Two Popular Fed Brochures Now Available in Spanish
In July the Federal Reserve Board released Spanish-language versions of two of its popular consumer brochures Guía para el consumidor sobre hipotecas a tasa ajustable (ARM) (Consumer Handbook on Adjustable Rate Mortgages) and Lo que usted debería saber sobre las líneas de crédito con garantía hipotecaria (When Your Home Is on the Line: What You Should Know About Home Equity Lines of Credit).
Guía para el consumidor sobre hipotecas a tasa ajustable (ARM) provides an overview of adjustable rate mortgages (ARM) and how they work. The guide describes features, such as interest rates and payment caps, that consumers should look for when shopping for an ARM. The brochure also contains a glossary of pertinent terms and a checklist to help consumers shop for and compare mortgage offers. Consumers applying for an ARM should receive a copy of the guide from their lenders.
Lo que usted debería saber sobre las líneas de crédito con garantía hipotecaria explains how a home equity line of credit differs from a more traditional home equity loan. The guide contains information to help consumers compare interest rates and plan features and addresses the costs of maintaining the line of credit and repayment options. A glossary and shopping checklist are also included. Consumers applying for a home equity line of credit should receive a copy of this information from their lenders.
In addition to these brochures, the Board has Spanish-language versions of three other brochures Cómo puede un consumidor presentar una queja acerca de un banco (How to File a Consumer Complaint About a Bank), Arrendar un vehículo: Guía del consumidor (Keys to Vehicle Leasing: A Consumer Guide), and Buscando la hipoteca más favorable: Compare, verifique, negocie (Looking for the Best Mortgage: Shop, Compare, Negotiate).
Consumers can find the brochures online at the links shown above or order printed copies from the Federal Reserve Boards Publications Services, Mail Stop 127, Washington, D.C. 20551 (202-452-3245).
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