Mortgage Rate Comparison

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Mortgage Rate Comparison Powered By Docstoc
					                                                        COMPARISON OF SAMPLE MORTGAGE FEATURES
                                          For illustrative purposes only - does not represent actual terms of loans available from lender
                                                                                                                                                 TEST
                                                                                                                                                 Loan #: 00000007
                                                                                                                                                 MIN: 100372405050152841
                                                                       A Typical Mortgage Transaction
                                                                    Loan Amount $220,000 - 30 Year Term
                                                      Mortgage With A Fixed                                                        Mortgage with an
                                                           Interest Rate                                                     Adjustable Interest Rate (ARM)
                                                                        Interest Only          5/25 ARM - Fixed Rate for First 5 Years.          Interest Only ARM - Interest Only and Fixed
                                               Fixed Rate
                                                                          Fixed Rate           Adjustable Each 6 Months After First 5 Years      Rate for First 5 years; Adjustable Rate Each 6
                                          Principle and Interest
                                                                   (6.23%) Interest Only for   (Initial rate for Years 1 - 5 is 7.01%; Maximum   Months After First 5 Years. (Initial rate for
                                                 (6.23%)
                                                                         First 5 Years         Rate is 13.01%)                                   years 1 - 5 is 7.21%; Maximum rate is 13.21%)
 Minimum Monthly Payment Years 1
         - 2, except as noted
                                              $1,351.72*                  $1,142.17                             $1,465.14                                         $1,321.83
 Monthly Payment Year 6 - no change
                in rates
                                               $1,351.72                $1,448.55**                             $1,465.14                                         $1,584.51
 Monthly Payment Year 6 - 2% rise in
                 rates
                                               $1,351.72                  $1,448.55                             $1,739.49                                         $1,877.97
 Maximum Monthly Payment Year 10
           - 6% rise in rates
                                               $1,351.72                  $1,448.55                             $2,264.84                                         $2,439.94

  How Much Will You Owe After 5
            Years
                                             $205,292.89                  $220,000                             $207,111.85                                        $220,000
   Have You Reduced Your Loan
  Balance after 5 Years of Payments
                                           Yes - by $14,707                  No                              Yes - by $12,880                                         No


*This illustrates an interest rate and payments that are fixed for the life of the loan
**This illustrates payments that are fixed after the first 5 years of the loan at a higher amount because they cover both principle and interest


                                       IMPORTANT NOTE: Please use this chart to discuss possible loans with your lender




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