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Pick A Mortgage Checklist

Mortgages are like all those pairs of jeans in your closet -- only one fits just right. That's why it's important to know all that you can about each one before making a decision.

 

Click here to download the PDF file

COMPILE THESE DOCUMENTS IN ONE FOLDER:

  • One month’s worth of recent pay stubs from each earner
  • Tax returns and W-2 forms from the past two years
  • Three months’ worth of statements from your bank, 401(k), IRA, mutual funds, and stocks
  • Three months’ worth of student loan statements or past mortgage payments
  • Letter of employment verification
  • Letter from financial gift givers, confirming that it’s a gift

15-YEAR FIXED RATE

  • Monthly payment: higher
  • Interest rate: lower
  • Rate changes: never
  • Total interest paid: lower
  • Best for: couples who can afford higher monthly payments, want to save in the long run, and plan to stay in their home for a long time

30-YEAR FIXED RATE

  • Monthly payment: lower
  • Interest rate: higher
  • Rate changes: never
  • Total interest paid: higher
  • Best for: couples who prefer lower monthly payments, may need more time to pay for the house they desire, and plan to stay there for a long time

3/1 ADJUSTABLE RATE

  • Monthly payment: lower for three years; then may change each year
  • Interest rate: lower
  • Rate changes: fixed for three years; then can fluctuate
  • Total interest paid: depends on interest rates
  • Best for: couples who prefer lower initial monthly payments, are confident they can handle future market fluctuations, and plan to move after a few years

MAKE SURE YOU:

  • Review mortgage terminology and rates online (we like MTGProfessor.com)
  • Make appointments with at least three banks or brokers.
  • Get a GFE (good faith estimate) from each loan officer, with terms and fees spelled out.
  • Crunch the numbers and decide which loan is best.
  • Sign a mortgage agreement.
  • Send thank-you notes to anyone who gave you money or helped you for free.

5/1 INITIAL INTEREST ONLY PAYMENT

  • Monthly payment: much lower for five years because only interest payments are required Interest rate: lower
  • Rate changes: fixed for five years, then can fluctuate
  • Total interest paid: depends on interest rates
  • Best for: couples who prefer very low initial monthly payments, are sure they can handle significantly higher payments in five years, and plan to move in a few years

7-YEAR BALLOON

  • Monthly payment: lower, then—whammo!—the entire balance of the loan must be repaid or refinanced.
  • Interest rate: lower
  • Rate change: fixed for seven years
  • Total interest paid: depends on rates when balance is due
  • Best for: couples with a magic crystal ball that shows a) lottery numbers or b) interest rates in seven years

PAY OPTION ADJUSTABLE RATE

  • Monthly payment: four choices each month—very low mini¬mum, low interest-only, or higher principal/interest options
  • Interest rate: very low
  • Rate changes: monthly
  • Total interest paid: depends on interest rates
  • Best for: one making minimum payments (like with a credit card), can lead to a mortgage growing over time

1/31/08

See more: mortgages, Real Estate


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