Mortgage Shopping Worksheet | New England Mortgage
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Mortgage Shopping Worksheet (Click for a printable worksheet)

Mortgage 1 Mortgage 2 Mortgage 3 Mortgage 4
Name of Lender: . . . .
Contact Person: . . . .
Date of Contact: . . . .
Basic Loan Questions
Amount of Mortgage: . . . .
Type of Mortgage (Adjustable rate, fixed rate, conventional, FHA, other): . . . .
Minimum Down Payment: . . . .
Loan Term (Length of loan): . . . .
Contract Interest Rate: . . . .
APR (Annual Percentage Rate): . . . .
Points (Also called Loan Discount Points): . . . .
Monthly PMI (Private Mortgage Insurance) premium: . . . .
How long must I/we keep PMI? . . . .
Estimated monthly escrow for taxes and hazard insurance: . . . .
Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI): . . . .
Application/Loan Processing Fee: . . . .
Originating/Underwriting Fee: . . . .
Lender/Funding Fee: . . . .
Appraisal Fee: . . . .
Attorney Fees: . . . .
Document Preparation/Recording Fees: . . . .
Broker Fees (Points, origination, interest rate add-on, other): . . . .
Credit Report Fee: . . . .
Other Fees (specify): . . . .
Other Closing/Settlement Costs: . . . .
Title Search/Insurance (for Lender): . . . .
Title Search/Insurance (for me/us): . . . .
Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow: . . . .
State and local taxes, stamp taxes, transfer taxes: . . . .
Flood determination: . . . .
Prepaid PMI (Private Mortgage Insurance): . . . .
Surveys and home inspections: . . . .
Total Fees and Other Closing/Settlement Cost Estimates: . . . .
Additional Questions
Can any of the fees or costs be waived? . . . .
Is there a prepayment penalty? . . . .
If yes, how much is it? . . . .
How long does the penalty period last (in years)? . . . .
Are extra principal payments permitted? . . . .
Is the lock-in agreement in writing? . . . .
Is there a fee to lock-in? . . . .
When does the lock-in occur (at application, on approval or another time)? . . . .
How long will the lock-in last? . . . .
If the rate drops before closing, can I/we lock-in at a lower rate? . . . .
ARM (Adjustable Rate Mortgage) Questions
What is the initial rate? . . . .
What is the maximum the rate could be next year? . . . .
What are the rate and payment caps each year and over the life of the loan? . . . .
What is the index that the lender will use? . . . .
What margin will the lender add to the index? . . . .
Credit Life Insurance Questions
Does the monthly amount quoted include a charge for credit life insurance? . . . .
If yes, does the lender required credit life insurance as a condition of the loan? . . . .
How much does the credit life insurance cost? . . . .
How much lower would my/our monthly payment be without the credit life insurance? . . . .
If the lender does not require credit life insurance, and I/we still want to buy it, what rates are available from other insurance providers? . . . .
Additional Questions/Notes . . . .

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