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Shopping Mortgages - Comparison Checklist
This checklist is useful in comparing mortgage programs. It will serve as an aid in finding the most favorable financing terms and arrangements for your situation. (Print for your use!)
1 2 3 Lender Name: __________ _________ __________ Contact Name: __________ _________ __________ Phone Number: __________ _________ __________ Other Contact: __________ _________ __________ Loan Amount Needed: __________ _________ __________ Lender Rating: __________ _________ __________ Mortgage Type: __________ _________ __________ (ARM, Fixed Rate, FHA, VA, Small Business, etc.) __________ _________ __________ Interest Rate - Fixed: __________ _________ __________ Interest Rate - Adjustable: __________ _________ __________ Adjustment Interval: __________ _________ __________ Rate Cap - Periodic: __________ _________ __________ " - Lifetime __________ _________ __________ Index/Margin: __________ _________ __________ Payment Cap: __________ _________ __________ Is the loan convertible? __________ _________ __________ Additional Fees: __________ _________ __________ Index/Margin Used: __________ _________ __________ Term before conversion: __________ _________ __________ Discount Points: __________ _________ __________ Origination Fee: __________ _________ __________ APR - Annl Percentage Rate: __________ _________ __________ Term (15, 30, Balloon Yrs, etc.) __________ _________ __________ Down Payment Needed: __________ _________ __________ Without PMI (LTV < 80%) __________ _________ __________ With PMI (LTV > 80%) __________ _________ __________ If PMI, monthly premiums: __________ _________ __________ " additional closing costs: __________ _________ __________ " how long pmts required? __________ _________ __________ Any prepayment penalty? __________ _________ __________ If so, fees/terms: __________ _________ __________ Are extra payments allowed? __________ _________ __________ Lock - In (Number of days) __________ _________ __________ Will lender provide written agmt? __________ _________ __________ Upon application or approval? __________ _________ __________ **Interest rate and points: __________ _________ __________ If rates drop, will I get lower lock? __________ _________ __________ Cost of lock-in: __________ _________ __________ **Term of lock-in affects rate! Days before closing: __________ _________ __________ Payment frequency: __________ _________ __________ Is the loan assumable? __________ _________ __________ Is escrow required for taxes? __________ _________ __________ " insurance? __________ _________ __________ Closing Costs-Estimated fees: __________ _________ __________ Application fee: __________ _________ __________ Credit report fee: __________ _________ __________ Appraisal fee: __________ _________ __________ Survey fee: __________ _________ __________ Lender's attorney fee: __________ _________ __________ Title search fee: __________ _________ __________ Title insurance: __________ _________ __________ Document/Prep fee: __________ _________ __________ Origination fee: __________ _________ __________ Assumption fee: __________ _________ __________ Other - Mtg Broker fees: __________ _________ __________ Total
__________ _________ __________ Lender Required Repairs to Close 1 _______________________ __________ _________ __________ 2 _______________________ __________ _________ __________ 3 _______________________ __________ _________ __________ 4 _______________________ __________ _________ __________ Total
__________ _________ __________ Selling Or Leasing Real Estate?
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