Loan terms - what do I need to ask?

[Doug Davis]

I'm no expert when it comes to loans.  Below is what I got from my credit union.  Is there any thing below you would ask more questions about or be suspicious of?  Seems like relatively good terms to me, but I don't know if there's something I'm missing.

Our rate today for the 30-year fixed is 6.125%. With a credit score over 700 and 10% down (20% for jumbo), you also qualify for our 15/15 adjustable-rate mortgage. This is a 30-year loan with a fixed rate for the first 15 years and will adjust based on market rates on year 16. The rate today for the 15/15 ARM is 5.125%.

1. Since we are a credit union, we are exempt from intangible taxes. An intangible recording tax is a borrower closing cost calculated at the rate of $1.50 per each $500.00. For example, with a purchase price of $500,000, you will save $1,500 in closing costs.
2. We also pay about $200 in other fees including credit report fee, flood certification and real estate tracking fee.
3. Our origination fee is 1% of the loan amount and it is capped at $5,000.