Comptroller of the Currency, Administrator of National Banks Ensuring a Safe and Sound National Banking System for all Americans, Since 1863
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Consumer Protection News:
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? ___ ___ ___ ___

Adobe acrobat version of Worksheet for printing (58 KB PDF) 
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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.

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