts with what you believe you were offered, stop and ask questions before signing.
A verbal explanation from three weeks ago will not replace the contract in front of you.
The mortgage or deed of trust
The mortgage, security instrument, or deed of trust gives the lender a security interest in the property. That security interest is what allows the lender to pursue foreclosure under applicable law if the loan is not repaid.
This document can contain terms covering:
- Occupancy
- Property maintenance
- Insurance
- Escrow
- Transfers of ownership
- Default
- Acceleration of the debt
- Use of insurance proceeds
The CFPB recommends requesting the promissory note, mortgage or deed of trust, and deed before closing so you have time to read them rather than seeing them for the first time at the table.
Riders and additional agreements
A rider changes or adds terms to the main mortgage documents.
You might receive a rider for:
- An adjustable interest rate
- A condominium or planned community
- A second home
- A multi-unit property
- A balloon loan
- Another special loan feature
A rider is not a decorative attachment.
It is part of the agreement.
Read the loan terms box before looking at the fees
Page one of the Loan Estimate and Closing Disclosure answers several of the largest questions about the loan.
Is the loan amount correct?
Check that the loan amount matches the transaction you expected.
Suppose:
- Home price: $400,000
- Down payment: $40,000
Expected base mortgage:
$400,000 − $40,000 = $360,000
If the form shows $370,000, find out why.
The extra $10,000 might represent a changed down payment, financed program fee, or another adjustment. It should not remain a mystery.
Is the interest rate fixed?
Look at the column asking whether the rate can increase after closing.
“No” generally indicates a fixed rate under the disclosed loan terms.
“Yes” means you need to find:
- When the first adjustment occurs
- How often later adjustments occur
- Which index is used
- The lender’s margin
- The initial adjustment cap
- Later adjustment caps
- The lifetime cap
- Any minimum rate or floor
A low starting rate is only the first part of an adjustable-rate mortgage.
Can the payment increase?
The interest rate, principal and interest payment, mortgage insurance, and escrow amount may follow different rules.
A fixed principal and interest payment does not mean the complete monthly bill can never rise. Property taxes and insurance can change, and those changes can increase the amount collected through escrow.
Look at the projected-payment table rather than stopping at the first monthly figure.
Adjustable-rate fine print deserves extra attention
An adjustable-rate mortgage, or ARM, normally begins with an initial rate that stays in place for a stated period. After that, the rate can adjust under the loan formula.
The fully indexed rate generally equals the selected index plus the lender’s margin, subject to the contract’s caps and any floor. The margin is set in the agreement, while the index can move.
Understand the adjustment schedule
A 5/1 ARM commonly means:
- The initial rate lasts five years.
- The rate may adjust once per year afterward.
Another ARM might adjust every six months after the introductory period.
Read the actual contract.
The shorthand name is not enough.
Read all three rate caps
An ARM may have:
- An initial adjustment cap
- A later periodic adjustment cap
- A lifetime adjustment cap
The initial cap controls the first change. The periodic cap limits later changes. The lifetime cap limits how far the rate can move over the life of the loan.
Test the payment at a higher rate
Suppose you borrow $350,000 for 30 years with an initial rate of 5.5%.
Initial principal and interest payment:
Approximately $1,987.26 per month
After five years, the estimated balance would be about $323,612.
If the rate then adjusted to 7.5% and the loan were recalculated across the remaining 25 years, the payment would become approximately:
$2,391.46 per month
Increase:
$2,391.46 − $1,987.26 = $404.20 per month
At 8.5%, the payment would be about $2,605.81, an increase of approximately $618.55.
The exact adjustment depends on the loan’s index, margin, caps, timing, and remaining balance.
The point is simple.
Do not decide that an ARM is affordable using only the introductory payment.
Interest rate and APR are not the same number
The interest rate is used to calculate interest on the mortgage balance.
The annual percentage rate, or APR, reflects the interest rate plus certain finance charges under the applicable disclosure rules. It can help compare loans with different rates and upfront charges, although it does not capture every cost of owning the home. The finance charge appears in the loan calculations section of the Closing Disclosure.
A lower rate can come with higher upfront costs
A lender may offer:
- A higher rate with low upfront lender costs
- A middle rate with no discount points
- A lower rate after you pay points
One discount point equals 1% of the loan amount.
On a $350,000 mortgage:
$350,000 × 1% = $3,500
Points are paid at closing in exchange for a lower rate. Lender credits work in the opposite direction: you accept a higher rate and receive a credit that reduces upfront closing costs.
Calculate the break-even point
Suppose a $350,000, 30-year loan offers:
- 6.5% with no points
- 6.25% after paying one point, or $3,500
Estimated payments:
- 6.5%: $2,212.24
- 6.25%: $2,155.01
Monthly saving:
$2,212.24 − $2,155.01 = $57.23
Approximate break-even period:
$3,500 ÷ $57.23 = about 61 months
That is a little over five years.
Paying the point may make sense when you expect to keep the mortgage beyond that period. It may be poor value when you expect to sell or refinance in three years.
The catch is that the future is not guaranteed.
Check what is included in the origination charges
Origination charges are upfront lender charges shown in Section A of page two of the Loan Estimate.
Depending on the lender, they may include:
- Origination fee
- Underwriting fee
- Processing fee
- Application fee
- Verification fee
- Rate-lock fee
- Discount points
The names may vary. The total matters more than how creatively the fees are divided. CFPB guidance recommends comparing total origination charges across Loan Estimates from different lenders.
Watch for points hidden among other charges
A fee expressed as a percentage of the loan may be a discount point, an origination charge, or another percentage-based cost.
Ask:
- Does this payment reduce my rate?
- Is this a lender fee?
- Would I pay it under every rate option?
- What rate would I receive without it?
“One point” sounds smaller than “$3,500.”
The checking account sees dollars.
Separate lender fees from third-party costs
The Loan Estimate groups charges into different sections.
Services you cannot shop for
These are services required by the lender where the lender chooses the provider or does not allow you to select another one.
They may include:
- Appraisal
- Credit report
- Flood determination
- Certain tax or monitoring services
Services you can shop for
These may include services such as:
- Title search
- Title insurance
- Survey
- Settlement or closing services
- Pest inspection, when required
Check the lender’s written provider list and determine whether you are permitted to choose another provider.
Saving $400 on title or settlement services is still saving $400.
Other costs
Other costs can include:
- Recording charges
- Transfer taxes
- Homeowners insurance paid upfront
- Prepaid interest
- Initial escrow deposits
- Owner’s title insurance
Some of these costs are connected to the home and closing rather than the lender’s price for the mortgage.
That distinction helps when comparing lenders.
Read the lender credit carefully
A lender credit can reduce the money required at closing.
It is not necessarily a gift.
Lender credits commonly come with a higher interest rate, which can increase the payment and interest over time.
A credit can solve one problem and create another
Suppose a lender offers a $4,000 credit in exchange for a rate that raises your payment by $65 per month.
Simple break-even period:
$4,000 ÷ $65 = approximately 61.5 months
After about five years, the higher payments have used the value of the credit.
The credit may still be useful when you are short of closing cash and expect to move within a few years.
It may cost more when you keep the mortgage for 15 years.
Make sure the cash-to-close figure makes sense
Estimated cash to close is not simply the down payment.
It can include:
- Down payment
- Closing costs
- Prepaid expenses
- Initial escrow deposits
- Credits and adjustments
- Earnest money already paid
- Seller credits
- Lender credits
A cash-to-close example
Suppose:
- Down payment: $40,000
- Loan and other closing costs: $11,000
- Prepaid and escrow amounts: $4,500
- Earnest money already paid: $5,000
- Seller credit: $3,000
Estimated cash to close:
$40,000 + $11,000 + $4,500 − $5,000 − $3,000 = $47,500
If the final form says $54,000, find the changed line items.
Do not accept “the computer recalculated it” as a complete explanation.
Understand which costs may change
Some costs can change between the Loan Estimate and Closing Disclosure. Other costs are restricted in how much they can increase unless a permitted change in circumstances occurs.
A lender cannot deliberately underestimate charges merely to surprise you later, but a revised Loan Estimate may be allowed after changes involving the property, loan request, rate lock, income, assets, or other relevant facts.
Ask for the exact reason
When a revised form arrives, ask:
- Which circumstance changed?
- When did the lender learn about it?
- Which fees were affected?
- Did the interest rate change?
- Did points or lender credits change?
- Did my loan amount or down payment change?
If a rate was locked, the rate and points should generally follow the lock unless an allowed application change affects the agreement. Ask the lender to explain any difference in writing.
Read the rate-lock agreement separately
A rate quote is not necessarily a rate lock.
A rate lock is a separate agreement that usually protects the rate for a stated period, provided the loan closes on time and the application does not change in a way covered by the lock terms.
Check:
- Interest rate
- Points
- Lender credits
- Lock start date
- Lock expiration date
- Extension fees
- Conditions that can change the rate
- Whether you have a float-down option
Late closing can be expensive
Suppose a 15-day extension costs 0.25% of a $400,000 loan.
Extension fee:
$400,000 × 0.25% = $1,000
Find out who pays when the delay was caused by the lender, seller, appraisal, title issue, or buyer.
The answer may depend on the lock agreement and negotiations.
Mortgage insurance can remain longer than expected
Mortgage insurance terms depend on the loan type.
Conventional private mortgage insurance
For many eligible principal-residence mortgages, a borrower can request PMI cancellation when the scheduled balance reaches 80% of the home’s original value, provided legal and servicing conditions are met. Automatic termination generally occurs at the scheduled 78% point when the loan is current.
Check:
- Monthly PMI amount
- Whether the insurance is borrower-paid or lender-paid
- The scheduled cancellation date
- Conditions for early cancellation
- Whether an appraisal will be required
Lender-paid mortgage insurance can be built into the rate and does not follow the same cancellation process as separately charged borrower-paid PMI.
FHA mortgage insurance
FHA mortgage insurance follows different rules from conventional PMI. Do not assume it disappears automatically when the balance reaches 80% of the original home value.
Ask the lender how long the premium will continue under your particular FHA loan.
Do not rely on a future refinance
A loan officer may say you can refinance later to remove mortgage insurance.
Perhaps.
A future refinance depends on:
- Interest rates
- Home value
- Equity
- Income
- Credit
- Employment
- Closing costs
Choose a mortgage that works even when the future refinance never arrives.
Escrow can make the payment move
An escrow account is used by the lender or servicer to collect money for expenses such as property taxes and homeowners insurance. You pay part of the expected annual costs with each mortgage payment, and the servicer pays the bills when due.
An escrow estimate is not a permanent price
Suppose your first-year escrow amount includes:
- Property taxes: $6,000
- Homeowners insurance: $1,800
Annual total:
$6,000 + $1,800 = $7,800
Monthly escrow estimate:
$7,800 ÷ 12 = $650
The following year, taxes and insurance increase by a combined $1,800.
New ongoing monthly amount:
$9,600 ÷ 12 = $800
Ongoing payment increase:
$800 − $650 = $150 per month
An escrow shortage can create a temporary second increase
If the servicer paid higher bills before collecting enough money, the escrow account may also have a shortage.
Suppose the shortage is $1,800 and it is repaid over 12 months.
Shortage repayment:
$1,800 ÷ 12 = $150 per month
Temporary total increase:
$150 higher ongoing costs + $150 shortage repayment = $300 per month
After the shortage is repaid, the payment may fall by $150, but the higher tax and insurance collection may remain.
Federal servicing rules contain options for handling escrow shortages depending on their size.
No escrow does not remove taxes and insurance
Some mortgages allow you to pay property taxes and insurance directly rather than using escrow.
The Closing Disclosure can show an escrow waiver fee when the lender charges one. It also warns that property costs remain your responsibility and may change.
Create your own monthly reserve
Suppose annual taxes and insurance total $9,600.
Monthly reserve:
$9,600 ÷ 12 = $800
Transfer $800 every month into a separate account.
Skipping escrow does not turn a $9,600 bill into zero.
It changes who holds the money before the bill arrives.
Read the prepayment penalty line
A prepayment penalty is a fee that may apply when you repay all or a large portion of the mortgage early, often after selling or refinancing during an initial period. Whether one applies depends on the mortgage and contract.
The Loan Estimate must disclose whether the proposed mortgage includes a prepayment penalty.
Ask what triggers the penalty
Find out whether it applies after:
- Selling the home
- Refinancing
- Paying the full balance
- Making a large principal payment
Also ask:
- How long does the penalty period last?
- How is the fee calculated?
- Is there a penalty-free payment allowance?
- Can I choose another loan without the penalty?
Federal rules restrict prepayment penalties on covered mortgages and generally require an alternative offer without one when a permitted penalty loan is offered.
Restricted does not mean impossible.
Read the box.
A balloon payment can turn the final month into a crisis
A balloon mortgage has a final payment much larger than the regular payments. Under the mortgage disclosure rules, a balloon payment generally means a payment more than twice the regular periodic payment.
A balloon example
Suppose you borrow $300,000 at 6%.
The payment is calculated using a 30-year amortization schedule, but the complete balance is due after seven years.
Regular principal and interest payment:
Approximately $1,798.65 per month
Estimated balance still due after 84 payments:
Approximately $268,918
You make regular payments for seven years and then need almost $269,000.
The usual exit plans are selling, refinancing, or using substantial cash.
None is guaranteed.
The CFPB warns that a borrower who cannot make or refinance a balloon payment could lose the home.
Late-payment terms are more than a late fee
Read the promissory note for:
- Payment due date
- Grace period
- Late-charge percentage or amount
- Returned-payment charges
- Default terms
- Notice requirements
A grace period does not change the due date.
It generally describes how long you may have before a late charge is imposed under the contract.
Received is not the same as mailed
A servicer may charge a late fee when it receives a mailed payment after the applicable deadline, even if you posted the envelope before the due date, subject to the contract and any applicable state rules.
Check processing times and keep payment confirmations.
Default can trigger larger remedies
A missed payment can lead to more than a fee.
Depending on the contract and applicable law, ongoing default may lead to:
- Collection activity
- Credit reporting
- Default-related expenses
- Acceleration of the unpaid balance
- Foreclosure proceedings
Do not wait until the account is several months behind before opening letters from the servicer.
Federal servicing rules generally require early intervention and a delinquency notice after specified periods, but the best time to contact the servicer is before the problem becomes that serious.
Occupancy rules can affect how you use the home
A mortgage priced for a principal residence may require you to occupy the property within a stated period and continue using it as your main home for a minimum time, subject to exceptions written into the documents.
A standard model deed of trust, for example, contains an occupancy clause requiring principal-residence occupancy within 60 days and continued occupancy for at least one year unless the lender agrees or certain circumstances apply. Your own document may differ.
Read before planning to rent it out
Ask questions when you expect to:
- Move shortly after buying
- Use the property mainly as a vacation home
- Rent the entire home
- Buy on behalf of another person
- Convert the home quickly into an investment property
Buying a principal residence while secretly intending to use it as a rental is not a harmless paperwork choice.
Be accurate about occupancy.
Transfers and assumptions may be restricted
Your mortgage documents may contain a due-on-sale clause or conditions controlling whether another person can assume the mortgage.
A due-on-sale provision can allow the lender to require repayment when ownership is transferred, subject to applicable law and exceptions. Mortgage disclosure rules recognize that assumptions can be allowed, prohibited, or subject to conditions stated in the loan documents.
Check before:
- Selling through an informal arrangement
- Adding someone to the deed
- Transferring the home to a company or trust
- Promising that a buyer can take over the mortgage
Some transfers receive legal protection, and loan programs have different assumption rules.
That is an area where property-specific legal advice may be worth paying for.
Insurance requirements continue after closing
The lender generally requires homeowners insurance because the property secures the loan.
Read the documents for:
- Required coverage
- Deductible limitations
- Flood insurance requirements
- How insurance proceeds may be used after damage
- Your duty to provide proof of coverage
Force-placed insurance can be expensive
If required coverage lapses and you do not provide acceptable proof of insurance, the servicer may obtain force-placed insurance. This coverage protects the lender’s interest and may provide less protection for you than a normal homeowners policy. The servicer generally must provide required notices before charging you for it.
Open insurance notices promptly.
One missing document can become a costly policy.
Your lender and servicer may not remain the same company
The company that makes the mortgage may sell the loan, transfer ownership, or transfer servicing.
Your servicer is the company handling payment processing, statements, escrow, and day-to-day account management. It may not be the original lender.
Read the servicing-transfer notices
When servicing transfers, confirm:
- Transfer date
- New payment address
- New account number
- Automatic-payment instructions
- Escrow balance
- Contact information
Federal rules provide a 60-day protection period after a servicing transfer. A timely payment sent to the former servicer during that period generally cannot be treated as late or charged a late fee merely because it went to the old company.
Protection from the fee does not mean you should ignore the transfer.
Update your payment details promptly.
Compare the Closing Disclosure with the latest estimate
When the Closing Disclosure arrives, place it next to your most recent Loan Estimate.
Check page one first:
- Loan amount
- Interest rate
- Monthly principal and interest
- Prepayment penalty
- Balloon payment
- Projected payment changes
- Estimated total monthly payment
- Cash to close
Then compare page two costs and page three cash calculations.
On later pages, check:
- Late-payment terms
- Negative amortization disclosure
- Partial-payment policy
- Security interest
- Escrow information
- Loan calculations
- Finance charge
- APR
- Total interest percentage
Some changes require another waiting period
A corrected Closing Disclosure can trigger a new three-business-day waiting period when the APR becomes inaccurate, the disclosed loan product changes, or a prepayment penalty is added. Other corrections may be provided without restarting the full period.
Do not let a scheduled moving truck pressure you into accepting unexplained terms.
Do not assume you can cancel after signing
A federal three-day right of rescission generally does not apply to a mortgage used to buy or build your principal home. For a home purchase, you normally do not have a federal right to cancel the mortgage after signing merely because you changed your mind.
That makes the review period before closing even more valuable.
Read first.
Sign second.
Questions to ask before signing
- Can the interest rate increase?
- Can the principal and interest payment increase?
- What could make the total payment rise?
- Is the rate locked, and when does the lock expire?
- Are points included?
- What do the lender credits cost over time?
- Is there a prepayment penalty?
- Is there a balloon payment?
- How long will mortgage insurance continue?
- Which costs changed from the Loan Estimate?
- Why did they change?
- What is included in cash to close?
- Will the loan use escrow?
- What happens after an escrow shortage?
- What is the late charge?
- Does the agreement require principal-residence occupancy?
- Can the mortgage be assumed?
- What insurance coverage must I maintain?
- Can the servicing be transferred?
- Are all blanks completed?
Ask for answers in writing when the issue affects the price or contract.
A practical mortgage document checklist
When comparing lenders
- Compare Loan Estimates using the same loan type and down payment.
- Compare rates, APRs, points, origination costs, and lender credits.
- Calculate the five-year cost.
- Check the prepayment and balloon boxes.
- Review projected payment changes.
One week before closing
- Ask how the Closing Disclosure will be delivered.
- Request the note, mortgage or deed of trust, and riders in advance.
- Confirm the rate-lock expiration.
- Confirm homeowners insurance.
- Request final wiring instructions through a trusted contact method.
During the three-day review
- Compare the Closing Disclosure with the latest Loan Estimate.
- Check every changed fee.
- Confirm the rate, loan amount, and payment.
- Confirm cash to close.
- Read the escrow section.
- Check the late charge and prepayment terms.
- Resolve errors before closing.
At closing
- Do not sign blank documents.
- Confirm the documents match the copies reviewed.
- Ask for time to read changed pages.
- Keep complete copies of everything signed.
Frequently asked questions
What mortgage fine print should I read first?
Start with the Loan Estimate’s loan terms and projected payments. Then check the Closing Disclosure, promissory note, mortgage or deed of trust, escrow documents, and any riders.
What is the most important number on a mortgage?
No single number tells the whole story. Check the loan amount, interest rate, APR, monthly payment, mortgage insurance, cash to close, and total borrowing costs.
Is the Loan Estimate binding?
It is an estimate rather than the final contract. Some costs are restricted in how much they may change, while permitted changes in circumstances can support revisions. Compare the final Closing Disclosure with the latest estimate.
Can my mortgage payment increase on a fixed-rate loan?
Yes. The principal and interest portion of a typical fixed-rate mortgage may stay stable, but taxes, insurance, escrow shortages, association fees, and some mortgage-insurance changes can alter your total housing cost.
What is the difference between the rate and APR?
The rate is used to calculate mortgage interest. APR includes the rate and certain finance charges, making it useful for comparing loan pricing.
Are discount points always worth paying?
No. Divide the upfront point cost by the monthly payment saving to estimate the break-even period. Points are less attractive when you expect to sell or refinance before reaching that point.
Is a lender credit free money?
No. It usually reduces closing costs in exchange for a higher rate. Compare the upfront saving with the additional payment over the period you expect to keep the loan.
Can I pay a mortgage off early?
Usually, but some mortgages contain a prepayment penalty during an initial period. Check the Loan Estimate and note before signing.
What is a balloon payment?
It is a final payment much larger than the regular payments. You may need to sell, refinance, or pay a large amount of cash when it becomes due.
Why did my cash to close increase?
The down payment, loan amount, prepaid expenses, escrow deposits, credits, fees, or property-related costs may have changed. Ask the lender to identify each difference between the Loan Estimate and Closing Disclosure.
Can escrow raise my mortgage payment?
Yes. Higher property taxes or insurance can raise the ongoing escrow amount. A shortage can also create an additional temporary repayment amount.
Can I avoid an escrow account?
Some loans permit an escrow waiver, while others require escrow. A waiver fee may apply, and you remain responsible for paying property taxes and insurance directly.
Does PMI automatically disappear?
Not always. Eligible conventional borrower-paid PMI may be canceled or terminated under specific rules. FHA mortgage insurance and lender-paid insurance follow different terms.
Can the lender sell my mortgage?
Yes. Loan ownership or servicing may be transferred. A transfer does not remove your repayment obligation, and you should review all notices carefully.
Do I have three days to cancel after buying a home?
No. The federal right of rescission generally does not apply to a mortgage used to purchase your principal home. The three-day period before closing is for reviewing the Closing Disclosure, not canceling after signing.
What should I do when the closing documents look wrong?
Stop and ask the lender or settlement agent to explain and correct the issue. You are not required to sign a document you do not understand, although refusing to close can have consequences under your purchase contract.
Should an attorney review my mortgage?
That can be worthwhile when the transaction involves unusual ownership arrangements, seller financing, trusts, multiple properties, occupancy questions, assumption rights, or contract language you do not understand. Local legal requirements also vary.
The bottom line
Mortgage fine print is where the quiet costs and long-term restrictions live.
Read the Loan Estimate first. Check whether the rate, payment, mortgage insurance, or escrow can change. Compare points and lender credits using break-even math. Look for prepayment penalties and balloon payments.
Then compare the Closing Disclosure with the latest estimate and read the note, mortgage or deed of trust, escrow documents, and riders.
Ask about every unexplained fee and every changed number before signing.
A mortgage agreement can follow you for decades.
That makes reading the fine print one of the better-paid hours of the home-buying process.