Morgage Checklist
I was able to find a great checklist for home owners and myself.
It includes a lot of blank spaces that you can fill in with your morgage rep.
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
which 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 AmountsWhat 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 three years if the index rate:stays the same __________ __________goes up 2% per year __________ __________goes down 2% per year __________ __________
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