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Mortgage Shopping Worksheet
Use Section A to record basic information about loan options. Be sure to compare the APRs of loans from different lenders. In a mortgage, the APR includes any points charged. A point is the amount equal to 1% of the loan balance. It is paid to the broker or lender for processing your loan.
Use Section B to compare information about fees. The fees listed are some of the standard fees that are included in the mortgage loan process.
Use Section C to compare closing costs. The closing costs that you end up paying should be similar or less than the estimate you are given when you apply for the loan.
Use Section D to compare the total of the fees from Sections A, B, and C. Remember, when you shop for a mortgage, the lenders are giving you estimates, so the information may change.
Use Section E to record information about other potential costs.
* Some of the information in this worksheet is provided in the initial disclosure that your lender gives you when you apply for a mortgage. For example, the Truth in Lending Act requires the lender to disclose estimates of how much the loan will cost.
The Real Estate Settlement Procedures Act requires the lender or broker to give you an estimate of the fees so you have an idea of how much the loan will cost. These disclosures are not required until you actually apply, however.
To compare the terms of the loan before you apply, ask the lender for the information on the worksheet.
For a blank copy of this worksheet, check the “Your Own Home” tip sheet.
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