Mortgage Educational Booklets in One Place

In the mortgage industry, lenders are required to send clients educational booklets relative to their loan application.  I’ve always found it odd that there isn’t a centralized place for all of these booklets, so I thought I’d post them all here. 

SETTLEMENT COST BOOKLET

This booklet is a mandatory booklet to be sent to all consumers who have applied for a mortgage.  It gives details and descriptions to the different closing costs associated with a mortgage.  DOWNLOAD SETTLEMENT COST BOOKLET 

CHARM BOOKLET (Consumers Handbook on Adjustable Rate Mortgages)

This is a must-read for any consumer considering an adjustable rate mortgage (ARM).  This booklet details when an ARM adjusts, how much it can adjust and what determines the new rate.  DOWNLOAD CHARM BOOKLET

HELOC BOOKLET (Home Equity Line of Credit)

A Home Equity Line of Credit (HELOC) is a form of an adjustable rate loan, but it functions much more like a credit card.  The balance can be drawn upon and paid down like a credit card.  This booklet is very important for anybody considering a HELOC.  DOWNLOAD HELOC BOOKLET

INTEREST-ONLY AND PAYMENT-OPTION LOAN BOOKLET

This booklet is to detail how an interest-only and payment-option mortgage works.  These loans have a coherently higher risk than any other mortgage.  I’m not here to say they are bad mortgages as I believe all loans have a place, but you should definitely understand all the details of an interest-only or payment option loan before taking one.  DOWNLOAD INTEREST-ONLY AND PAY-OPTION BOOKLET

UPDATE

Here is a booklet for Private Mortgage Insurance.  It’s a little dated but still good info.  DOWNLOAD PMI BOOKLET