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Lender 1 |
Lender 2 |
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Name of Lender |
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Name of Contact |
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Date of Contact |
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Mortgage Amount |
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BASIC INFORMATION ON THE LOANS |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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Type of Mortgage: Fixed rate,
adjustable rate, conventional, FHA, other? If adjustable, see below. |
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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 |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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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 |
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Title search/Title Insurance |
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Estimate 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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Other Questions and Considerations
about the Loan |
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PREPAYMENT PENALTIES |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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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 |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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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: |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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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 |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
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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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