The Federal Reserve Board
 
 
When Your Home is on the Line: What You Should Know About Home Equity Lines of Credit. Illustration of a house with trees in the background. Home Equity Plan Checklist

Ask your lender to help fill out this checklist.

 

   
Basic Features Plan A Plan B
Fixed annual percentage rate Fill in blank of percentage for Plan A Fill in blank of percentage for Plan A
Variable annual percentage rate Fill in blank of percentage for Plan A Fill in blank of percentage for Plan A
  • Index used and current value
Fill in blank of percentage for Plan A Fill in blank of percentage for Plan A
  • Amount of margin
Fill in blank for Plan A Fill in blank for Plan A
  • Frequency of rate adjustments
Fill in blank for Plan A Fill in blank for Plan A
  • Amount/length of discount (if any)
Fill in blank for Plan A Fill in blank for Plan A
  • Interest rate cap and floor
Fill in blank for Plan A Fill in blank for Plan A
Length of plan      
Draw period Fill in blank for Plan A Fill in blank for Plan A
Repayment period Fill in blank for Plan A Fill in blank for Plan A
Initial fees      
Appraisal fee Fill in blank for Plan A Fill in blank for Plan A
Application fee Fill in blank for Plan A Fill in blank for Plan A
Up-front charges, including points Fill in blank for Plan A Fill in blank for Plan A
Closing costs Fill in blank for Plan A Fill in blank for Plan A
  
Repayment Terms Plan A Plan B
During the draw period      
Interest and principal payments Fill in blank for Plan A Fill in blank for Plan A
Interest-only payments Fill in blank for Plan A Fill in blank for Plan A
Fully amortizing payments Fill in blank for Plan A Fill in blank for Plan A
When the draw period ends      
Balloon payment? Fill in blank for Plan A Fill in blank for Plan A
Renewal available? Fill in blank for Plan A Fill in blank for Plan A
Refinancing of balance by lender? Fill in blank for Plan A Fill in blank for Plan A
  
 
 
Home | Consumer information | Publications | Brochures Accessibility
To comment on this site, please fill out our feedback form.
Last update: July 25, 2001