HEARTLAND HOME FINANCE

IT WAS A TOO-GOOD-TO-BE-TRUE OFFER. I ASKED WHAT THE CATCH WAS AND THE LOAN OFFICER SAID NONE. AS I RESEARCHED IT, IT CAME OUT THAT THE EXTRA LOW RATE CHARGED EARLY ON CAUSED THE LOAN AMOUNT TO REVERSE AMORTIZE, SO YOU'D OWE MORE EACH MONTH FOR THE FIRST SEVERAL YEARS. AND, THERE WAS A STIFF PREPAYMENT PENALTY IN THE FIRST FEW YEARS. FINALLY, THEY PROVIDED AN ELECTRONIC SPREADSHEET COMPARING THEIR LOAN, WHICH WAS BIWEEKLY, TO A STANDARD 30-YR MONTHLY LOAN. IT COMPARED THE CASH FLOW OF 2 BI-WEEKLY (4 WEEKS' WORTH) PAYMENTS WITH ONE MONTHLY PAYMENT. NOT UNREASONABLE UNTIL THEY SUMMED THEM TO A YEAR WITHOUT INCLUDING THE 13TH PAYMENT NEEDED IN THE BIWEEKLY PLAN. I FELT ALL THE ABOVE ADDED UP TO DECEPTION.ASK FOR THE AMORTIZATION CHART AND PREPAYMENT PENALTY. DO YOUR OWN COMPARISON BETWEEN THIS PLAN AND A STANDARD PLAN, THOUGH THEIR SPREADSHEET MADE A GOOD STARTING POINT.