Many notaries go to the signing table unaware that there are many frequently asked questions that they might not know how to answer. I’m going to list a few here, but our list might expand as time rolls on. Feel free to contribute some FAQ’s of your own that you came accross.
(1) Why is my APR higher than my Rate?
(2) Do I have a prepayment penalty and where can I find that information?
(3) Where are my settlement fees and the costs of the loan documented?
(4) When is my first payment due?
(5) Can I cancel my loan? How many days do I have? How do I cancel my loan?
(6) Do I sign my name with my middle initial?
(7) Why do I have to sign my name this way?
(8) Do you know how to reach my lender now? I don’t have his number in front of me.
(9) Am I in a flood zone?
(10) Do I have mortgage insurance?
(11) If I am a spouse, which documents should I sign? I thought I was on the loan.
(12) Does this property need to be my primary residence?
(13) Can I lease this property out to others during the Mortgage?
(14) What is the penalty if I am late on any of my payments?
(15) Why is my information wrong on the 1003?
(16) How come the information is different on the Good Faith Estimate and the Settlement Statement?
(17) How much can my rate go up if interest rates for up for my Adjustable Rate Loan.
(18) When my Adjustable Rate Loan graduates, will it still have a cap, but not a gown? (sorry for the bad humor)