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Loan Shopping: Compare Terms

Lender Name Lender Name Lender Name
Number of points you must pay
Dollar value of points
Loan origination or underwriting fee
Total expected closing costs
Cost of Private Mortgage Insurance
Cost of credit life insurance
Total amount of loan fees
Annual percentage rate (APR) on loan
Is the rate fixed or adjustable?
If adjustable, how much can rate increase?
Total monthly loan payment
Length of the loan period (years)
Total interest paid over the life of the loan
Total amount paid over the life of the loan
Is there a prepayment penalty?
What would your APR be without the penalty?
How much are you saving every month by agreeing to the penalty?
Is there a balloon payment?
How large is it?
When is it due?

BorrowSmart Public Education Foundation provides the knowledge, skills and tools home equity borrowers need to gain financial literacy and "borrow smart."

Established in 2001, BorrowSmart and its partners empower consumer equity borrowers through lenders, credit counselors, regulators and direct contact by providing free information and education that leads to open access to available credit for all homeowners.
BorrowSmart Public Education Foundation will grow to a national presence and be recognized throughout the housing and financial communities for its educational programs and services to reduce the national foreclosure rate among home equity borrowers. BorrowSmart programs will create smarter home equity borrowers and more home ownership retention across America.
 




BorrowSmart is a consumer service provided by the BorrowSmart Public Education Foundation.
© 2002 - 2009 BorrowSmart Public Education Foundation.