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Does this loan hide any traps?
Does this loan hide any traps? | Bankrate

Does this loan hide any traps?

The Loan Estimate flags risky loan features. These may include:

  • Prepayment penalty: The mortgage has one if "yes" appears next to "Prepayment Penalty" on Page 1, along with the maximum amount.
  • Balloon payment: The mortgage has one if "yes" appears next to "Balloon Payment" on Page 1, along with the size of the payment.
  • Adjustable payments: If it's an adjustable-rate mortgage, an interest-only or step-payment loan, or a pay-option ARM, you'll find "yes" next to "Monthly Principal & Interest" on Page 1.

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