Publication of Spanish-language consumer brochures.

The Federal Reserve Board on July 1, 2003, announced the publication of Spanish-language versions of two popular consumer brochures, in both print and electronic formats.

Guia para el consumidor sobre hipotecas a tasa ajustable (ARM) (Consumer Handbook on Adjustable Rate Mortgages) provides an overview of adjustable-rate mortgages (ARMs) and how they work. The guide describes features, such as interest rate and payment caps, that consumers should look for when shopping for an ARM. It also contains a glossary of pertinent terms and a checklist to help consumers shop and compare mortgage offers. Consumers applying for an adjustable-rate mortgage should receive a copy of the guide from their lenders.

Lo que usted deberia saber sobre las lineas de credito con garantia hipotecaria (What You Should Know about Home Equity Lines of Credit) 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.

Guia para el consumidor sobre hipotecas a tasa ajustable (ARM) is available on the Board's web site at www.federalreserve.gov/pubs/arms/arms_spanish.htm. Lo que usted deberia saber sobre las lineas de credito con garantia hipotecaria can be found on the Board's web site at www.federalreserve.gov/pubs/equity/equity_spanish.htm.

Print copies of both publications may be ordered from Publications Fulfillment, Mail Stop 127, Washington, DC 20551 (202-452-3245). The first 100 copies are free of charge.