This checklist is provided as a public service by the Consumer Law Committee of The Bar Association of Metropolitan St. Louis (BAMSL). Its sole purpose is to help people understand the terms of proposed loans they are thinking of making. The presence of one or more "Yes" answers should not be assumed to be a negative reflection on the terms of a proposed loan or the practices of any lender, broker, loan arranger, or other commercial entity. Anyone thinking of borrowing money should carefully evaluate each proposed loan on its own terms!
What This List Is For:
This check list is to help you better understand the terms of the proposed real estate loan you are thinking of taking out.
Who This List Is For:
It’s for you, if you’re thinking of borrowing money to buy a home or refinance your current home.
How to Use This List:
- First, read the list of questions.
- Second, give the list to the person who wants to arrange your loan BEFORE you agree to take out the loan.
- Third, ask the loan arranger to answer each questions "Yes" or "No" in the check boxes provided, sign and date the checklist in the space provided, and give the list back to you. You should keep the original. The loan arranger can make a copy if he or she wants to.
- Fourth, ask the loan arranger to explain each "Yes" answer and its effect on you.
- Fifth, if the loan arranger is unwilling to answer the questions or if you are not satisfied with any of the explanations, consider looking elsewhere for a loan.
Important Reminder! There are many other questions that you can and should ask and get answers to before you agree to take out a loan to by or refinance a house. If you don’t know what they are, you have more homework to do before you are ready to take out a loan.
To the Loan Arranger: This checklist is to help your customer understand more about the terms of the loan you are offering. Please review the list, answer each questions "Yes" or "No", sign and date the completed answers, give the answers back to your customer, and be ready to explain any of your answers to your customer Thank you for your cooperation.