Fixed-Rate Mortgage

ARM 1

ARM 2

ARM 3

Name of lender or broker and contact information

Mortgage amount

Loan term (e.g. 15 years, 30 years)

Loan description
(e.g., fixed rate, 3/1 ARM, payment-option ARM, interest-only ARM)

Basic Features for Comparison

Fixed-rate mortgage interest rate and annual percentage rate (APR)
(For graduated-payment or stepped-rate mortgages, use the ARM columns.)

ARM initial interest rate and APR

How long does the initial rate apply?

What will the interest rate be after the initial period?

ARM features

How often can the interest rate adjust?

What is the index and what is the current rate?

What is the margin for this loan?

Interest-rate caps

What is the periodic interest-rate cap?

What is the lifetime interest-rate cap? How high could the rate go?

How low could the interest rate go on this loan?

What is the payment cap?

Can this loan have negative amortization (that is, increase in size)?

What is the limit to how much the balance can grow before the loan will be recalculated?

Is there a prepayment penalty if I pay off this mortgage early?

How long does that penalty last? How much is it?

Is there a balloon payment on this mortgage?
If so, what is the estimated amount and when would it be due?

What are the estimated origination fees and charges for this loan?

Monthly Payment Amounts

What will the montly payments be for the first year of the loan?

What will the monthly payments be for the first year of the loan?

Does this include taxes and insurance? Condo or homeowner's association fees?
If not, what are the estimates for these amounts?

What will my monthly payment be after 12 months if the index rate…...stays the same?

...goes up 2%?

...goes down 2%?

What is the most my minimum monthly payment could be after 1 year?

What is the most my minimum monthly payment could be after 3 years?

What is the most my minimum monthly payment could be after 5 years?