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| U.S. 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. |
Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 | |
| 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 | |||||
| Other Questions and Considerations about the Loan | |||||
| PREPAYMENT PENALTIES | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 | |
| 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 | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 | |
| 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: | Mortgage 1 | Mortgage 2 | Mortgage 1 | Mortgage 2 | |
| 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 | 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 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? | |||||