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Comparison Shopping for a Home Equity Loan

Use this worksheet to help you shop for the best deal

Compare answers to these questions Lender A Lender B Lender C My Current Mortgage
What are the monthly payments? ___ ___ ___ ___
What is the Annual Percentage Rate (APR)?
the cost of credit expressed as a yearly rate; includes the interest rate, points, broker fees, and other credit charges
___ ___ ___ ___
What is the interest rate?
the cost of borrowing money expressed as a
percentage rate
___ ___ ___ ___
Will the interest rate change? ___ ___ ___ ___
When? ___ ___ ___ ___
How often? ___ ___ ___ ___
By how much? ___ ___ ___ ___
What will you have to pay in points? ___ ___ ___ ___
What will you have to pay in fees? ___ ___ ___ ___
Application or loan processing fee ___ ___ ___ ___
Origination or underwriting fee ___ ___ ___ ___
Lender or funding fee ___ ___ ___ ___
Appraisal fee ___ ___ ___ ___
Document preparation and recording fees ___ ___ ___ ___
Broker fees ___ ___ ___ ___
Other fees ___ ___ ___ ___
Are any of the application fees refundable if you don’t
get the loan?
___ ___ ___ ___
How many years will you have to repay the loan? ___ ___ ___ ___
Is this an installment loan or a line of credit? ___ ___ ___ ___
Is there a balloon payment? ___ ___ ___ ___
What are the total closing costs? ___ ___ ___ ___
If you use a broker, how and how much will he or she be paid? ___ ___ ___ ___
What is the penalty for late or missed payments? ___ ___ ___ ___
What is the penalty if you pay off or refinance the loan early? ___ ___ ___ ___
Does the loan include optional credit insurance?
You don’t have to accept optional credit insurance to get your loan. If you want optional credit insurance, ask about paying for it monthly instead of financing the premiums as part of your loan.
___ ___ ___ ___
Can you afford this loan? ___ ___ ___ ___

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General Information Housing and Civil Enforcement Section
 
Leadership
Steven H. Rosenbaum
Chief
Contact
Housing & Civil
Enforcement Section
(202) 514-4713
TTY - 202-305-1882
FAX - (202) 514-1116
To Report an Incident of Housing Discrimination:
1-800-896-7743
Mailing Contact
U.S. Department of Justice
Civil Rights Division
950 Pennsylvania Avenue, N.W.
Housing and Civil Enforcement Section, NWB
Washington, D.C. 20530

Email: fairhousing@usdoj.gov

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