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Lender 1 |
Lender 2 |
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 |
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
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) |
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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
For lender
For you |
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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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Lender 1 |
Lender 2 |
Name of Lender |
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Other Questions and Considerations about the Loan |
Mortgage 1 |
Mortgage 2 |
Mortgage 1 |
Mortgage 2 |
Are any of the fees or costs waivable? |
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Prepayment penalties |
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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 |
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: |
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 |
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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| * Source: http://www.ftc.gov/bcp/conline/pubs/homes/bestmorg.htm |
