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Loan Checklist
Useless
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Ok
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Excellent.
Scores 4.72 with 130 votes
Money
,
Finance
28 tasks
By
John F. Smith
on Jan 1, 2012
Save
The Loan Arranger
Is a mortgage broker arranging this loan?
Is there a plan to sell this loan to anyone?
Will the payments be made to a business you represent or to one or more individuals?
Are any administrative or court proceedings pending against you or the company you represent?
Payments
Is there a charge fee for arranging this loan?
Is there a 'loan origination' fee?
Is there a charge fee for preparing documents or underwriting?
Is there an extra charge for credit reports?
Is there a broker's fee?
Terms of the Loan
Is there a land contract, a lease, or a deed to be signed?
Is there a requirment to get a co-signer to get this loan?
Is there an interest rate of more than 3 points above the prime rate on this loan?
Is there a 'line of credit' or similar unsecured loan?
Is there a balloon payment at the end of this loan?
Will the amount of monthly payment be enough to make the outstanding balance go down each month?
Is there a penalty if for paying off the loan early?
Is there a mandatory arbitration clause in this loan?
Will this loan turn some of unsecured debt into secured debt?
Tips
Check if you are required to sign and give another person a power of attorney.
Check if any of creditors be will be paid from the proceeds of the loan.
Check if income other than disclosed will be considered for eligibility purposes.
Do not sign any forms on which the blanks have not all been filled in.
Do not sign any forms that haven't been explained.
Do not sign any forms that you haven't got the chance to read.
Save
Useless
Poor
Ok
Good
Excellent
Excellent.
Scores 4.72 with 130 votes
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