Jan
24
2009
Home Equity Loan Checklist
| Loan A | Loan B | |
|---|---|---|
| Basic Features | ||
| Fixed annual percentage rate | ||
| Variable annual percentage rate | ||
| Index used and current value | ||
| Amount of margin | ||
| Current rate | ||
| Frequency of rate adjustments | ||
| Amount and length of any discount | ||
| Interest rate caps | ||
| Length of plan | ||
| Draw period | ||
| Repayment period | ||
| Initial fees | ||
| Appraisal fee | ||
| Closing costs | ||
| Application fee | ||
| REPAYMENT TERMS | ||
| During the draw period | ||
| Interest and principal payments | ||
| Interest only payments | ||
| Fully amortizing payments | ||
| When the draw period ends | ||
| Balloon payment | ||
| Renewal available | ||
| Refinancing of balance by lender |
