Glossary
Mortgage Checklist
| Mortgage amount Basic Features for Comparison |
Mortgage A | Mortgage B | ||
|---|---|---|---|---|
| Fixed-rate annual percentage rate (the cost of your credit as a yearly rate which includes both interest and 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 or prepayment privilege | __________ | __________ | ||
| Initial fees and charges | __________ | __________ | ||
| Monthly Payment Amounts | ||||
| What will my monthly payment be after twelve 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 | __________ | __________ | ||
Take into account any caps on your mortgage and remember it may run 30 years.
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