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Mortgage Worksheet
We have provided the following mortgage worksheet to help you compare different mortgage products. It is meant to be downloaded and printed as many times as needed.
Please click here for a printable version.
| U.S. Mortgage Shopping Worksheet |
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Lender 1 |
Lender 2 |
| Name of Lender |
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| Name of Contact |
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| Date of Contact |
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| Mortgage Amount |
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| 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. |
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| Minimum down payment required |
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| Loan term (length of loan) |
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| Contract Interest rate |
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| Annual percentage rate (APR) |
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| Points (may be called loan discount points) |
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| 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) |
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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. |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
| Application fee or Loan processing fee |
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| Origination fee or Underwriting fee |
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| Lender fee or Funding fee |
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| Appraisal fee |
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| Attorney fees |
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| Document preparation and recording fees |
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| Broker fees (may be quoted as points, origination fees, or interest rate add-on) |
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| Credit report fee |
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| Other fees |
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| Other Costs at Closing/Settlement |
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Title search/Title Insurance
For lender
For you |
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| Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow |
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| State and local taxes, stamp taxes, transfer taxes |
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| Flood determination |
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| Prepaid Private Mortgage Insurance (PMI) |
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| Surveys and home inspections |
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| Total Fees and Other Closing/Settlement Cost Estimates |
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| 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? |
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| If so, how much is it? |
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| How long does the penalty period last? (for example, 3 years? 5 years?) |
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| How long does the penalty period last? (for example, 3 years? 5 years?) |
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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 |
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| When does the lock-in occur? At application, approval or another time? |
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| 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? |
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| 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? |
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| What
is the index that the lender will use? |
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| 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? |
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| If
so, does the lender require credit life insurance
as a condition of the loan? |
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| 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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Contact Us today!
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