U.S. Mortgage Shopping Worksheet Click to Print


Lender 1

Lender 2

Name of Lender



Name of Contact



Date of Contact



Mortgage Amount




Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Type of Mortgage: Fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below.





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 (PMI) premiums





How long must you keep PMI?





Estimated monthly escrow for taxes and hazard insurance





Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI)





Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents.

Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Application fee or Loan processing fee





Origination fee or Underwriting fee





Lender fee or Funding fee





Appraisal fee





Attorney fees





Document preparation and recording fees





Broker fees (may be quoted as points, origination fees, or interest rate add-on)





Credit report fee





Other fees





Other Costs at Closing/Settlement





Title search/Title Insurance
For lender
For you





Estimate prepaid amounts for interest, taxes, hazard insurance, payments to escrow





State and local taxes, stamp taxes, transfer taxes





Flood determination





Prepaid Private Mortgage Insurance (PMI)





Surveys and home inspections





Total Fees and Other Closing/Settlement Cost Estimates





Other Questions and Considerations about the Loan






Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Is there a 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?






Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Is the lock-in agreement in writing?





Is there a fee to 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:

Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

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 frequency of rate change and of any changes to the monthly payment?





What is the index that the lender will use?





What margin will the lender add to the index?





Credit life insurance

Mortgage 1

Mortgage 2

Mortgage 1

Mortgage 2

Does the monthly amount quoted to you include a charge for credit life insurance?





If so, does the lender require credit life insurance as a condition of the loan?





How much does the credit life insurance cost?





How much lower would your monthly payment be without the credit life insurance?





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?