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Buying a Home

Mortgage Shopping Worksheet

Section A

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.

  Lender 1 Lender 2
Name of Lender:    
Name of Contact:    
Date of Contact:    
Mortgage Amount:    
A. Basic Information about the Loan Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2
Type of Loan:Fixed rate, variable rate, conventional, FHA, other?        
Minimum Down Payment Requirement        
Loan term (length of loan)        
Contract interest rate        
Annual Percentage Rate        
Points (may be called discount points)        
Monthly PMI Payments        
How long must you keep PMI?        
Estimated Monthly Payment?(Principal, Interest, Taxes, Insurances, PMI)        
Estimated Monthly Escrow for Taxes and Insurance?        

Section B

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.

B. Fees - different banks have different names for similar fees. Listed below are some of the typical fees you may see on loan docs.        
Application or loan processing fee        
Origination 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 fee: (list)_________________________        

Section C

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.

C. Other Costs at Closing/ Settlement        
Title Search/Title Insurance
-For lender
-For you
       
Estimated prepaid amounts for interest, taxes, hazard insurance, payments for escrow        
State and local taxes, stamp taxes, transfer taxes        
Flood determination        
Prepaid PMI        
Surveys and home inspections        

Section D

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.

D. Total Fees and Other Closing/ Settlement Cost Estimates        
__________________________        
__________________________        
__________________________        

Section E

Use Section E to record information about other potential costs.

  Lender 1 Lender 2

Name of Lender:

   
E. Other Questions and Considerations About the Loan Mortgage1 Mortgage 2 Mortgage 1 Mortgage 2
Is there a prepayment penalty?        
If so, how much is it?        
How long does the penalty period last? (3 years? 5 years?)        
Are extra principal payments allowed?        
Lock-ins        
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?        
When the rate drops before closing, can you lock-in at a lower rate?        
If the loan is an adjustable mortgage:        
What is the initial rate?        
What is the max the rate could be next year?        
What are the rate and payment caps each year and over the life of the loan?        
If the loan is an adjustable mortgage:        
What is the initial rate?        
What is the max 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 any changes to the monthly payment?        
What is the index the lender will use?        
What margin will the lender add to the index?        
Credit life insurance        
Does the monthly amount quoted to you include a charge for life insurance?        
If so, does the lender require credit life insurance as a condition of the loan?        
How much lower would your monthly payment be without the credit life insurance?        
If the lender does not require credit life insurance, & you still want to buy it, what rates can you get from other insurance providers?        

Terms

  • Pre-payment penalties: Some mortgages charge a fee if you pay the loan off early.
  • Lock-in: Allows the borrower to guarantee that the interest rate will not increase or decrease before the loan closes.

  • Adjustable rate loans: Require additional disclosures, such as the maximum amount that the interest rate can increase or decrease each month, each year, or during the life of the loan. The lender must also disclose the index that will be used to determine rate changes. The index is a base interest rate that is used to calculate a variable rate loan's interest rate. The rate you will pay on a variable rate loan is usually a set percentage above the index. The index is also called the base rate.

  • Credit life insurance: Pays off the mortgage if anything happens to the borrower. The lender has to disclose all of the details of credit life insurance if you choose this option.

* 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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