| Burton
Jamison
P.O. Box 783 Stevensville, MD 21666-0783 |
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| Name of lender or broker and contact information |  |
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| Mortgage amount | |
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| Loan description | |
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| Loan term (e.g., 15 years, 30 years) | |
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| Loan description (e.g., fixed rate, 3/1 ARM, payment-option ARM, interest-only ARM) | |
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| Basic Features for Comparison | |
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| Fixed-rate mortgage interest rate and annual percentage rate (APR) (For graduated-payment or stepped-rate mortgages, use the ARM columns.) | |
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| ARM initial interest
rate and APR
How long does the initial rate apply? |
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| What will the interest rate be after the initial period? | |
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| ARM features
How often can the interest rate adjust? |
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| What is the index and what is the current rate? (See chart page 8.) | |
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| What is the margin for this loan? | |
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| Interest-rate caps
What is the periodic interest-rate cap? |
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| What is the lifetime interest-rate cap? How high could the rate go? | |
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| How low could the interest rate go on this loan? | |
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| What is the payment cap? | |
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| Can this loan have negative amortization (that is, increase in size)? | |
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| What is the limit to how much the balance can grow before the loan will be recalculated? | |
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| Is there a prepayment penalty if I pay off this mortgage early? | |
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| How long does that penalty last? How much is it? | |
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| Is there a balloon payment
on this mortgage?
If so, what is the estimated amount and when would it be due? |
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| What are the estimated origination fees and charges for this loan? | |
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| Monthly Payment Amounts | |
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| What will the monthly payments be for the first year of the loan? | |
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| Does this include taxes and insurance? Condo or homeowner’s association fees? If not, what are the estimates for these amounts? | |
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| What will my monthly payment be after 12 months if the index rate…stays the same? | |
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| …goes up 2%? | |
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| …goes down 2%? | |
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| What is the most my minimum monthly payment could be after 1 year? | |
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| What is the most my minimum monthly payment could be after 3 years? | |
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| What is the most my minimum monthly payment could be after 5 years? | |
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