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)        
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
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?