Home Equity Plan Checklist

Ask your lender to help fill out this checklist.

Basic Features	Plan A	Plan B
Fixed annual percentage rate
Variable annual percentage rate
Index used and current value
Amount of margin
Frequency of rate adjustments
Amount/length of discount (if any)
Interest-rate cap and floor
Length of Plan
Draw period
Repayment period

Initial fees
Appraisal fee
Application fee
Up-front charges, including points
Closing costs

Repayment Terms	Plan A	Plan B
During the draw period
Interest and principal payments
Interest-only payments
Fully amortizing payments
When the draw period ends
Balloon payment?
Renewal available?
Refinancing of balance by lender?

Last update: July 9, 2008