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Note to the teacher:
The following information and accompanying form can be used in a number of ways. Here are two possibilities: the teacher can review the terms in class and assign particular students, or groups of students, to research banks and then come back and share the information with the rest of the class; or the teacher can collect the information and ask students to compare.

 
Tools for Teachers

Activity: Looking for a Mortgage Vendor (continued)

Shelley Emmer, New York Association for New Immigrants, New York, NY

  LENDER 1 LENDER 2 LENDER 3

1. Lender and contact information:

 

 

      
2. Mortgage type (fixed rate, ARM):      
Length of loan:      
3. Interest rate and points:      
Quoted rate:      
Date of quote:      
Number of points for this rate:      
4. Down payment:      
Minimum down payment needed:      
5. Early repayment penalties:      
Prepayment penalty on the mortgage loan?      
If yes, how much?      
6. Closing costs and fees:      
Credit report fee:      
Application fee:      
Appraisal fee:      
Other costs:      
7. Loan processing time:      
Locked-in interest rate availability:      
How long lock-in lasts:      
Time needed after approval to get money:      
8. Lock-ins:      
When lock-ins are available:      
Any charge for lock-in?      
What happens if rates drop?      
9. Starting interest rate:      
10. Rate adjustments:      
Time before interest?      
Rate changes?      
Frequency of rate changes after that?      
ADJUSTMENT CAPS:      
Maximum amount the rate can
change at one time?		      
Total amount rate can change over the term of the loan?      
11. Change to fixed rate:      
Can ARM be turned to fixed rate?      
When?      
Is there a fee for change?      

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