U.S. Mortgage Shopping Worksheet |
| Lender 1 | Lender 2 | |
Name of Lender | | | |
Name of Contact | | | |
Date of Contact | | |
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Mortgage Amount | | | |
BASIC INFORMATION ON THE LOANS | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 |
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Type of Mortgage: Fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below. | | | | | |
Minimum down payment required | | | | | |
Loan term (length of loan) |
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Contract Interest rate | | | |
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Annual percentage rate (APR) | | | | | |
Points (may be called loan discount points) | | | | | |
Monthly Private Mortgage Insurance (PMI) premiums |
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How long must you keep PMI? | | |
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Estimated monthly escrow for taxes and hazard insurance | | | | | |
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Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI) | | | | | |
FEES
Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents. | Mortgage 1 |
Mortgage 2 | Mortgage 1 | Mortgage 2 | |
Application fee or Loan processing fee | | | | | |
Origination fee or Underwriting fee |
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Lender fee or Funding fee | | | |
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Appraisal fee | | | | | |
Attorney fees
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Document preparation and recording fees | | | | | |
Broker fees (may be quoted as points, origination fees, or interest rate add-on) | | | |
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Credit report fee | | | | | |
Other fees
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Other Costs at Closing/Settlement | | |
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Title search/Title Insurance
For lender
For you | | | | | |
Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow | | | | | |
State and local taxes, stamp taxes, transfer taxes | | | | | |
Flood determination |
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Prepaid Private Mortgage Insurance (PMI) | | | |
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Surveys and home inspections | | | | | |
Total Fees and Other Closing/Settlement Cost Estimates | | | | | |
Other Questions and Considerations about the Loan
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PREPAYMENT PENALTIES | Mortgage 1
| Mortgage 2 | Mortgage 1 | Mortgage 2 | |
Is there a prepayment penalty? | | | | | |
If so, how is it? |
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How long does the penalty period last? (for example, 3 years? 5 years?) | | |
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Are extra principal payments allowed? | | | | | |
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LOCK-INS | Mortgage 1 | Mortgage 2 | Mortgage 1
| Mortgage 2 | |
Is the lock-in agreement in writing? | | | |
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Is there a fee to lock-in? | | | | | |
When does the lock-in occur? At application, approval or another time? | | | | | |
How long will the lock-in last?
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If the rate drops before closing, can you lock-in at a lower rate? | |
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If the loan is an adjustable rate mortgage: | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 | |
What is the initial rate?
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What is the maximum the rate could be next year? | | | | | |
What are the rate and payment caps each year and over the life of the loan? | | | |
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What is the frequency of rate change and of any changes to the monthly payment? | | | | | |
What is the index that the lender will use? | | | | | |
What margin will the lender add to the index?
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Credit life insurance | Mortgage 1
| Mortgage 2 | Mortgage 1 | Mortgage 2 | |
Does the monthly amount quoted to you include a charge for credit life insurance? | | | | | |
If so, does the lender
required credit life insurance as a condition of the loan? | | | | | |
How much does the credit life insurance cost? |
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How much lower would your monthly payment be without the credit life insurance? | | |
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If the lender does not require credit life insurance, and you still want to buy it, what rates can you get from other insurance providers? | | | |
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