Consumer Handbook on Adjustable Rate Mortgages (ARMs)

Consumer Handbook on Adjustable Rate Mortgages (Package of 100)

Agency Publisher: Consumer Financial Protection Bureau
USA List Price:
$131.00 Display International Price
Availability:
Backordered
GPO Stock Number: 048-013-00004-0 ISBN: 9780160922749
Price: $131.00

Description

The "Consumer Handbook on Adjustable Rate Mortgages" (known as ARMs in the real estate industry) is an invaluable handbook for home buyers who are considering obtaining an adjustable rate mortgage to finance their home purchase. Full of useful tips and tools, from worksheets to glossary of terms and helpful consumer resources. Explains different types of ARMs and the features and pitfalls, including consumer cautions before choosing this type of home loan with balloon payments and in later years and pre-payment penalties. For potential home buyers, realtors, mortgage brokers, bankers, and others who need to explain mortgages and home loans. Published January 2014; 41 pages. Sold only in packages of 100 under this stock number.

Table of Contents

1. Introduction ........................................................................................................... 5
1.1 Mortgage shopping worksheet ................................................................. 6
2. What is an ARM? ................................................................................................ 10
3. How ARMs work: the basic features ................................................................. 12
3.1 Initial rate and payment ......................................................................... 12
3.2 The adjustment period ........................................................................... 12
3.3 The index ................................................................................................ 13
3.4 The margin .............................................................................................. 14
3.5 Interest-rate caps .....................................................................................15
3.6 Payment caps .......................................................................................... 18
4. Types of ARMs .................................................................................................... 20
4.1 Hybrid ARMs .......................................................................................... 20
4.2 Interest-only ARMs ................................................................................ 20
4.3 Payment-option ARMs ........................................................................... 21
5. Consumer cautions ............................................................................................ 24
5.1 Discounted interest rates ....................................................................... 24
5.2 Payment shock ........................................................................................ 25
5.3 Negative amortization ............................................................................ 27
5.4 Prepayment penalties and conversion ................................................... 28
5.5 Graduated-payment or stepped-rate loans ............................................ 29
6. Where to get information ................................................................................... 30
6.1 Disclosures from lenders ........................................................................ 30
6.2 Newspapers and the Internet ................................................................. 31
6.3 Advertisements ....................................................................................... 31
Appendix A: ............................................................................................................... 32
Defined terms .................................................................................................. 32
Appendix B: ............................................................................................................... 36
More information ............................................................................................ 36
Appendix C: ............................................................................................................... 37
Contact information ........................................................................................ 37
Appendix D: ............................................................................................................... 41
More resources ................................................................................................ 41

 

Related items:

Other products produced by the Consumer Financial Protection Bureau (CFPB) can be found here: https://bookstore.gpo.gov/agency/224

Finance and Investing product collection can be found here: https://bookstore.gpo.gov/catalog/business-finance/finance-investing

 

Audience: This publication would be useful to potential home buyers, realtors, mortgage brokers, bankers, and others who need to explain mortgages and home loans.

Keywords: buying a home, get a home loan, mortgages, home loans, buying homes, real estate agents, mortgage brokers, adjustable rate mortgages, mortgage information, consumer handbook on adjustable rate mortgages, ARMs, real estate, home loans

 

 

Product Details

GPO Stock Number:
048-013-00004-0
ISBN:
9780160922749
Availability Details:
Pending Reprint Decision (Priced, No Stock Available in Warehouse or Retail)
USA Price:
$131.00
International Price:
$183.40
Publisher:
Consumer Financial Protection Bureau
Author:
 
Year/Pages:
2014: 41 p.
Note:
The Consumer Financial Protection Bureau is an independent Federal agency.
Key Phrases:
Mortgages
SuDocs Class:
 
Weight:
0.3125 lb.
Quantity Price:
Discount
Binding:
Paperback
Cover:
Paper
Subject Bibliography:
 
Unit of Issue (U.S.):
Package
Item Available Date:
03/13/2014
Last Status Update:
02/14/2017