Internet presentation by Mortgage Market
Information Services, Inc. (opens in new window)
One of the Nation's Leading Publishers of Home Finance
Information.
WHERE TO GET INFORMATION (continued)
Disclosures From Lenders
Federal law requires the lender to give you information about
adjustable-rate mortgages, in most cases before you apply for a loan.
The lender also is required to give you information when you get a
mortgage. You should get a written summary of important terms and costs
of the loan. Some of these are the finance charge, the annual percentage
rate, and the payment terms.
Read information from lenders
--and ask
questions--
before committing yourself.
Selecting a mortgage may be the most important financial decision
you will make, and you are entitled to all the information you need to
make the right decision. Don't hesitate to ask questions about ARM
features when you talk to lenders, real estate brokers, sellers, and
your attorney, and keep asking until you get clear and complete answers.
The checklist at the back of this pamphlet is intended to help you
compare terms on different loans.
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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