At the first closing we hired a lawyer to attend the closing. Even though this guy talked to us like idiots, (which we were, as far as closings go), he was still somebody we could eventually sue if he had overlooked some detail which resulted in our subsequent loss. Second, a mortgage loan where automatic increases in interest rates and/or monthly payments are built into the contract at the start, and operate quite independently from any index. It is my understanding that a great many, perhaps most, "sub-prime" mortgages were written.Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan. A conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market.
