There are some typical mistakes that homeowners can make when it comes to their home mortgage scenario.  For starters, prepayment penalties, although they are pretty rare these days, can end up forcing a homeowner to pay the minimum amount or they will pay off their loan early with sometimes hefty penalties.  Additionally, homeowners often make the mistake of not understanding all of the points of the contract, which can result in a conflict with your lender later on.  Arbitration can end up being very costly.  Finally, high interest rates from less reputable lenders can end up costing a homeowner thousands of unnecessary dollars over the course of their loan.  Understanding the fine print in your contract is crucial to avoiding these fees and penalties.

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