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Compare Lenders Worksheet
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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
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?
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?