Internet presentation by Mortgage Market
Information Services, Inc. (opens in new window)
One of the Nation's Leading Publishers of Home Finance
Information.
The Federal Reserve Board and the Office of Thrift Supervision
prepared this booklet on adjustable rate mortgages (ARMs) in response to
a request from the House Committee on Banking, Finance and Urban Affairs
and in consultation with many other agencies and trade and consumer
groups. It is designed to help consumers understand an important and
complex mortgage option available to home buyers.
We believe a fully informed consumer is in the best position to
make a sound economic choice. If you are buying a home, and looking for
a home loan, this booklet will provide useful basic information about
ARMs. It cannot provide all the answers you will need, but we believe it
is a good starting point.
This booklet was prepared in consultation with the following
organizations:
American Bankers Association
Comptroller of the Currency
Consumer Federation of America
Credit Union National Association, Inc.
Federal Deposit Insurance Corporation
Federal Reserve Board's Consumer Advisory council
Federal Trade Commission
Independent Bankers Association of America
Mortgage Bankers Association of America
Mortgage Insurance Companies of America
National Association of Home Builders
National Association of Federal Credit Unions
National Association of Realtors
National Council of Savings Institutions
National Credit Union Administration
Office of Special Advisor to the President for Consumer Affairs
The Consumer Bankers Association
U.S. Department of Housing and Urban Development
U.S. League of Savings Institutions
With special thanks to the Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation
The above text was extractly directly from the Consumer
Handbook On Adjustable Rate Mortgages, as published by the
Federal Reserve Board and Office of Thrift Supervision. Although the above
text is public domain, this electronic booklet is copyrighted © 1996
by Mortgage Market Information Services, Inc. Readers of this electronic
booklet are allowed to print the booklet for non-profit distribution
Pg 1 -- Introduction and credits
Pg 2 -- PEOPLE ARE ASKING
Pg 3 -- PEOPLE ARE ASKING (continued)
Pg 4 -- WHAT IS AN ARM?
Pg 5 -- HOW ARMS WORK:THE BASIC FEATURES
Pg 6 -- FEATURES (continued)
Pg 7 -- CONSUMER CAUTIONS (Discounts)
Pg 8 -- CONSUMER CAUTIONS (Payment shock)
Pg 9 -- HOW CAN I REDUCE MY RISK?
Pg 10 -- REDUCE MY RISK (continued)
Pg 11 -- REDUCE MY RISK (continued)
Pg 12 -- REDUCE MY RISK (continued)
Pg 13 -- REDUCE MY RISK (continued)
Pg 14 -- WHERE TO GET INFORMATION
Pg 15 -- INFORMATION (continued)
Pg 16 -- GLOSSARY
Pg 17 -- GLOSSARY (continued)
Pg 18 -- MORTGAGE CHECKLIST
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