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Adjustable Rate Mortgage Loans - Consumer Handbook

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 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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