When reviewing a mortgage offer, what should be the first question regarding the loan's terms?

The primary consideration when reviewing a mortgage offer is to identify whether the loan terms could be predatory. Predatory loans often include deceptive practices or terms that create significant financial strain on borrowers. These may involve excessively high-interest rates, hidden fees, or unfair payment terms that can lead to foreclosure or financial ruin.

Understanding if a loan is predatory helps borrowers protect themselves from potentially harmful financial agreements. This assessment sets the foundation for evaluating all other terms of the mortgage. Once it is established that the loan is not predatory, the borrower can then focus on other important aspects such as the type of mortgage, interest rates, and closing costs, which can also affect overall affordability and security of the loan.

This prioritization ensures that borrowers are not only considering the technical aspects of the loan but are also being vigilant about their rights and financial safety before entering into a mortgage agreement.