I’ve been participating in the “Know Before You Owe” program at the Consumer Financial Protection Bureau for quite some time. It looks like they’ve gotten to nearly a final draft of mortgage disclosure forms, and they need our help to see if we can understand the forms and choose wisely between two mortgage offers. Go to “Know Before You Owe” to play.
Both loans are variable, so you have to take a few minutes to figure out what they’re saying. Honestly, after looking at this, I have to say I’m far more interested in a plain-Jane, easy to understand fixed rate mortgage than a variable with all the bells and whistles. I guess I just like to keep it simple.