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Lender 1
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Lender 2
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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 Loans
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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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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Application fee or Loan processing fee
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Origination fee or Underwriting fee
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Lender 1
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Lender 2
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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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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Lender 1
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Lender 2
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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Are any of the fees or costs waivable?
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Prepayment penalties
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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
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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 -0 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:
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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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Lender 1
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Lender 2
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Mortgage 1
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Mortgage 2
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Mortgage 1
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Mortgage 2
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What margin will the lender add to the index?
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Credit life insurance
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Does the monthly amount quoted to you include a charge
for credit life insurance?
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If so, does the lender required 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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