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The most common complaint heard is the non-disclosure of a prepayment penalty. So often I have heard from homeowners wanting to refinance mortgage out of their high interest rate loan that they don't have a prepayment penalty, when in fact they do. When they discover this, they are really steamed, and who could blame them? The typical prepayment penalty is 6 months' interest on 80% of the balance. (For a rough estimate, multiply the monthly payment by 5.) Their response is usually something like, "No one told me about a prepayment penalty," or "They told me there was no prepayment penalty."

SOLUTION: Ask up-front if there is a prepayment penalty on the loan, and if so, how long it lasts (anywhere from 1-5 years). Then when signing, ask, "Show me where it says there is no prepayment penalty," or "Show me the terms of the prepayment penalty."
Conforming, low interest rate loans do not have prepayment penalties. Creative, non-conforming loans do have prepayment penalties most of the time. As long as the duration of the penalty matches with the time you plan to keep the loan, then there is no problem. Seeing it in print before you sign will prevent an unwanted surprise