Type and amount of mortgage: |
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Name and contact for Lender 1: |
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Name and contact for Lender 2: |
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Name and contact for Lender 3: |
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Name and contact for Lender 4: |
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Basic Loan Information |
Lender 1 |
Lender 2 |
Lender 3 |
Lender 4 |
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. |
Application fee or Loan processing fee |
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Origination fee or Underwriting fee |
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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
Title search/Title insurance
For lender |
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For you |
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Estimated 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 |
Lender 2 |
Lender 3 |
Lender 4 |
Other Questions and Considerations about the Loan
Are any of the fees or costs waivable? |
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Prepayment penalties
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
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—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:
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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What margin will the lender add to the index? |
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Credit life insurance
Does the monthly amount quoted to you include a charge for credit life insurance? |
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If so, does the lender require 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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