Ask your lender to help fill out his checklist.
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Mortgage amount
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Basic Features for
Comparison
Fixed-rate annual
percentage rate (the
cost of your credit as
a yearly rate which
includes both interest
and other charges)
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ARM
annual percentage rate
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Adjustment
period
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Index
used and current rate
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Margin
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Initial
payment without
discount
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Initial
payment with discount
(if any)
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How
long will discount
last?
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Interest
rate caps: periodic
and overall
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Payment
caps
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Negative
amortization
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Convertibility
or prepayment
privilege
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Initial
fees and charges
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Monthly Payment
Amounts
What will my
monthly payment be
after twelve months if
the index rate:
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stays
the same
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goes
up 2%
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goes
down 2%,
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What will my
monthly payments be
after three years if
the index rate:
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stays
the same goes up 2%
per year
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goes
down 2% per year
Take into account
any caps on your
mortgage and remember
it may run 30 years.
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