| |
Lender
1 |
Lender
2 |
| Name
of Lender |
|
|
| Name
of Contact |
|
|
| Date
of Contact |
|
|
| Mortgage
Amount |
|
|
| Basic
Information on the Loans |
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) |
|
|
|
|
Fees
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. |
|
|
|
|
| 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 |
|
|
|
|
| |
Lender
1 |
Lender
2 |
| Name
of Lender |
|
|
| Other
Questions and Considerations about the Loan |
Mortgage
1 |
Mortgage
2 |
Mortgage
1 |
Mortgage
2 |
| Are
any of the fees or costs waivable? |
|
|
|
|
| Prepayment
penalties |
|
|
|
|
| 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? |
|
|
|
|
| Lock-ins |
|
|
|
|
| Is
the lock-in agreement in writing? |
|
|
|
|
| Is
there a fee to lock-in? |
|
|
|
|
| When
does the lock-in occur -0 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 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 |
|
|
|
|
| Does
the monthly amount quoted to you include a charge
for credit life insurance? |
|
|
|
|
| If
so, 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 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? |
|
|
|
|
