Mortgage Shopping Worksheet
| Lender 1 | Lender 2 | |||
| Name of Lender | ||||
| Name of Contact | ||||
| Date of Contact | ||||
| Mortgage Amount | ||||
| Basic Information on the Loans | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 |
| Type of Mortgage: Fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below. | ||||
| Minimum down payment required | ||||
| Loan term (length of loan) | ||||
| Contract interest rate | ||||
| Annual percentage rate (APR) | ||||
| Points (may be called loan discount points) | ||||
| Monthly Private Mortgage Insurance (PMI) premiums | ||||
| How long must you keep PMI? | ||||
| Estimated monthly escrow for taxes and hazard insurance | ||||
| Estimated
monthly payment (Principal, Interest, Taxes, Insurance, PMI) |
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| 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. |
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| Application fee or Loan processing fee | ||||
| Origination fee or Underwriting fee | ||||
| Lender fee or Funding fee | ||||
| Appraisal fee | ||||
| Attorney fees | ||||
| Document preparation and recording fees | ||||
| Broker fees (may be quoted as points, origination fees, or interest rate add-on) | ||||
| Credit report fee | ||||
| Other fees | ||||
| Other Costs at Closing/Settlement | ||||
| Title
search/Title Insurance For lender For you |
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| Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow | ||||
| State and local taxes, stamp taxes, transfer taxes | ||||
| Flood determination | ||||
| Prepaid Private Mortgage Insurance (PMI) | ||||
| Surveys and home inspections | ||||
| Total Fees and Other Closing/Settlement Cost Estimates | ||||
| Lender 1 | Lender 2 | |||
| Name of Lender | ||||
| Other Questions and Considerations about the Loan | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 |
| Are any of the fees or costs waivable? | ||||
| Prepayment penalties | ||||
| Is there a prepayment penalty? | ||||
| If so, how much is it? | ||||
| How long does the penalty period last? (for example, 3 years? 5 years?) | ||||
| Are extra principal payments allowed? | ||||
| Lock-ins | ||||
| Is the lock-in agreement in writing? | ||||
| Is there a fee to lock-in? | ||||
| When does the lock-in occur -0 at application, approval or another time? | ||||
| How long will the lock-in last? | ||||
| If the rate drops before closing, can you lock-in at a lower rate? | ||||
| If the loan is an adjustable rate mortgage: | ||||
| What is the initial rate? | ||||
| 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? | ||||
| 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? | ||||
| Credit life insurance | ||||
| 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? | ||||
| How much lower would your monthly payment be without the credit life insurance? | ||||
| 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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