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Compare Lenders Worksheet
Information
Lender 1
Lender 2
Lender 3
Lender 4
Lender 5
General Loan Questions
 
 
 
 
 
Name of lender
 
 
 
 
 
Name of contact
 
 
 
 
 
Mortgage amount
 
 
 
 
 
Type of mortgage loan
 
 
 
 
 
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 premiums (PMI)
 
 
 
 
 
How long must you keep PMI?
 
 
 
 
 
Estimated monthly escrow for taxes and hazard insurance
 
 
 
 
 
Estimated monthly payment (principal, interest, taxes, insurance, PMI)
 
 
 
 
 
Phone number of contact
 
 
 
 
 
Date of inquiry
 
 
 
 
 
Fees
 
 
 
 
 
Application fee or loan processing fee
 
 
 
 
 
Origination fee or underwriting fee
 
 
 
 
 
Lender fee or funding fee
 
 
 
 
 
Appraisal fee
 
 
 
 
 
Attorney fees
 
 
 
 
 
Broker fees (may be quoted as points, origination fees, or interest rate add-on)
 
 
 
 
 
Credit report fee
 
 
 
 
 
Total fees
 
 
 
 
 
Other Costs at Closing / Settlement
 
 
 
 
 
Title search / title insurance
 
 
 
 
 
For lender
 
 
 
 
 
For you
 
 
 
 
 
Estimated prepaid amounts for interest, taxes, hazard, insurance, payment to escrow, state and local taxes, stamp taxes, transfer taxes
 
 
 
 
 
Flood determination
 
 
 
 
 
Prepaid private mortgage insurance (PMI)
 
 
 
 
 
Surveys and home inspection
 
 
 
 
 
Total of other closing / settlement cost estimated
 
 
 
 
 
Other question and considerations about the loan
 
 
 
 
 
What is processing time for this loan?
 
 
 
 
 
Can any of the fees or costs be waived?
 
 
 
 
 
If so which one?
 
 
 
 
 
Prepayment penalties
 
 
 
 
 
Is there any 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 lock in?
 
 
 
 
 
When does the lock-in occur, 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 initial rate?
 
 
 
 
 
When will the initial rate adjust?