| 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.
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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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| Are extra principal payments allowed? |
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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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