Mortgage Consumer 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)

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.

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

Lender 1

Lender 2

Name of Lender

Other Questions and Considerations about the Loan

Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Are any of the fees or costs waivable?

Prepayment penalties

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

Is the lock-in agreement in writing?

Is there a fee to lock-in?

When does the lock-in occur -0 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:

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

Does the monthly amount quoted to you include a charge for credit life insurance?

If so, does the lender required 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?