Bottom line - do your research and understand terms and conditions fully. Too many people just sign, sign, and sign during closing without understanding the paperwork. I agree with personal responsibility!

Several years ago I was a notary signing agent - bringing folks these loan papers to sign. It was amazing both how many people had no idea what they were signing (even with explanations). It was also quite common to hear loan agents tell people "Oh yeah, it IS a fixed rate, fixed for 3 years...". As the signing agent, I wasn't allowed to say anything other than "this form says X, meaning blah blah blah, do you understand, and if you agree, please sign here.." , Couldn't say to them "What are you nuts???". It was dreadful. Saw people do a lot of really stupid loans. For example, one older (not old) couple refied the house and cashed out every penny of equity, to give to the kids (they excitedly told me) right now. No doubt these people are facing that balloon payment today, and probably losing the house. Jeez!

NMP
(who isn't too bright with her own finances, but certainly recognized these loan as being REALLY bad news and didn't make that mistake at least!)