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Information Services, Inc. (opens in new window)
One of the Nation's Leading Publishers of Home Finance
Information.
MORTGAGE CHECKLIST
Ask your lender to help fill out this checklist. Mortgage A Mortgage B
Mortgage amount __________ __________
Basic Features for Comparison
Fixed-rate annual percentage rate -the cost of your credit as a yearly rate
(includes interest & other charges) __________ __________
ARM annual percentage rate __________ __________
Adjustment period __________ __________
Index used and current rate __________ __________
Margin __________ __________
Initial payment without discount __________ __________
Initial payment with discount (if any) __________ __________
How long will discount last? __________ __________
Interest rate caps: periodic/overall ____ _____ ____ _____
Payment caps __________ __________
Negative amortization __________ __________
Convertibility/prepayment privilege __________ __________
Initial fees and charges __________ __________
Monthly Payment Amounts
What will my monthly payment be after 12 months if the index rate:
stays the same __________ __________
goes up 2% __________ __________
goes down 2% __________ __________
What will my monthly payments be after 3 years if the index rate:
stays the same __________ __________
goes up 2% per year __________ __________
goes down 2% per year __________ __________
Take into account any caps on your mortgage and remember it may run 30
years.
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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