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?