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Mortgage Shopping Worksheet
 

 Lender 1 Lender 2
Name of Lender: ___ ___
Name of Contact: ___ ___
Date of Contact: ___ ___
Mortgage Amount: ___ ___
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Basic Information on the Loans
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) ___ ___ ___ ___
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.

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 ___ ___ ___ ___
Estimated 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:    
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Other Questions and Considerations about the Loan
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—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 require 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? ___ ___ ___ ___
 
Mortgage Shopping Worksheet
 

 Lender 1 Lender 2
Name of Lender: ___ ___
Name of Contact: ___ ___
Date of Contact: ___ ___
Mortgage Amount: ___ ___
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Basic Information on the Loans
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) ___ ___ ___ ___
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.

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 ___ ___ ___ ___
Estimated 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:    
  mortgage 1 mortgage 2 mortgage 1 mortgage 2
Other Questions and Considerations about the Loan
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—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 require 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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