Mortgage Shopping Worksheet |
(Get the PDF version from the Federal Citizen Information Center) |
| Offer 1 |
Offer 2 |
Offer 3 |
Offer 4 |
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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 LoansType 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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FeesDifferent 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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| 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 Title search/Title insurance |
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| For you |
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| Estimated 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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| Offer 1 |
Offer 2 |
Offer 3 |
Offer 4 |
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Name of Lender: |
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Other Questions and Considerations about the LoanAre any of the fees or costs waivable? |
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Prepayment penaltiesIs 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-insIs 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: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 insuranceDoes 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? |
