Mortgage Comparison 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)
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 1
Lender 2
Mortgage 1
Mortgage 2
Mortgage 1
Mortgage 2
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
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
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?
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?
Lender 1
Lender 2
Mortgage 1
Mortgage 2
Mortgage 1
Mortgage 2
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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